GSK

Business Context and Reporting Period

This Form 6-K filing by GlaxoSmithKline plc covers the period ending June 07, 2006. The report serves as a notification of transactions involving Directors, Persons Discharging Managerial Responsibility, or Connected Persons regarding Ordinary Shares and American Depositary Shares (ADSs) of the registrant.

Key Financial Metrics

The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on share transaction details rather than financial performance metrics.

Material Changes and Transactions

The filing details specific share movements executed by the GlaxoSmithKline Employee Trust ("GSK Trust") on behalf of various employee incentive plans:

• June 2, 2006: Transfer of 9,292 Ordinary Shares to participants in the SmithKline Beecham Employee Share Option Plan 1991.
• June 5, 2006:
  • Transfer of 7,000 Ordinary Shares to participants in the SmithKline Beecham Employee Share Option Plan 1991.
  • Sale of 672 ADSs at $55.99 per ADS for the GlaxoSmithKline Performance Share Plan.
  • Transfer of 1,434 ADSs to participants in the GlaxoSmithKline Performance Share Plan.
  • Sale of 2,508 ADSs at $55.99 per ADS for the SmithKline Beecham Mid-Term Incentive Plan.
  • Transfer of 5,355 ADSs to participants in the SmithKline Beecham Mid-Term Incentive Plan.
• June 6, 2006: Transfer of 16,165 Ordinary Shares to participants in the SmithKline Beecham Employee Share Option Plan 1991.

Management Commentary and Risks

The filing notes that the GSK Trust is a discretionary trust where all current and former employees are potential beneficiaries. Consequently, three directors (Dr J-P Garnier, Dr M M Slaoui, and Mr J S Heslop) hold an interest in the shares held by the trust similar to other employees. No specific risks, contingencies, or unusual items regarding the company's operations are disclosed in this text.

Investor Verification Points

• Verify the total volume of shares transferred versus sold to understand the net impact on the float.
• Confirm the $55.99 per ADS sale price against the market price on June 5, 2006, to assess execution value.
• Review the specific terms of the SmithKline Beecham Employee Share Option Plan 1991 and the Mid-Term Incentive Plan to understand vesting conditions.
• Check subsequent filings for any further director-related transactions or changes in the GSK Trust holdings.