Director/PDMR Shareholding

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			[phone]
Michael Barker, Investor Relations			[phone]
Flic Howard-Allen, Corporate Communications			[phone]
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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