Last checked at 21 Dec 2015 17:57
easyJet plc ("the Company")
Director/PDMR shareholding
21 December
The following amendments have been made to the 'Director/PDMR shareholding' announcement released on 18 December 2015 at 13.58 under RNS No 6091J.
Original RNS Corrected RNS
ROCE (% of total award) 50% 70%
TSR (% of total award) 50% 30%
This is in line with the amended policy and the consultation with shareholders. All other details remain unchanged.
The full amended text is shown below.
The Company announces that on 17 December 2015, the following Executive Directors and PDMRs, as set out against their names in the tables below, were conditionally awarded, purchased, or had a proportion of their annual bonus deferred into, shares under the Company's Long Term Incentive Plan (LTIP) and Deferred Annual Bonus Plan (DABP), as applicable.
The share price at the time of the grants and the Investment Share purchase was £17.13.
TABLE 1 - AWARD OF LTIP PERFORMANCE AWARDS | |
Name | LTIP Performance Shares |
Carolyn McCall | 102,977 |
Andrew Findlay | 49,620 |
Warwick Brady | 48,347 |
Chris Brocklesby | 29,807 |
Peter Duffy | 24,763 |
Catherine Lynn | 24,763 |
Kyla Mullins | 22,110 |
Rachel Kentleton | 19,702 |
Paul Moore | 19,229 |
The LTIP Performance Shares Awards will vest in three years' time, free of charge, on 17 December 2018, subject to continued employment and the performance conditions shown below:
ROCE (70% of total award) | Below 15% | 15% | 18% | 20% or more |
Below Threshold (0% vesting) | Threshold (25% vesting) | On-target (50% vesting) | Maximum (100% vesting) |
Ranking of easyJet's TSR (30% of total award) | < median | Median | upper quartile |
Below Threshold (0% vesting) | Threshold (25% vesting) | Maximum (100% vesting) |
Awards vest on a straight-line basis between these points.
The Return on Capital Employed (ROCE) targets are based on average ROCE over the three year performance period (being three years from 1 October 2015).
The Total Shareholder Return (TSR) targets are based on relative TSR compared to companies ranked FTSE 31 to 130 at the start of the performance period, where the average share price is calculated over three months at the start and end of the period. In addition, in order for the TSR-based awards to vest, easyJet must have achieved positive absolute TSR performance over the performance period.
Table 2 below sets out the shares corresponding to the mandatory deferral of annual bonus under the DABP. The DABP Shares below are already included in, and are not in addition to, the bonus figures disclosed in the Annual report and accounts.
TABLE 2 - ANNUAL BONUS DEFERRED UNDER DABP | |
Name | DABP Shares |
Carolyn McCall | 17,845 |
Warwick Brady | 3,478 |
Mike Campbell | 2,493 |
Peter Duffy | 2,492 |
Catherine Lynn | 2,295 |
Paul Moore | 2,052 |
Chris Brocklesby | 1,795 |
Rachel Kentleton | 1,733 |
Kyla Mullins | 1,379 |
The proportion of the annual bonus under the DABP is deferred for three years until 17 December 2018, will be subject to forfeiture and will not be subject to any further matching.
Further details relating to the operation of the LTIP and DABP can be found within the Annual report and accounts which are available on the Company's website.
This notification is made pursuant to the requirements of the Disclosure and Transparency Rule 3.1.4R.
For further details, please contact:
Stuart Morgan, Investor relations | +44 (0) 7961 763 879 |
Anna Knowles, Corporate communications | +44 (0) 7985 873 313 |
Ed Simpkins, Finsbury | +44 (0) 7947 740 551 |
+44 (0) 207 251 3801 |