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GlaxoSmithKline PLC (GSK)

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Monday 20 February, 2012

GlaxoSmithKline PLC

Director/PDMR Shareholding

RNS Number : 7699X
GlaxoSmithKline PLC
20 February 2012
 



Notification of Transactions of

Directors and Persons Discharging Managerial Responsibility

 

Vesting of conditional share awards under GlaxoSmithKline Performance Share Plan

 

This notification sets out information relating to the vesting of conditional share awards granted in 2009 under the GlaxoSmithKline 2009 Performance Share Plan (the Performance Share Plan).  The awards made to the individuals listed below vest after three and four year performance periods which are dependent on stretching performance targets of relative total shareholder return (TSR) and a three year adjusted free cash flow target.  As set out below, less than 50% of these awards vested at the end of the three year performance period.

 

The vesting of the awards under the Performance Share Plan was subject to the following performance conditions:

 

i)          40% of the award was subject to an adjusted free cash flow target measured over three years (1 January 2009 to 31 December 2011). The Company achieved the adjusted free cash flow target of £17.4bn, against a target of £16bn, over the three year period and therefore the Remuneration Committee has confirmed that 100% of this element of the award vested.  This accounts for 40% of the total overall award.

 

ii)         The balance of 60% of the award was based on TSR, measured over three and four years as follows:

 

a)   half of this element (i.e. 30% of the total award)  was measured over three years (1 January 2009 to 31 December 2011); and,

 

b)   the remaining half of this element (i.e. the remaining 30% of the total award) will be measured over four years (1 January 2009 to 31 December 2012).

 

For the three year period 1 January 2009 to 31 December 2011, the Company's TSR ranked 6th (i.e. in median position) against a comparator group of 11 pharmaceutical companies and therefore the Remuneration Committee has confirmed that 30% of the three year portion of the TSR element vested (i,e, 9% of the total award) and the balance of the three year portion lapsed.  The four year portion of the TSR element (i.e. the remaining 30%) will be measured in February 2013 after the end of the four year performance period on 31 December 2012.

 

Therefore 49% of the total award vested and the balance of the awards subject to the three year performance period lapsed.

 

The table below shows the proportion of these Performance Share Plan awards that vested and lapsed on 17 February 2012, including dividends reinvested since the date of grant, and the proportion of the awards subject to the four-year TSR performance period which remain outstanding for the following individuals:

 


Awards which have vested

(49%)

Awards which have lapsed

(21%)

Remaining awards subject to the performance period ending 31 Dec 2012

(30%)

 

Ordinary Shares

ADSs

Ordinary Shares

ADSs

Ordinary Shares

ADSs

Sir Andrew Witty*

261,233


111,957


159,938


Dr M Slaoui*


38,355


16,438


23,483

Mr J R Stephenne

27,743


11,889


16,985


Mr S M Bicknell

11,790


5,053


7,218


Mr J M Clarke

42,724


18,310


26,157


Ms D Connelly


42,802


18,344


26,205

Mr M Dunoyer

21,916


9,392


13,418


Mr E Gray

27,743


11,889


16,985


Mr A Hussain

42,724


18,310


26,157


Mr W C Louv


13,897


5,955


8,508

Mr D Pulman


21,401


9,172


13,102

Mr D S Redfern

16,090


6,896


9,851


Ms C Thomas

21,916


9,392


13,418


Mr D Troy


32,102


13,758


19,654

* denotes an Executive Director

 

The Company, Executive Directors and PDMRs were advised of these transactions on 20 February 2012.

 

The closing middle market price of an Ordinary share of GlaxoSmithKline plc on 17 February 2012 was £14.14.

 

This notification is made in accordance with Disclosure and Transparency Rule 3.1.4R(1)(a).

 

V A Whyte

Company Secretary

 

20 February 2012   


This information is provided by RNS
The company news service from the London Stock Exchange
 
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