AI assistant
Easyjet PLC — Director's Dealing 2018
Dec 19, 2018
5295_dirs_2018-12-19_ba5fc0b7-47e2-4370-b806-7e3247f41d94.html
Director's Dealing
Open in viewerOpens in your device viewer
National Storage Mechanism | Additional information
You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.
RNS Number : 0179L
easyJet PLC
19 December 2018
easyJet plc ("the Company")
Director/PDMR shareholding
19 December 2018
The Company announces that on 19 December 2018, the following Executive Directors and other PDMR, as set out against their names in the tables below, were granted awards over 27 2/7 p ordinary shares in the capital of the Company under the Company's relevant Long Term Incentive Plan (LTIP) and Deferred Share Bonus Plan (DSBP), as applicable.
| Table 1 - LTIP awards | |
| Name | Number of shares under LTIP awards |
| Johan Lundgren, Chief Executive Officer | 167,003 |
| Andrew Findlay, Chief Financial Officer | 94,619 |
| Chris Browne | 77,209 |
| Ella Bennett | 43,998 |
| Flic Howard-Allen | 34,063 |
| Garry Wilson | 64,935 |
| Lis Blair | 38,717 |
| Luca Zuccoli | 42,578 |
| Robert Carey | 49,675 |
| Thomas Haagensen | 39,303 |
The LTIP Awards will vest and become exercisable on the third anniversary of their grant date (i.e. on 19 December 2021) subject to the grantee's continued employment and to the extent to which the average Return of Capital Employed (ROCE), total headline Earnings Per Share (EPS) and relative total shareholder return (TSR) performance conditions set for the LTIP Awards are met, summary details of which are shown further below.
In addition, as disclosed in the Company's 2018 Annual report and accounts, the Executive Directors are required to retain the after-tax value of any shares under the LTIP award for a further two years from the vesting date (i.e. until 19 December 2023). The Executive Directors are also expected to build and maintain a shareholding equivalent of at least 200% of salary (CEO) 175% of salary (CFO) over a five year period following appointment.
| Average headline ROCE (40% of total award) | < 11.0% | 11.0% | 13.0% | 15.0% |
| Below threshold (0% vesting) |
Threshold (25% vesting) | On-target (50% vesting) | Maximum (100% vesting) |
| Aggregate headline EPS (40% of total award) | < 383 pence | 383 pence | 414 pence | 446 pence |
| Below threshold (0% vesting) |
Threshold (25% vesting) | On-target (50% vesting) | Maximum (100% vesting) |
| Ranking of easyJet's TSR (20% of total award) | < Median | Median | Upper quartile |
| Below threshold (0% vesting) |
Threshold (25% vesting) |
Maximum (100% vesting) |
The EPS and ROCE targets have been set under the accounting standards used in the preparation of the financial statements contained within the 2018 Annual Report and Financial Statements. New accounting standards (IFRS 15 and IFRS 16) will apply from 1 October 2018 onwards and the above targets will be restated accordingly in the Company's 2019 Annual Report.
The LTIP Awards part-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 2018).
The EPS targets set out above are based on the aggregate of the headline EPS for each financial year of the same three-year performance period.
The TSR targets are based on relative TSR performance over the same three-year performance period. The Company's TSR performance as compared to the TSRs of a comparator group of companies being those ranked FTSE 51 to 150 at the start of the performance period. Three-month averaging periods are used prior to the start and end of the performance period. Regardless of relative TSR performance, in addition, easyJet must have achieved positive absolute TSR performance over the performance period for any part of the TSR element to be capable of vesting.
| Table 2 - Deferred Share Bonus Plan ("DSBP") awards | |
| Name | Number of shares under DSBP awards |
| Johan Lundgren, Chief Executive Officer | 26,871 |
| Andrew Findlay, Chief Financial Officer | 20,086 |
| Chris Browne | 8,437 |
| Ella Bennett | 1,868 |
| Lis Blair | 1,516 |
| Robert Carey | 5,542 |
| Thomas Haagensen | 1,486 |
The DSBP 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 (i.e. on 19 December 2021) subject to the grantee's continued employment.
The LTIP Awards and the DSBP Awards were granted as nil-cost option awards, other than in the case of the LTIP Award and DSBP Award granted to Mr Carey which were granted as conditional awards.
Further details relating to the operation of the LTIP and DSBP can be found within the 2018 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 DSBP.
For further details, please contact:
Stuart Morgan, Investor Relations
+44 (0) 7989 665 484
Michael Barker, Investor Relations
+44 (0) 7985 890 939
Flic Howard-Allen, Corporate Communications
+44 (0) 7977 402 036
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Johan Lundgren
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 Award under the easyJet Long Term Incentive Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 167,003 |
| DSBP award | Nil | 26,871 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 193,874
GBP Nil
e)
Date of the transaction
2018-12-19
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 Award under the easyJet Long Term Incentive Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 94,619 |
| DSBP award | Nil | 20,086 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 114,705
GBP Nil
e)
Date of the transaction
2018-12-19
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
1. Grant of LTIP Award under the easyJet Long Term and Matching Share Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 77,209 |
| DSBP award | Nil | 8,437 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 85,646
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Ella Bennett
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 Award under the easyJet Long Term and Matching Share Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 43,998 |
| DSBP award | Nil | 1,868 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 45,866
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Flic Howard-Allen
2.
Reason for the notification
a)
Position/status
Chief Communications 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 Award under the easyJet Long Term and Matching Share Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 34,063 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 34,063
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Garry Wilson
2.
Reason for the notification
a)
Position/status
Chief Executive Officer, easyJet Holidays
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 Award under the easyJet Long Term and Matching Share Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 64,935 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 64,935
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Lis Blair
2.
Reason for the notification
a)
Position/status
Chief Marketing 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 Award under the easyJet Long Term and Matching Share Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 38,717 |
| DSBP award | Nil | 1,516 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 40,233
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Luca Zuccoli
2.
Reason for the notification
a)
Position/status
Chief Data 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 Award under the easyJet Long Term and Matching Share Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 42,578 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 42,578
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Robert Carey
2.
Reason for the notification
a)
Position/status
Chief Commercial & Strategy 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 Award under the easyJet Long Term and Matching Share Plan. The Award is structured as a conditional award which shall ordinarily vest on 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 DSBP Award under the easyJet Deferred Share Bonus Plan. The Award is structured as a conditional award which shall ordinarily vest on the third anniversary of its grant date subject to continued service.
c)
Price(s) and volume(s)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 49,675 |
| DSBP award | Nil | 5,542 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 55,217
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
1.
Details of the person discharging managerial responsibilities/ person closely associated
a)
Name
Thomas Haagensen
2.
Reason for the notification
a)
Position/status
Group Markets 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 Award under the easyJet Long Term and Matching Share Plan. 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 DSBP Award under the easyJet Deferred Share Bonus Plan. 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)
| Price(s) | Volume(s) | |
| LTIP award | Nil | 39,303 |
| DSBP award | Nil | 1,486 |
d)
Aggregated information
Aggregated volume
Price
Aggregated volume: 40,789
GBP Nil
e)
Date of the transaction
2018-12-19
f)
Place of the transaction
Outside a trading venue
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
END
DSHKMMMZDLFGRZM