15th Feb 2005 16:38
GlaxoSmithKline PLC15 February 2005 Director's Interests The three year performance period for the Performance Share Plan Awards grantedon 28th November 2001, commenced on 1st January 2002 and came to an end on the31st December 2004. The Remuneration Committee of the Board of GlaxoSmithKlineplc considered the performance achieved during this period and determined that50% of these Awards would vest on the 11th February 2005. There were two performance conditions attached to this award, the firstcondition compared GlaxoSmithKline's total shareholder return (TSR) with the TSRof companies in the FTSE 100 index. For any of the awards to vest under thiscondition, GlaxoSmithKline had to rank at least 50th against the indexcompanies. None of the awards subject to this condition vested. The secondcondition, which applied to the balance of the award, was achieved in full. Thecondition required GlaxoSmithKline's business performance earnings per sharegrowth, excluding currency and exceptional items, to be at least nine percentagepoints more than the increase in the UK Retail Price Index over the three yearperformance period. Consequently, I give below changes in the interests of the following directorsover Ordinary Shares and American Depositary Shares of GlaxoSmithKline plc. Dr J-P Garnier Final Award of 35,000 ADS Ordinary shares in the Company. Dr Garnier sold 15,201 of these at $46.67 to meet the resultant tax liability.Dr Tachi Yamada Final Award of 10,000 ADS Ordinary Shares in the Company. Dr Yamada subsequently sold 4,343 of these at $46.67 to meet the resultant tax liability.Mr John Coombe Final Award of 20,000 Ordinary Shares in the Company. Mr Coombe subsequently sold 8,200 of these at £12.35 to meet the resultant tax liability. The Company and the Directors were informed of these changes on 14th February2005. S M Bicknell Company Secretary 15 February 2005 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Glaxosmithkline