REG - easyJet PLC - Director/PDMR Shareholding

easyJetAnnouncement

19/12/2018 15:00

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




 
 




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