Imperial Brands PLC

Remuneration Information • Jul 6, 2020

National Storage Mechanism | Additional information

RNS Number : 1585S

Imperial Brands PLC

06 July 2020

6 July 2020

IMPERIAL BRANDS PLC

(THE "COMPANY")

NOTIFICATION OF TRANSACTIONS OF DIRECTOR/PDMR

Recruitment Award made Listing Rule 9.4.2

On 6 July 2020, the Company's new Chief Executive Officer, Stefan Bomhard, was granted a nil-cost option award (the "Recruitment Award") over ordinary shares of 10 pence each  in the Company ("Shares").

The Recruitment Award has been granted in reliance on Listing Rule 9.4.2 and will be limited to settlement with market purchase Shares or Shares transferred from treasury.

The Recruitment Award has been granted in order to facilitate Mr Bomhard's recruitment as Chief Executive Officer of the Company, and to replace certain share awards granted to him by his former employer, Inchcape plc, and which Mr Bomhard forfeited on joining the Company.

The Recruitment Award has been granted over 116,921 Shares, which has been set by reference to the value of the forfeited awards (of £1,793,568) and the average mid-market closing price of the Shares over the period of three dealing days immediately prior to appointment (1 July 2020).

In order to replicate the terms of Mr Bomhard's forfeited awards, the Recruitment Award is split into four tranches as follows:

Award type	Number of Shares	Expected Vesting Date	Original Inchcape award replaced
Nil-cost option	44,820	10 April 2021	Award of performance shares granted under the Inchcape Performance Share Plan granted on 10 April 2018
Nil-cost option	24,202	10 April 2021	Award of matching shares granted under the Inchcape Co-Investment Plan granted on 10 April 2018
Nil-cost option	30,792	11 April  2022	Award of performance shares granted under the Inchcape Performance Share Plan granted on 11 April 2019
Nil-cost option	17,107	11 April 2022	Award of matching shares granted under the Inchcape Co-Investment Plan granted on 11 April 2019

The vesting of each tranche of the Recruitment Award is subject to the extent to which the original performance conditions applicable to the forfeited awards are met over the original performance period. The forfeited awards were subject to equally-weighted performance conditions measuring Inchcape plc's relative total shareholder return and earnings per share. The Remuneration Committee of the Company intends to assess the level of performance vesting by reference to these performance conditions, based on information disclosed by Inchcape plc.

The vesting of the Recruitment Award (and each tranche thereof) is also subject to Mr Bomhard's continued service with the Company.

As at the date of this announcement, the Company has 946,408,101 Shares in issue (excluding shares held in Treasury).

This announcement is made in accordance with the requirements of Market Abuse Regulation Article 19. 

Notification of person discharging managerial responsibilities/ person closely associated

1.

Details of the person discharging managerial responsibilities/ person closely associated

a)

Name

STEFAN BOMHARD 

2.

Reason for the notification

a)

Position/status

CHIEF EXECUTIVE OFFICER

b)

Initial notification/ Amendment

INITIAL NOTIFICATION

3.

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

IMPERIAL BRANDS PLC

b)

LEI

549300DFVPOB67JL3A42

4.

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

ORDINARY SHARES OF £0.10 EACH

Identification code

GB0004544929

b)

Nature of the transaction

NIL COST OPTION AWARD GRANTED IN RELIANCE ON LISTING RULE 9.4.2 AND WHICH VESTS IN FOUR EQUAL TRANCHES ON 10 APRIL 2021, 10 APRIL 2021, 11 APRIL 2022 AND 11 APRIL 2022, SUBJECT TO THE ACHIEVEMENT OF SPECIFIED PERFORMANCE CONDITIONS AND CONTINUED SERVICE.

c)

Price(s) and volume(s)

Price(s)	Volume(s)
Nil	116,921

d)

Aggregated information 

Not applicable - single transaction

e)

Date of the transaction

6 JULY 2020

f)

Place of the transaction

OUTSIDE A TRADING VENUE

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