Grant of Options and Vesting of Deferred Awards

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:  [phone] Cenkos Securities plc - Nominated Adviser Katy Birkin/Camilla Hume Tel:    [phone] Buchanan - Financial PR Richard Oldworth Tel:  [phone]

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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