Correction - Director/PDMR Shareholding

RNS Number : 8035J

easyJet PLC

21 December 2015

 

easyJet plc ("the Company")

Director/PDMR shareholding

21 December

The following amendments have been made to the 'Director/PDMR shareholding' announcement released on 18 December 2015 at 13.58 under RNS No 6091J.

                                              Original RNS               Corrected RNS

ROCE (% of total award)             50%                               70%

TSR (% of total award)                50%                               30%

This is in line with the amended policy and the consultation with shareholders.  All other details remain unchanged.

The full amended text is shown below.

The Company announces that on 17 December 2015, 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 £17.13.  

TABLE 1 - AWARD OF LTIP PERFORMANCE AWARDS
Name	LTIP Performance Shares
Carolyn McCall	102,977
Andrew Findlay	49,620
Warwick Brady	48,347
Chris Brocklesby	29,807
Peter Duffy	24,763
Catherine Lynn	24,763
Kyla Mullins	22,110
Rachel Kentleton	19,702
Paul Moore	19,229

The LTIP Performance Shares Awards will vest in three years' time, free of charge, on 17 December 2018, subject to continued employment and the performance conditions shown below:

ROCE (70% of total award)	Below 15%	15%	18%	20% or more
	Below Threshold (0% vesting)	Threshold (25% vesting)	On-target (50% vesting)	Maximum (100% vesting)

Ranking of easyJet's TSR (30% 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 over the three year performance period (being three years from 1 October 2015).

The Total Shareholder Return (TSR) targets are based on relative TSR compared to companies ranked FTSE 31 to 130 at the start of the performance period, 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. The DABP Shares below are already included in, and are not in addition to, the bonus figures disclosed in the Annual report and accounts.

TABLE 2 - ANNUAL BONUS DEFERRED UNDER DABP
Name	DABP Shares
Carolyn McCall	17,845
Warwick Brady	3,478
Mike Campbell	2,493
Peter Duffy	2,492
Catherine Lynn	2,295
Paul Moore	2,052
Chris Brocklesby	1,795
Rachel Kentleton	1,733
Kyla Mullins	1,379

The proportion of the annual bonus under the DABP is deferred for three years until 17 December 2018, will be subject to forfeiture and will not be subject to any further matching.

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:

Stuart Morgan, Investor relations	[phone]
Anna Knowles, Corporate communications	[phone]
Ed Simpkins, Finsbury	[phone]
	[phone]

 

END

 

 

DOCTBBRTMBATBMA