TIDMRB.
RNS Number : 1240I
Reckitt Benckiser Group PLC
06 August 2019
6 August 2019
RECKITT BENCKISER GROUP PLC
(the "Company" or "RB")
CEO DESIGNATE REMUNERATION
DIRECTOR/PDMR SHAREHOLDING
Further to the announcement on 12 June 2019 confirming the
appointment of Laxman Narasimhan as Chief Executive Officer
Designate of the Company, with effect from 16 July 2019, and Chief
Executive Officer from 1 September 2019, and the remuneration
outlined within, the Company announces the following detailed
remuneration arrangements for Laxman Narasimhan.
Laxman's service contract, remuneration and benefits are
consistent with RB's remuneration policy approved by shareholders
at the AGM on 9 May 2019.
As set out when his appointment was announced, as part of
Laxman's remuneration arrangements, he is eligible to receive an
initial grant of share awards under the Company's long-term
incentive plan over ordinary shares of 10 pence each in the share
capital of the Company ("Shares"), as well as awards to compensate
for remuneration arrangements forfeited on leaving his previous
employer, Pepsico, Inc ("Replacement Awards").
LTIP Award
On 5 August 2019, a grant of 75,000 performance share awards and
150,000 share options was made under the Reckitt Benckiser Group
plc 2015 Long Term Incentive Plan to Laxman Narasimhan. The number
of Shares and options disclosed is the maximum that will vest if
the stretching performance conditions for the three-year
performance period ending on 31 December 2021 are satisfied in
full. Further details of the performance targets are set out in the
Company's 2018 Annual Report. The awards granted are subject to a
two-year holding period following the end of the three-year
performance period. Options will be exercisable at GBP63.72 per
share.
Replacement Awards
On the same day Laxman was granted Replacement Awards with a
target amount of 89,300 Shares:
-- Of this, 40,890 performance shares were awarded in relation
to the long-term incentive award over Pepsico, Inc shares granted
to Laxman in March 2017, and vesting based on Pepsico, Inc's
performance over the three-year period ending in December 2019.
40,890 Shares may vest in March 2020 based on target performance,
with full vesting of 71,557 shares if conditions are met in
full.
-- 48,410 performance shares were awarded in relation to the
long-term incentive award over Pepsico, Inc shares granted to
Laxman in March 2018, and vesting based on Pepsico, Inc's's
performance over the three-year period ending in December 2020.
48,410 Shares may vest in March 2021 based on target performance,
with full vesting of 84,717 shares if conditions are met in
full.
These two Replacement Awards will accrue RB dividend equivalents
from the time of grant to the time of vesting.
There will be no retesting of any of the above awards. No
consideration was paid for the grant of these awards. The
Replacement Awards will be satisfied by Shares purchased in the
market.
On the same day, Laxman also received Replacement Awards in the
form of cash awards:
-- A target cash amount of GBP1,043,959 was awarded in relation
to the long-term cash award granted to Laxman in March 2017, and
vesting based on Pepsico, Inc's performance over the three-year
period ending in December 2019 and payable in March 2020.
-- A target cash amount of GBP1,252,751 was awarded in relation
to the long-term cash award granted to Laxman in March 2018, and
vesting based on Pepsico Inc's performance over the three-year
period ending in December 2020 and payable in March 2021.
-- The maximum extent to which the performance conditions can be
satisfied is 200%, such that the maximum cash amount that Laxman
may receive will be GBP2,087,918 in March 2020 and GBP2,505,502 in
March 2021.
