REG - easyJet PLC - Director/PDMR Shareholding <Origin Href="QuoteRef">EZJ.L</Origin>

easyJetAnnouncement

22/12/2014 09:50

RNS Number : 4355A
easyJet PLC
22 December 2014
easyJet plc ("the Company")
Director/PDMR shareholding
22 December 2014
The Company announces that on 19 December 2014, the following Executive Directors and PDMRs, as set out against their names in the tables below, were conditionally awarded, purchased, or had a proportion of their annual bonus deferred into, shares under the Company's Long Term Incentive Plan (LTIP) and Deferred Annual Bonus Plan (DABP), as applicable.
The share price at the time of the grants and the Investment Share purchase was 16.44. 
TABLE 1 - AWARD OF LTIP PERFORMANCE AWARDS
Name
LTIP Performance Shares
Carolyn McCall
84,987
Chris Kennedy
38,343
Warwick Brady
34,818
Mike Campbell
20,753
Peter Duffy
18,238
Catherine Lynn
18,149
Paul Moore
15,586
Alita Benson
15,015
Rachel Kentleton
14,482
The LTIP Performance Shares Awards (and Matching Share Awards set out in Table 2) will vest in three years' time, free of charge, on 19 December 2017, subject to continued employment and the performance conditions shown below: 
ROCE (50% of total award)
Below 15.0%
15.0%
18.2%
20.0% or more

Below Threshold (0% vesting)
Threshold (25% vesting)
On-target (40% vesting)
Maximum (100% vesting)
Ranking of easyJet's TSR (50% 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 Return on Capital Employed (ROCE) targets are based on average ROCE (including operating lease adjustments) over the three year performance period (being three years from 1 October 2014). 
The Total Shareholder Return (TSR) targets are based on relative TSR compared to companies ranked FTSE 31 to 130 at the date of grant, 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 below sets out the shares corresponding to the mandatory deferral of annual bonus under the DABP, and the purchase of Investment Shares under the LTIP, together with the LTIP Matching Share Awards corresponding to the Investment Shares. The LTIP Investment Shares and DABP Shares below are already included in, and are not in addition to, the bonus figures disclosed in the Annual report and accounts. The Matching Share Awards are subject to the performance conditions outlined above.
TABLE 2 - (i) ANNUAL BONUS DEFERRED UNDER DABP (ii) LTIP INVESTMENT SHARES PURCHASED USING BONUS (iii) LTIP MATCHING SHARES 
Name
DABP Shares
LTIP Investment Shares
LTIP Matching Shares
Carolyn McCall
20,960
16,663
31,441
Chris Kennedy
9,603
3,393
6,402
Warwick Brady
4,322
4,582
8,645
Mike Campbell
2,903
-
-
Peter Duffy
2,714
2,877
5,428
Catherine Lynn
2,704
-
-
Paul Moore
2,293
2,431
4,587
Alita Benson
2,157
-
-
Rachel Kentleton
1,447
1,820
3,434
The proportion of the annual bonus under the DABP is deferred for three years until 19 December 2017, will be subject to forfeiture and will not be subject to any further matching.
The Investment Shares were purchased by Executive Directors and PDMRs shown above, from their (post tax) voluntary deferral into shares. The Matching Share Awards are over the same amount of deferral, but pre-tax. As stated in the Company's Annual report and accounts, this will be the final year in which the Matching Share Award will operate for the Executive Directors.
Further details relating to the operation of the LTIP and DABP can be found within the Annual report and accounts which are available on the Company's website.
This notification is made pursuant to the requirements of the Disclosure and Transparency Rule 3.1.4R. 
For further details, please contact:
Will MacLaren, Investor relations
+44 (0) 7961 763 879
Michael Barker, Investor relations
+44 (0) 7985 890 939
Anna Knowles, Corporate communications
+44 (0) 7985 873 313
Ed Simpkins, Finsbury
+44 (0) 7947 740 551

+44 (0) 207 251 3801

This information is provided by RNS
The company news service from the London Stock Exchange
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