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JET2 PLC
Remuneration Information • Jul 21, 2021
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Remuneration Information
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National Storage Mechanism | Additional information 
RNS Number : 0356G
Jet2 PLC
21 July 2021
21 July 2021
Jet2 plc
("Jet2", the "Group" or the "Company")
Grant of Options under Share Reward Plan
and Vesting of Deferred Awards under Senior Executive Incentive Plan
Jet2 plc, the Leisure Travel group, announces that it has implemented a new Share Reward Plan (the "Plan"). The Plan is intended to ensure that the recipients have both a straightforward retention mechanism in place and that they also have direct alignment with shareholders in the period, as we seek to drive the business recovery of the Company. Further details of the Plan will be included in the Remuneration Committee Report within the Company's Annual Report and Accounts for the financial year ended 31 March 2021.
Awards under the Plan take the form of options to acquire the Company's ordinary shares of 1.25p each ("Ordinary Shares") which will be exercisable upon payment of the nominal value of the Ordinary Shares from the date which is three years following the date of grant and will lapse ten years from the anniversary of the date of grant. Recipients must be employed and not be under notice given or received at vesting and must have worked and contributed throughout the vesting period.
The Company has today granted 1,213,000 options under the Plan representing 0.57% of the Company's issued share capital, being within the 10% in 10 years share plans dilution limit.
Details of the awards to PDMRs under the Plan are as follows:
| Director | Number of Options issued under the Plan |
| Stephen Heapy, Chief Executive Officer | 136,000 |
| Gary Brown, Group Chief Financial Officer | 105,000 |
The awards to our Chief Executive Officer and Group Chief Financial Officer under the Plan, are the first awards (beyond part deferral of bonus outcomes awarded previously as deferred shares under the Senior Executive Incentive (Deferred Award) Plan ("SEIP")) which they have received since their last awards under the SEIP in July 2019.
In addition, on 20 July 2021, Stephen Heapy and Gary Brown subscribed for 20,421 and 19,156 Ordinary Shares at 1.25p per Ordinary Share, respectively, pursuant to the vesting of a deferred award granted under the SEIP, representing the deferred element of the bonus earned for the financial year ended 31 March 2018.
In order to fund only the income tax, National Insurance liabilities and administrative fees arising on vesting, Stephen Heapy and Gary Brown subsequently sold 9,867 and 9,256 Ordinary Shares at £10.50 per Ordinary Share and retained the balance of 10,554 and 9,900 Ordinary Shares, respectively.
Following these transactions, Mr Heapy beneficially holds a total of 261,165 Ordinary Shares, representing approximately 0.12% of the Company's issued share capital, and Mr Brown beneficially holds a total of 90,576 Ordinary Shares, representing approximately 0.04% of the Company's issued share capital.
The notifications below, made in accordance with the requirements of the UK version of Regulation (EU) No 596/2014, provide further details.
For further information, please contact:
| Jet2 plc Philip Meeson, Executive Chairman Ian Day, Company Secretary |
Tel: 0113 239 7692 |
| Cenkos Securities plc - Nominated Adviser Katy Birkin/Camilla Hume |
Tel: 020 7397 8900 |
| Buchanan - Financial PR Richard Oldworth |
Tel: 020 7466 5000 |
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Stephen Heapy | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 plc | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Grant of options under the Company's Share Reward Plan | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.0125 | 136,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 21 July 2021 | |
| f) | Place of the transaction | Outside of a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Gary Brown | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 plc | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Grant of options under the Company's Share Reward Plan | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.0125 | 105,000 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 21 July 2021 | |
| f) | Place of the transaction | Outside of a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Stephen Heapy | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 PLC | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018 | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.0125 | 20,421 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 20 July 2021 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Stephen Heapy | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 plc | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 10,554 Ordinary Shares has been retained. | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £10.50 | 9,867 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 20 July 2021 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Gary Brown | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 plc | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018 | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £0.0125 | 19,156 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 20 July 2021 | |
| f) | Place of the transaction | XOFF |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Gary Brown | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Financial Officer | |
| b) | Initial notification/Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Jet2 plc | |
| b) | LEI | I72RQ3PNLDPW8R7JIJ56 | |
| 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 1.25p each | |
| Identification code | GB00B1722W11 | ||
| b) | Nature of the transaction | Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 9,900 Ordinary Shares has been retained. | |
| c) | Price(s) and volumes(s) | Price(s) | Volume(s) |
| £10.50 | 9,256 | ||
| d) | Aggregated information | N/A single transaction | |
| Aggregated volume | N/A single transaction | ||
| Price | N/A single transaction | ||
| e) | Date of the transaction | 20 July 2021 | |
| f) | Place of the transaction | XOFF |
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