easyJet PLC Director/PDMR Shareholding (4513G)
November 20 2015 - 6:01AM
UK Regulatory
TIDMEZJ
RNS Number : 4513G
easyJet PLC
20 November 2015
easyJet plc ("the Company")
Director/PDMR shareholding
20 November 2015
The Company announces that on 20 November 2015, the following
performance related buy-out arrangements were granted to compensate
Andrew Findlay for long-term incentive awards forfeited from his
previous employer. The approach to the buy-out is in line with our
policy on buy-out arrangements, the expectations of institutional
investors where a buy-out takes place and has been calculated so as
to replicate the likely value and time horizons associated with the
awards at the previous employer.
The buy-out comprised:
1. A performance adjusted award of 22,762 easyJet shares to
compensate for the forfeiture of part of a long-term incentive
award Andrew received in August 2013 from his previous employer.
This will vest, subject to continued employment with easyJet, on 7
August 2016 so as to mirror the original time horizon of the
award.
2. A further award of 14,625 easyJet shares relating to the
forfeiture of the August 2013 award was also granted. This award
will only vest to the extent that the performance targets set for
the December 2013 easyJet LTIP awards are met and Andrew's
continued employment to 17 December 2016. The performance
conditions are as follows:
ROCE (50%
of total 20.0% or
award) Below 15.0% 15.0% 18.5% more
----------- ----------------- --------------- --------------- ----------------
Below Threshold Threshold On-target Maximum
(0% vesting) (25% vesting) (40% vesting) (100% vesting)
----------------------------- --------------- --------------- ----------------
Ranking of < median median upper quartile
easyJet's
TSR (50% of
total award)
-------------- ---------------- --------------- ---------------
Below Threshold Threshold Maximum (100%
(0% vesting) (25% vesting) vesting)
-------------- ---------------- --------------- ---------------
Awards vest on a straight line basis between these points. The
Total Shareholder Return (TSR) targets are based on relative TSR
compared to companies ranked FTSE 51 to 150 at the date of
grant.
3. An award of 39,923 easyJet shares to compensate for the
forfeiture of an award granted to Andrew Findlay in August 2014.
This award will only vest based on the extent to which the
performance targets applying to the December 2014 easyJet LTIP
awards are met and Andrew remaining in employment until 19 December
2017. The performance conditions are shown below:
ROCE (50%
of total 20.0% or
award) Below 15.0% 15.0% 18.2% more
----------- ----------------- --------------- --------------- ----------------
Below Threshold Threshold On-target Maximum
(0% vesting) (25% vesting) (40% vesting) (100% vesting)
----------------------------- --------------- --------------- ----------------
Ranking of < median median upper quartile
easyJet's
TSR (50% of
total award)
-------------- ---------------- --------------- ---------------
Below Threshold Threshold Maximum (100%
(0% vesting) (25% vesting) vesting)
-------------- ---------------- --------------- ---------------
Awards vest on a straight-line basis between these points. The
Total Shareholder Return (TSR) targets are based on relative TSR
compared to companies ranked FTSE 31 to 130 at the date of
grant.
Each of the replacement awards are in the form of a nil cost
option and are substantially based on the rules of the new easyJet
2015 Long Term Incentive Plan which was approved by shareholders on
12 February 2015.
No monetary consideration was paid for the awards.
Further details of the awards will be provided in the Company's
next Directors' Remuneration Report due to be published in December
2015.
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 +44 (0) 7989 665 484
Anna Knowles, Corporate
communications +44 (0) 7985 873 313
Paul Moore, Corporate
communications +44 (0) 7860 794 444
This information is provided by RNS
The company news service from the London Stock Exchange
END
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