The table below summarises the Replacement Awards, which in line
with our previous announcement regarding Laxman's appointment are
being made on a like for like basis, remaining subject to Pepsico
performance and on the same timescales:
Vesting RB Shares Cash
Target Maximum Target Maximum
------- ------- ------------- ------------
March 2020 40,890 71,557 GBP1,043,959 GBP2,087,918
------- ------- ------------- ------------
March 2021 48,410 84,717 GBP1,252,751 GBP2,505,502
------- ------- ------------- ------------
The following notification is made in accordance with the
requirements of the EU Market Abuse Regulation.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Laxman Narasimhan
-------------------------------------------------------------- -----------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer Designate
-------------------------------------------------------------- -----------------------------------------------
b) Initial notification/ Initial notification
Amendment
-------------------------------------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------------------------------------
a) Name Reckitt Benckiser Group plc
-------------------------------------------------------------- -----------------------------------------------
b) LEI 5493003JFSMOJG48V108
-------------------------------------------------------------- -----------------------------------------------
4 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 transactions have been conducted
---------------------------------------------------------------------------------------------------------------
a) Description of Ordinary shares of 10p each in Reckitt
the financial Benckiser Group plc
instrument, type GB00B24CGK77
of instrument
Identification
code
-------------------------------------------------------------- -----------------------------------------------
b) Nature of the Grant of performance share awards
transaction for nil consideration under the Reckitt
Benckiser Group plc 2015 Long-Term
Incentive Plan
-------------------------------------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 75,000
----------
-------------------------------------------------------------- -----------------------------------------------
d) Aggregated information Aggregate Aggregate Aggregate
* Aggregated volume Price Volume Total
Nil 75,000 Nil
---------- ----------
* Price
-------------------------------------------------------------- -----------------------------------------------
e) Date of the transaction 2019-08-05
-------------------------------------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------------- -----------------------------------------------
4 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 transactions have been conducted
---------------------------------------------------------------------------------------------------------------
a) Description of Ordinary shares of 10p each in Reckitt
the financial Benckiser Group plc
instrument, type GB00B24CGK77
of instrument
Identification
code
-------------------------------------------------------------- -----------------------------------------------
b) Nature of the Grant of share options for nil consideration
transaction under the Reckitt Benckiser Group
plc 2015 Long-Term Incentive Plan
-------------------------------------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP63.72 150,000
----------
-------------------------------------------------------------- -----------------------------------------------
d) Aggregated information Aggregate Aggregate Aggregate
* Aggregated volume Price Volume Total
GBP63.72 150,000 GBP9,558,000
---------- -------------
* Price
-------------------------------------------------------------- -----------------------------------------------
e) Date of the transaction 2019-08-05
-------------------------------------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------------- -----------------------------------------------
4 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 transactions have been conducted
---------------------------------------------------------------------------------------------------------------
a) Description of Ordinary shares of 10p each in Reckitt
the financial Benckiser Group plc
instrument, type GB00B24CGK77
of instrument
Identification
code
-------------------------------------------------------------- -----------------------------------------------
b) Nature of the Grant of performance share awards
transaction for nil consideration in relation
to Pepsico, Inc performance conditions
-------------------------------------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 71,557
----------
-------------------------------------------------------------- -----------------------------------------------
d) Aggregated information Aggregate Aggregate Aggregate
* Aggregated volume Price Volume Total
Nil 71,557 Nil
---------- ----------
* Price
-------------------------------------------------------------- -----------------------------------------------
e) Date of the transaction 2019-08-05
-------------------------------------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------------- -----------------------------------------------
4 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 transactions have been conducted
---------------------------------------------------------------------------------------------------------------
a) Description of Ordinary shares of 10p each in Reckitt
the financial Benckiser Group plc
instrument, type GB00B24CGK77
of instrument
Identification
code
-------------------------------------------------------------- -----------------------------------------------
b) Nature of the Grant of performance share awards
transaction for nil consideration in relation
to Pepsico, Inc performance conditions
-------------------------------------------------------------- -----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 84,717
----------
-------------------------------------------------------------- -----------------------------------------------
d) Aggregated information Aggregate Aggregate Aggregate
* Aggregated volume Price Volume Total
Nil 84,717 Nil
---------- ----------
* Price
-------------------------------------------------------------- -----------------------------------------------
e) Date of the transaction 2019-08-05
-------------------------------------------------------------- -----------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------------- -----------------------------------------------
For further Information:
Rupert Bondy Tel +44 (0) 1753 217 800
Company Secretary
Patty O'Hayer
Director, External Relations and Government Affairs
Reckitt Benckiser Group plc's LEI code is
5493003JFSMOJG48V108
About RB
RB* is a leading global health, hygiene and home company
inspired by a vision of the world where people are healthier and
live better. Its purpose is to make a difference by giving people
innovative solutions for healthier lives and happier homes.
Through its two business units, Health and Hygiene Home, RB has
operations in over 60 countries and its products reach millions of
people globally every day. Its trusted household brands include
names such as Enfamil, Nutramigen, Nurofen, Strepsils, Gaviscon,
Mucinex, Durex, Scholl, Clearasil, Lysol, Dettol, Veet, Harpic,
Cillit Bang, Mortein, Finish, Vanish, Calgon, Woolite and Air
Wick.
RB's drive to achieve, passion to outperform and commitment to
quality and scientific excellence is manifested in the work of over
40,000 diverse, talented entrepreneurs worldwide.
For more information visit www.rb.com
*RB is the trading name of the Reckitt Benckiser group of
companies
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END
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