Last checked at 18 Dec 2013 07:00
easyJet plc ("the Company")
Director/PDMR shareholding
17 December 2013
The Company announces that on 17 December 2013, the following Executive Directors and PDMRs as set out against their names below: (i) purchased the number of shares (Investment Shares) under the Company's Long Term Incentive Plan (LTIP) (ii) were conditionally awarded the number of options (Performance Share Awards and Matching Share Awards) under the LTIP, and (iii) had one-third of their annual bonus deferred into shares under the Deferred Annual Bonus Plan:
Name | Performance Share Awards granted
| Investment Shares purchased | Matching Share Awards granted
| Deferred Annual Bonus Plan Shares |
Carolyn McCall | 90,517 | 20,290 | 38,283 | 25,522 |
Chris Kennedy | 41,857 | 6,254 | 11,801 | 11,801 |
Warwick Brady | 38,008 | 2,463 | 4,648 | 5,332 |
Mike Campbell | 22,655 | - | - | 3,701 |
Peter Duffy | 19,909 | - | - | 3,351 |
Cath Lynn | 19,812 | - | - | 3,158 |
Trevor Didcock | 19,334 | 3,214 | 6,064 | 3,032 |
Giles Pemberton | 19,048 | - | - | 2,958 |
Paul Moore | 17,015 | - | - | 2,698 |
Alita Benson | 16,391 | - | - | 2,666 |
The share price at the time of the grants and the Investment Share purchase was £15.06.
The Deferred Annual Bonus Plan is a mandatory deferral of annual bonus into shares. This element will be deferred for three years until 17 December 2016, will be subject to forfeiture and will not be subject to any further matching.
The Investment Shares were purchased by Executive Directors and PDMRs shown above, from their (post tax) voluntary deferral into shares. The Matching Share Awards are over the same amount of deferral, but pre-tax.
The LTIP Performance and Matching Share Awards will vest in three years' time, free of charge, on 17 December 2016, subject to continued employment and the performance conditions shown below:
ROCE (50% of total award) | Below 15.0% | 15.0% | 18.5% | 20.0% or more |
Below Threshold (0% vesting) | Threshold (25% vesting) | On-target (40% vesting) | Maximum (100% vesting) |
Ranking of easyJet's TSR (50% 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 (including operating lease adjustments) over the three year performance period (being three years from 1 October 2013).
The Total Shareholder Return (TSR) targets are based on relative TSR compared to companies ranked FTSE 51 to 150 at the date of grant, 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 awards to vest, easyJet must have achieved positive absolute TSR performance over the performance period.
Further details relating to the operation of the LTIP and Annual Deferred Bonus Plan 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:
Will MacLaren, Investor relations | +44 (0) 7961 763 879 |
Tom Oliver, Investor relations | +44 (0) 7950 996 262 |
Ed Simpkins, Finsbury | +44 (0) 7947 740 551 |
+44 (0) 207 251 3801 |