Last checked at 22 Dec 2016 07:00
easyJet plc ("the Company")
Director/PDMR shareholding
The Company announces that on 19 December 2016, the following Executive Directors and PDMRs, as set out against their names in the tables below, were granted nil cost option awards over 27 2/7 p ordinary shares in the capital of the Company under the Company's Long Term Incentive Plan (LTIP) and Deferred Annual Bonus Plan (DABP), as applicable.
TABLE 1 - AWARD OF LTIP PERFORMANCE SHARES AWARDS | |
Name | Number of Shares under LTIP Performance Shares Awards |
Carolyn McCall | 169,127 |
Andrew Findlay | 88,686 |
Chris Brocklesby | 48,954 |
Chris Browne | 57,526 |
Peter Duffy | 48,897 |
Catherine Lynn | 40,671 |
Paul Moore | 31,581 |
Kyla Mullins | 43,144 |
Jacky Simmonds | 44,582 |
The LTIP Performance Shares Awards will vest and become exercisable on the third anniversary of their grant date subject to the grantee's continued employment and to the extent to which the average Return of Capital Employed (ROCE) and relative total shareholder return (TSR) performance conditions set for the LTIP Performance Shares Awards are met, summary details of which are shown below:
ROCE (70% of total award) | Below 9% | 9% | 11.2% | 13% 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 LTIP ROCE targets set out above are based on average headline ROCE over the three year performance period (being three years from 1 October 2016). The performance measures for the headline ROCE targets will be based on headline profit. For the avoidance of doubt, headline profit is also used in the performance measures for the bonus targets for the year ended 30 September 2017.
The TSR targets are based on relative TSR compared to companies ranked FTSE 51 to 150 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 - AWARD OF RESTRICTED SHARES AWARDS | |
Name | Number of Shares under Restricted Shares Awards |
Chris Brocklesby | 16,318 |
Peter Duffy | 16,299 |
Paul Moore | 5,263 |
Kyla Mullins | 14,381 |
The Restricted Share Awards have been granted this year under the Company's LTIP Rules to certain individuals excluding the Executive Directors. The awards will ordinarily vest and become exercisable on the second anniversary of their grant date subject to the grantee's continued employment and a performance requirement of satisfactory personal performance.
TABLE 3 - AWARD OF DEFERRED ANNUAL BONUS PLAN AWARDS | |
Name | Number of Shares under DABP Awards |
Carolyn McCall | 6,040 |
Andrew Findlay | 4,985 |
Chris Brocklesby | 2,311 |
Peter Duffy | 1,920 |
Catherine Lynn | 1,582 |
Paul Moore | 1,476 |
Kyla Mullins | 1,714 |
Jacky Simmonds | 1,574 |
The Deferred Annual Bonus Plan Awards relate to a required deferral of a portion of annual bonus and shall ordinarily vest and become exercisable on the third anniversary of their grant date subject to the grantee's continued employment.
Further details relating to the operation of the LTIP and DABP can be found within the 2016 Annual report and accounts which are available on the Company's website.
Set out below are the notifications, made in accordance with the requirements of the EU Market Abuse Regulation, in relation to the LTIP and DABP.
For further details, please contact:
Stuart Morgan, Investor Relations | +44 (0) 7989 665 484 |
Michael Barker, Investor Relations | +44 (0) 7985 890 939 |
Paul Moore, Corporate Communications | +44 (0) 7860 794 444 |
Ed Simpkins, Finsbury | +44 (0) 7947 740 551 |
+44 (0) 207 251 3801 |
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Carolyn McCall | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Chief Executive Officer | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 175,167 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Andrew Findlay | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Chief Financial Officer | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 93,671 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Chris Brocklesby | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Chief Information Officer | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service.
3. Grant of Restricted Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the second anniversary of its grant date subject to continued service and a performance requirement of satisfactory personal performance. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 67,583 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Chris Browne | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Chief Operating Officer | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 57,526 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Peter Duffy | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Chief Commercial Officer | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service.
3. Grant of Restricted Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the second anniversary of its grant date subject to continued service and a performance requirement of satisfactory personal performance. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 67,116 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Cath Lynn | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Group Director of Strategy and Network | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 42,253 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Paul Moore | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Communications Director | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service.
3. Grant of Restricted Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the second anniversary of its grant date subject to continued service and a performance requirement of satisfactory personal performance. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 38,320 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Kyla Mullins | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Company Secretary & Group General Counsel | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service.
3. Grant of Restricted Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the second anniversary of its grant date subject to continued service and a performance requirement of satisfactory personal performance. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 59,239 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1. | Details of the person discharging managerial responsibilities/ person closely associated | |||||||
a) | Name | Jacky Simmonds | ||||||
2. | Reason for the notification | |||||||
a) | Position/status | Group People Director | ||||||
b) | Initial notification/ Amendment | This is an 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 share of 27 2/7p
ISIN: GB00B7KR2P84 | ||||||
b) | Nature of the transaction | 1. Grant of LTIP Performance Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service and to the extent to which the performance conditions set for the Award are satisfied.
2. Grant of DABP Shares Award. The Award is structured as a nil cost option which shall ordinarily vest and become exercisable from the third anniversary of its grant date subject to continued service. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information Aggregated volume Price |
Aggregated volume: 46,156 GBP Nil | ||||||
e) | Date of the transaction | 2016-12-19 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||