Report of Foreign Issuer (6-k)
July 28 2020 - 11:19AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR
15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the
month of July 2020
Commission
File Number 001-15170
GlaxoSmithKline plc
(Translation
of registrant's name into English)
980 Great West Road, Brentford, Middlesex, TW8 9GS
(Address
of principal executive office)
Indicate
by check mark whether the registrant files or will file annual
reports under cover of Form 20-F or Form 40-F.
Form
20-F . . . .X. . . . Form 40-F . . . . . . . .
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1): ____
Indicate
by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7): ____
GlaxoSmithKline plc (the 'Company')
PDMR Transaction
On 19 February 2020, GSK announced the vesting of awards over
Ordinary Shares on 17 February 2020 made to Persons Discharging
Managerial Responsibilities ('PDMRs') in 2017 under the
GlaxoSmithKline 2017 Performance Share Plan ('PSP'), with the
exception of the Chief Executive Officer ('CEO'). It was announced
at that time that the Remuneration Committee determined that the
normal three-year vesting period for the award made to the CEO
should end in July 2020 on the third anniversary of the award, and
thereafter the additional two-year vesting period applicable to
Executive Directors would apply to her award in accordance with the
terms of the 2017 Remuneration Policy. This notification sets out
the details of the CEO's 2017 PSP award which vested on 27 July
2020, the third anniversary of the award. These shares are now
subject to an additional two-year vesting period.
The same performance measure vesting details previously announced
for the 2017 PSP awards apply to the CEO's PSP award and are set
out below for ease of reference. The three-year performance period
for the 2017 awards commenced on 1 January 2017 and ended on 31
December 2019.
|
Outcome and Vesting Level
|
Portion of the Award
|
Measure and Outcome
|
% of maximum
|
% of award
|
1/3rd
|
Adjusted Free Cash Flow -
For the three-year period, the Company achieved Adjusted Free Cash
Flow calculated in accordance with the principles for the measure
of £13bn, which is above the level of £12.95bn required
for maximum vesting.
Adjustments to the original target and vesting schedule were
communicated in the 2018 Annual Report.
|
100
|
33.333
|
1/3rd
|
Total Shareholder Return -
For the three years ending 31 December 2019, the Company's Total
Shareholder Return ranked 8th, which is below the threshold vesting
level against a comparator group of 10 global pharmaceutical
companies including GSK.
|
0
|
0
|
1/3rd
|
R&D New Products - For
the three-year period, the Company achieved New Product sales
calculated in accordance with the principles for the measure of
£7.254bn, which is above the level of £5.099bn required
for maximum vesting. The threshold vesting level was
£4.172bn.
|
100
|
33.333
|
|
Total vesting for 2017 award
Lapsed
|
66.666%
33.334%
|
The notification that follows shows the number of shares which
vested, including dividends accrued, on 27 July 2020. The balance
of the award has lapsed. The closing price of Ordinary Shares of
GlaxoSmithKline plc on 27 July 2020 was £15.834.
Transaction notification
1.
|
Details of PDMR/person closely associated with them
('PCA')
|
a)
|
Name
|
Ms E N Walmsley
|
b)
|
Position/status
|
Chief Executive Officer
|
c)
|
Initial
notification/amendment
|
Initial notification
|
2.
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
a)
|
Name
|
GlaxoSmithKline plc
|
b)
|
LEI
|
5493000HZTVUYLO1D793
|
3.
|
Details of the transaction(s): section to be repeated for (i) each
type of instrument; (ii) each type of transaction; (iii) each date;
and (iv) each place where transaction(s) has been
conducted
|
a)
|
Description
of the financial instrument
|
Ordinary Shares of 25 pence each ('Ordinary Shares')
ISIN: GB0009252882
|
b)
|
Nature
of the transaction
|
The number of Ordinary Shares vesting on awards granted in 2017
under the Company's 2017 Performance Share Plan.
|
c)
|
Price(s)
and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
|
£0.00
|
277,623
|
|
|
|
|
|
d)
|
Aggregated
information
|
N/A (single transaction)
|
Aggregated
volume
Price
|
|
e)
|
Date
of the transaction
|
2020-07-27
|
f)
|
Place
of the transaction
|
N/A
|
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorised.
|
GlaxoSmithKline plc
|
|
(Registrant)
|
|
|
Date: July
28, 2020
|
|
|
|
|
By:/s/ VICTORIA
WHYTE
--------------------------
|
|
|
|
Victoria Whyte
|
|
Authorised
Signatory for and on
|
|
behalf
of GlaxoSmithKline plc
|
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