STOCK TITAN

British American Tobacco grants CFO £2,869,965 award

Dragos Constantinescu, BAT’s CFO, received conditional and performance share awards tied to vesting through 2030, replacing long-term incentives he forfeited.

(Neutral)
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

British American Tobacco p.l.c. (BTI) reports equity awards to senior management on September 1, 2026. The company granted its Chief Financial Officer, Dragos Constantinescu, several conditional awards of ordinary shares of 25p each, intended to replace forfeited long‑term incentives from a previous employer.

The CFO received an award of 12,254 unrestricted shares, immediately available, plus four awards under the Restricted Share Plan that will vest on March 20, 2027, March 20, 2028, March 19, 2029 and March 20, 2030, covering 14,091, 23,266, 8,304 and 3,320 shares respectively, all referenced at £41.29 per share. He also received a Performance Share Plan award over a maximum of 63,777 shares at a reference price of £45.00, vesting subject to performance over three years with a further two‑year holding period to September 1, 2031.

Separately, Javed Iqbal, Director, Digital and Information, received an award under the Restricted Share Plan of 11,981 shares at £41.73 per share, which will vest after three years with no additional performance conditions in that period.

Positive

  • None.

Negative

  • None.
Unrestricted share award to CFO 12,254 shares at £41.29 Award of unrestricted ordinary shares, immediately available, on September 1, 2026
Restricted Share Plan awards to CFO 14,091; 23,266; 8,304; 3,320 shares at £41.29 Awards vesting on March 20, 2027; March 20, 2028; March 19, 2029; and March 20, 2030
Performance Share Plan award to CFO 63,777 shares at £45.00 Maximum shares that could vest after three-year performance period and two-year holding period to September 1, 2031
Restricted Share Plan award to Javed Iqbal 11,981 shares at £41.73 Award under Restricted Share Plan vesting after three years from September 1, 2026
Aggregated value of immediate CFO award £505,967.66 12,254 unrestricted shares at £41.29
Aggregated value of CFO Performance Share Plan award £2,869,965.00 63,777 shares at £45.00 (maximum potential vesting)
Aggregated value of Javed Iqbal award £499,967.13 11,981 shares at £41.73 under Restricted Share Plan
Restricted Share Plan financial
"Award of shares under the Restricted Share Plan which shall vest"
Performance Share Plan financial
"Award of shares under the Performance Share Plan which will vest"
A performance share plan grants company shares to employees or executives only if the business meets specific targets over a set period, so the reward depends on results rather than being automatic. For investors it matters because it aligns managers’ pay with company performance—like promising a team stock instead of cash if they hit goals—which can influence future share count, shareholder value, and how confidently management pursues growth.
persons discharging managerial responsibilities regulatory
"Notification and public disclosure of transactions by persons discharging managerial responsibilities"
Persons Discharging Managerial Responsibilities are the key people in a company who make big decisions, like top managers or executives. Knowing who they are is important because their actions can influence the company’s success or failure, and they are often required to share information about their dealings to ensure transparency for investors and the public.
holding period financial
"The shares will be released following a holding period of two years"
ordinary shares of 25p each financial
"Award of British American Tobacco p. ordinary shares of 25p each"

FAQ

What equity awards did BTI grant to its Chief Financial Officer on September 1, 2026?

British American Tobacco granted CFO Dragos Constantinescu an immediate award of 12,254 unrestricted shares and four Restricted Share Plan awards of 14,091, 23,266, 8,304 and 3,320 shares, plus a Performance Share Plan award over up to 63,777 shares.

At what prices were the BTI share awards to the CFO referenced?

The CFO’s immediate and Restricted Share Plan awards reference a price of £41.29 per share, while the Performance Share Plan award references a price of £45.00 per share, as used for aggregated award value disclosure.

When will the BTI Restricted Share Plan awards to the CFO vest?

The Restricted Share Plan awards to the CFO are scheduled to vest on March 20, 2027, March 20, 2028, March 19, 2029 and March 20, 2030, assuming any plan conditions are met.

What are the terms of the BTI Performance Share Plan award to the CFO?

The Performance Share Plan award covers up to 63,777 shares at a reference price of £45.00. Vesting depends on performance conditions over a three‑year performance period, with shares released after an additional two‑year holding period ending September 1, 2031.

