Long Term Incentive Plan Award Grants

RNS Number : 8964C

Wizz Air Holdings PLC

01 July 2016

 

Wizz Air Holdings Plc

Wizz Air Long Term Incentive Plan ("LTIP") award grants

LONDON, 1 July 2016 - Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, announces the granting of awards under its LTIP, to a number of persons discharging management responsibilities ("PDMRs").

On 30 June 2016, following approval by the Remuneration Committee, Wizz Air made a grant of options under the LTIP over 251,270 ordinary shares in the capital of Wizz Air of £0.0001 par value ("Awards"). Of these Awards, options over 188,770 ordinary shares in the capital of Wizz Air were granted to PDMRs as set out below.

The following PDMRs were granted Awards of Performance Options:

Name	No. of options over ordinary shares granted under LTIP
Varadi Jozsef	85,270
Eidhagen Johan	22,500
Jones Owain	25,000
Pen Diederik	28,000
Jerez Sonia	28,000
Total	188,770

The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:

1.  Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the award date, and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the award date. At vesting, pay-out is to be 25% of the award for TSR performance equal to median performance, with a 100% pay-out for performance equal to, or exceeding, upper quartile performance.  Linear interpolation will apply for performance between the median and upper quartile; and

2.  Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2016 to 31 March 2019 (FY 2017 to FY 2019 inclusive).

Target EPS growth over the performance period has been set at an average of 17,2% per annum (achievement of which will result in 50% of the award vesting), with the threshold set at 14,2% per annum (triggering 25% vesting), and the maximum at 20,2% per annum (triggering 100% vesting). Linear interpolation applies for performance between 14,2% to 17,2% and 17,2% to 20,2%.

All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options. The closing, middle-market price of the Company's ordinary shares on 28 June 2016 was £14.80.

This announcement is made pursuant to Disclosure and Transparency Rule 3.1.4 R.

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About Wizz Air

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 70 Airbus A320 and Airbus A321 aircraft, and offers more than 420 routes from 25 bases, connecting 124 destinations across 39 countries. At Wizz Air, a team of approximately 2,600 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 20 million passengers in the financial year ended 31 March 2016. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. The company was recently named 2016 Value Airline of the Year by the editors of Air Transport World, one of the leading airline trade magazines.

For more information:
Investors:	Iain Wetherall, Wizz Air:	[phone]
	Balint Veres, Wizz Air:	[phone]
Media:	Tamara Vallois, Wizz Air:	[phone]
	Edward Bridges / Jonathan Neilan, FTI Consulting LLP:	[phone]

 

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