Easyjet PLC — Remuneration Information 2016

Dec 22, 2016

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RNS Number : 5559S

easyJet PLC

22 December 2016

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards	Nil Nil	169,127 6,040

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards	Nil Nil	88,686 4,985

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards Restricted Share Awards	Nil Nil Nil	48,954 2,311 16,318

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)

	Price(s)	Volume(s)
LTIP Performance Awards	Nil	57,526

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards Restricted Share Awards	Nil Nil Nil	48,897 1,920 16,299

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards	Nil Nil	40,671 1,582

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards Restricted Share Awards	Nil Nil Nil	31,581 1,476 5,263

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards Restricted Share Awards	Nil Nil Nil	43,144 1,714 14,381

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)

	Price(s)	Volume(s)
LTIP Performance Awards DABP Awards	Nil Nil	44,582 1,574

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

This information is provided by RNS

The company news service from the London Stock Exchange

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