What share award did BTI grant to Javed Iqbal on September 1, 2026?

British American Tobacco granted Javed Iqbal, Director, Digital and Information, a Restricted Share Plan award of 11,981 shares at £41.73 per share. The award will vest after three years with no further performance conditions in that period.

Why did BTI say the CFO’s awards were granted?

The company states the CFO’s awards are intended to replace long term incentives from the previous employer that were forfeited on joining British American Tobacco.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Learn about SEC filing dates

 

 

 

 

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

 

September 2, 2026

 

Commission File Number: 001-38159 

 

 

 

BRITISH AMERICAN TOBACCO P.L.C.

(Translation of registrant’s name into English)

  

 

 

Globe House

4 Temple Place

London WC2R 2PG

United Kingdom

(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 Form 40-F

 

 

 

 
 

 

This report includes materials as exhibits that have been published and made available by British American Tobacco p.l.c. as of  September 2, 2026. 

 

 

EXHIBIT INDEX

 

Exhibit   Description  
     
Exhibit 1   Press Release entitled “British American Tobacco p.l.c. (“the Company”) - Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated September 2, 2026.
     
Exhibit 2   Press Release entitled “British American Tobacco p.l.c. (“the Company”) - Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them” dated September 2, 2026.

 

 
 

 

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 authorized.

 

 

  British American Tobacco p.l.c.  
       
       
  By: /s/ Nancy Jiang  
    Name: Nancy Jiang  
    Title:  Senior Assistant Company Secretary  
       

 

Date: September 2, 2026

 

 

 

Exhibit 1

 

British American Tobacco p.l.c.

(“the Company”)

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

Conditional Share Awards

 

On 1 September 2026, the Company granted six awards of British American Tobacco p.l.c. ordinary shares of 25p each (the “Shares”) to the following Executive Director (the “Awards”). The Awards are intended to replace long term incentives from the previous employer that were forfeited on joining the Company.

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of unrestricted shares, immediately available.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.29 12,254  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

12,254

 

£505,967.66

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

 
 

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2027.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.29 14,091  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

14,091

 

£581,817.39

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

 
 

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2028.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.29 23,266  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

23,266

 

£960,653.14

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

 
 

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 19 March 2029.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.29 8,304  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

8,304

 

£342,872.16

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

 
 

 

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan which shall vest on 20 March 2030.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.29 3,320  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

3,320

 

£137,082.80

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

 
 

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Dragos Constantinescu
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Performance Share Plan which will vest to the extent that the performance conditions are satisfied at the end of the three-year performance period. The shares will be released following a holding period of two years on 1 September 2031. The volume below represents the maximum number of Shares that could vest assuming performance conditions are met in full.
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £45.00 63,777  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

63,777

 

£2,869,965.00

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

Name of officer of issuer responsible for making notification: Nancy Jiang
Date of notification: 2 September 2026

 

 

 

Exhibit 2

 

British American Tobacco p.l.c.

(“the Company”)

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 

On 1 September 2026, the Company granted an award of British American Tobacco p.l.c. ordinary shares of 25p each (the “Shares”) to the following person discharging managerial responsibilities under the British American Tobacco Restricted Share Plan at an award price of 4,173 pence per Share (the “Award”).  The Award will vest after three years and no further performance conditions apply in that period.

 

1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Javed Iqbal
2 Reason for the notification
a) Position/status Director, Digital and Information
b) Initial notification /Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name British American Tobacco p.l.c.
b) LEI 213800FKA5MF17RJKT63
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 the financial instrument, type of instrument

 

Identification code

Ordinary shares of 25p each

 

GB0002875804

b) Nature of the transaction Award of shares under the Restricted Share Plan
c) Price(s) and volume(s)        
      Price(s) Volume(s)  
      £41.73 11,981  
           
d)

Aggregated information

 

- Aggregated volume

 

- Price

 

 

11,981

 

£499,967.13

e) Date of the transaction 2026-09-01
f) Place of the transaction Outside a trading venue

 

Name of officer of issuer responsible for making notification: Nancy Jiang
Date of notification: 2 September 2026

 

 

 

Filing Exhibits & Attachments

2 documents