Easyjet PLC — Remuneration Information 2018

Sep 14, 2018

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RNS Number : 8639A

easyJet PLC

14 September 2018

14 September 2018

An amendment to the 'Director/PDMR shareholding' announcement released on 20 December 2017 at 16:57 under RNS No 9844Z has been made.  The number of actual awards granted to Andrew Findlay was 72,621 (being 200% of his £500k salary).  However, the original RNS announcement incorrectly stated 76,621.  The relevant figures, including the aggregate volume figure (which includes Andrew's DSBP award), are now correctly shown in the tables below.  All other details remain unchanged.

easyJet plc ("the Company")

Director/PDMR shareholding

The Company announces that on 19 December 2017, 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 - AWARD OF LTIP AWARDS
Name	Number of Shares under LTIP Awards
Johan Lundgren, Chief Executive Officer	134,350
Andrew Findlay, Chief Financial Officer	72,621
Chris Brocklesby	37,822
Chris Browne	44,444
Robert Carey	34,313
Peter Duffy	37,777
Paul Moore	27,233
Kyla Mullins	33,333

The LTIP Awards will vest and become exercisable on the third anniversary of their grant date (i.e. on 19 December 2020) 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 2017 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 2022). 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)	Below 9%	9%	11.2%	13% or more
	Below Threshold (0% vesting)	Threshold (25% vesting)	On-target (50% vesting)	Maximum (100% vesting)

Aggregate Headline EPS (40% of total award)	<278p	278p	310p	335p or higher
	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 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 2017).

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 - AWARD OF DEFERRED SHARE BONUS PLAN AWARDS
Name	Number of Shares under DSBP Awards
Andrew Findlay	12,789
Chris Brocklesby	3,930
Chris Browne	4,618
Peter Duffy	3,994
Paul Moore	2,535
Kyla Mullins	3,590

The Deferred Share 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 (i.e. on 19 December 2020) subject to the grantee's continued employment.

The LTIP Awards and the Deferred Share Bonus Plan Awards were granted as nil cost option awards other than in the case of the LTIP Award to Mr Carey which was granted as a conditional award.

Further details relating to the operation of the LTIP and DSBP can be found within the 2017 Annual report and accounts which are available on the Company's website.

As previously disclosed within the 2017 Annual report and accounts, Carolyn McCall, who stepped down from the Board and her position as Chief Executive Officer on 30 November 2017, will not be eligible for an annual bonus payment for the 2017 financial year or the 2018 financial year and will therefore not receive an award under the DSBP.  All of her unvested LTIP awards have lapsed and her DSBP awards made in previous years will lapse in full beyond the end of her employment date of 31 December 2017.

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
Anna Knowles, Corporate Communications	+44 (0) 7985 873 313

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

Grant of LTIP Award under the easyJet 2015 Long Term Incentive Plan. The Award is structured as a nil cost option which shall ordinarily vest 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	134,350

d)

Aggregated information

Aggregated volume

Price

Not applicable  - single transaction

e)

Date of the transaction

2017-12-19

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 2015 Long Term Incentive Plan. The Award is structured as a nil cost option which shall ordinarily vest 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 DSBP Award	Nil Nil	72,621 12,789

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 85,410

GBP Nil

e)

Date of the transaction

2017-12-19

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 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 DSBP Award	Nil Nil	37,822   3,930

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 41,752

GBP Nil

e)

Date of the transaction

2017-12-19

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 Performance Award DSBP Award	Nil Nil	44,444   4,618

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 49,062

GBP Nil

e)

Date of the transaction

2017-12-19

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

Group Director - Strategy & 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

Grant of LTIP Award under the easyJet Long Term and Matching Share Plan. The Award is structured as a conditional award (restricted stock unit 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.

c)

Price(s) and volume(s)

	Price(s)	Volume(s)
LTIP Performance Award	Nil	34,313

d)

Aggregated information

Aggregated volume

Price

Not applicable - single transaction

e)

Date of the transaction

2017-12-19

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 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 Performance Award DSBP Award	Nil Nil	37,777   3,994

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 41,771

GBP Nil

e)

Date of the transaction

2017-12-19

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 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 Shares 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 Performance Award DSBP Award	Nil Nil	27,233   2,535

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 29,768

GBP Nil

e)

Date of the transaction

2017-12-19

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 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 Performance Award DSBP Award	Nil Nil	33,333  3,590

d)

Aggregated information

Aggregated volume

Price

Aggregated volume: 36,923

GBP Nil

e)

Date of the transaction

2017-12-19

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 rns@lseg.com or visit www.rns.com.

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