Last checked at 1 Jun 2018 15:03
The following amendments have been made to the Wizz Air Long Term Incentive Plan ("LTIP") award grants announcement released on 31 May at 10.01 under RNS No 8250P.
25% of the award will vest for threshold average annual growth of 11% and 100% will vest for average annual growth of 26%. Linear interpolation applies for performance between threshold and maximum.
All other details remain unchanged.
The full amended text is shown below.
Wizz Air Holdings Plc
Replacement: Wizz Air Long Term Incentive Plan ("LTIP") award grants
LONDON, 1 June 2018 - Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, announces the granting of awards under its LTIP, to a number of persons discharging management responsibilities ("PDMRs").
On 23 May 2018, following approval by the Company's Remuneration Committee, Wizz Air made a grant of options under the LTIP over 203,103 ordinary shares in the capital of Wizz Air of £0.0001 par value (identification code JE00BN574F90) ("Awards") to PDMRs as set out below.
The following PDMRs were granted Awards of Performance Options:
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | József Váradi | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Executive Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Options | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 40,103 |
| ||
e) | Aggregated information · Aggregated volume · Price |
40,103 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Diederik Pen | |||
2. | Reason for the notification | ||||
a) | Position / status | Executive Vice President and Chief Operations Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Options | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 29,000 |
| ||
e) | Aggregated information · Aggregated volume · Price |
29,000 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Johan Eidhagen | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Marketing Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Options | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Owain Jones | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Corporate Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Options | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | George Michalopoulos | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Commercial Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Options | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Bela Szegedi | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Flight Operations Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Shares | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Heiko Holm | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Technical Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Shares | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Iain Wetherall | |||
2. | Reason for the notification | ||||
a) | Position / status | Chief Financial Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Shares | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 17,500 |
| ||
e) | Aggregated information · Aggregated volume · Price |
17,500 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
1. | Details of the person discharging managerial responsibilities / person closely associated | ||||
a) | Name | Stephen Jones | |||
2. | Reason for the notification | ||||
a) | Position / status | Executive Vice President and Deputy Chief Executive Officer | |||
b) | Initial notification / amendment | Initial notification | |||
3. | Details of the issuer | ||||
a) | Name | Wizz Air Holdings Plc | |||
b) | Legal entity identifier | 213800COXGZCORLJZA85 | |||
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 | Ordinary shares of £0.0001 each | |||
| Identification code | JE00BN574F90 | |||
b) | Nature of the transaction | Grant of Performance Shares | |||
c) | Currency | British Pounds | |||
d) | Price(s) and volume(s) |
| Price(s) | Volume(s) |
|
| NIL | 29,000 |
| ||
e) | Aggregated information · Aggregated volume · Price |
29,000 NIL | |||
f) | Date of the transaction | 23 May 2018 | |||
g) | Place of the transaction | N/A | |||
The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:
1. Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the reference date (23 May 2018), and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the reference date. At vesting, pay-out is to be 25% of the award for TSR performance equal to median performance, with a 100% pay-out for performance equal to, or exceeding, upper quartile performance. Linear interpolation will apply for performance between the median and upper quartile; and
2. Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2018 to 31 March 2021 (FY 2019 to FY 2021 inclusive).
25% of the award will vest for threshold average annual growth of 11% and 100% will vest for average annual growth of 26%. Linear interpolation applies for performance between threshold and maximum.
All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options. This announcement is made pursuant to Article 19 of the EU Market Abuse Regulation 596/2014. |
-End
About Wizz Air
Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 98 Airbus A320 and Airbus A321 aircraft, and offers more than 600 routes from 27 bases, connecting 141 destinations across 44 countries. At Wizz Air, a team of more than 4,000 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of over 30 million passengers in the past 12 months. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. The company was recently named 2017 - European Airline of the Year by Aviation 100, a renown annual publication that recognizes the year's most outstanding performers in the aerospace industry.
For more information: | ||
Investors: | Balint Veres, Wizz Air: | +36 70 777 9349 |
Media: | Sorina Ratz, Wizz Air: | +36 70 777 9304 |
Edward Bridges / Jonathan Neilan, FTI Consulting LLP: | +44 20 3727 1017 | |