Last checked at 20 May 2021 13:00
easyJet plc
(the "Company")
Director/PDMR shareholding
20 May 2021
The Company announces that awards were granted under the Company's Long-Term Incentive Plan (LTIP) on 20 May 2021 as set out below.
PDMR | Type of Award | Number of shares subject to Award | Vesting Date |
Kenton Jarvis (CFO) | LTIP | 134,5411 | 29 December 2023 |
The Awards are in the form of a nil-cost option and no monetary consideration was paid for the Awards.
Notes
1. This Award is equivalent to 200% of base salary as set out on page 111 of the 2020 Annual Report. The Award will vest and become exercisable subject to continued employment with the Company and the extent which performance conditions are met.
As noted in the 2020 Annual Report, the Remuneration Committee decided to delay the selection of metrics and targets that apply to the December 2020 LTIP due to the prevailing uncertainty at the time of grant. The lockdown within the UK and much of Europe along with continued restrictions on travel, has meant that there is still a high level of uncertainty over the medium-term outlook. This continued external uncertainty on performance means the previous approach to the LTIP of setting a mix of 3-year financial targets for FY23 would be challenging and likely to remain so for some time. The Committee has therefore decided that the 2020 LTIP Award will be based 100% on TSR performance compared to companies from the FTSE 51 to the FTSE 151. The Committee believes that this is a clear and simple approach and ensures that the vesting outcome is fully aligned with the shareholder experience. This condition will apply to the award granted to the CFO.
The Committee shall retain discretion to adjust the vesting outcome where outcomes are not considered to be reflective of underlying financial or non-financial performance of the business, the performance of the individual or where the outcome is not considered appropriate in the context of the experience of shareholders or other stakeholders. Similarly, the Committee will consider whether it is appropriate to make any adjustments to ensure that the Executive Directors do not benefit unduly from windfall gains when the market recovers and determine a fair outcome based on the performance of easyJet over the entire performance period.
In addition, and as disclosed in the 2020 Annual Report, the Chief Financial Officer is required to retain the after-tax value of any shares under the LTIP award for a further two years from the vesting date. The Chief Financial Officer is also expected to build and maintain a shareholding equivalent of at least 200% of salary over a five-year period following appointment.
In case of queries please contact:
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The notifications below are made in accordance with the requirements of the EU Market Abuse Regulation.
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Kenton Jarvis
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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 | easyJet plc | ||||||
b) | LEI | 2138001S47XKWIB7TH90 | ||||||
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
Identification code | Ordinary shares of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | Grant of LTIP Awards under the easyJet Long Term Incentive Plan at nil cost.
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c) | Price(s) and volume(s) |
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d) | Aggregated information
Aggregated volume Price |
Aggregated volume: 134,541
GBP Nil | ||||||
e) | Date of the transaction | 2021-05-20 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||