easyJet PLC Director/PDMR Shareholding (3110Z)
May 20 2021 - 8:00AM
UK Regulatory
TIDMEZJ
RNS Number : 3110Z
easyJet PLC
20 May 2021
easyJet plc
(the "Company")
Director/PDMR shareholding
20 May 2021
The Company announces that awards were granted under the
Company's Long-Term Incentive Plan (LTIP) on 20 May 2021 as set out
below.
PDMR Type of Award Number of shares subject to Award Vesting Date
Kenton Jarvis (CFO) LTIP 134,541(1) 29 December 2023
-------------- ---------------------------------- -----------------
The Awards are in the form of a nil-cost option and no monetary
consideration was paid for the Awards.
Notes
1. This Award is equivalent to 200% of base salary as set out on
page 111 of the 2020 Annual Report. The Award will vest and become
exercisable subject to continued employment with the Company and
the extent which performance conditions are met.
As noted in the 2020 Annual Report, the Remuneration Committee
decided to delay the selection of metrics and targets that apply to
the December 2020 LTIP due to the prevailing uncertainty at the
time of grant. The lockdown within the UK and much of Europe along
with continued restrictions on travel, has meant that there is
still a high level of uncertainty over the medium-term outlook.
This continued external uncertainty on performance means the
previous approach to the LTIP of setting a mix of 3-year financial
targets for FY23 would be challenging and likely to remain so for
some time. The Committee has therefore decided that the 2020 LTIP
Award will be based 100% on TSR performance compared to companies
from the FTSE 51 to the FTSE 151. The Committee believes that this
is a clear and simple approach and ensures that the vesting outcome
is fully aligned with the shareholder experience. This condition
will apply to the award granted to the CFO.
The Committee shall retain discretion to adjust the vesting
outcome where outcomes are not considered to be reflective of
underlying financial or non-financial performance of the business,
the performance of the individual or where the outcome is not
considered appropriate in the context of the experience of
shareholders or other stakeholders. Similarly, the Committee will
consider whether it is appropriate to make any adjustments to
ensure that the Executive Directors do not benefit unduly from
windfall gains when the market recovers and determine a fair
outcome based on the performance of easyJet over the entire
performance period.
In addition, and as disclosed in the 2020 Annual Report, the
Chief Financial Officer is required to retain the after-tax value
of any shares under the LTIP award for a further two years from the
vesting date. The Chief Financial Officer is also expected to build
and maintain a shareholding equivalent of at least 200% of salary
over a five-year period following appointment.
In case of queries please contact:
Institutional investors and analysts:
Michael Barker Investor Relations +44 (0) 7985 890 939
Holly Grainger Investor Relations +44 (0) 7583 101 913
Media:
Anna Knowles Corporate Communications +44 (0)7985 873 313
Dorothy Burwell Finsbury +44 (0) 7733 294 930
+44 (0)7947 740 551
/
Edward Simpkins Finsbury (0) 207 251 3801
The notifications below are made in accordance with the
requirements of the EU Market Abuse Regulation.
1. Details of the person discharging managerial responsibilities/
person closely associated
a) Name Kenton Jarvis
------------------------- -------------------------------------------
2. Reason for the notification
----------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------- -------------------------------------------
b) Initial notification/ Initial notification
Amendment
------------------------- -------------------------------------------
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 Ordinary shares of 27 2/7p
the financial
instrument, type
of instrument
ISIN: GB00B7KR2P84
Identification
code
------------------------- -------------------------------------------
b) Nature of the Grant of LTIP Awards under the easyJet
transaction Long Term Incentive Plan at nil cost.
------------------------- -------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
LTIP Award Nil 134,541
---------- ----------
------------------------- -------------------------------------------
d) Aggregated information
Aggregated volume: 134,541
Aggregated volume
Price GBP Nil
------------------------- -------------------------------------------
e) Date of the transaction 2021-05-20
------------------------- -------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- -------------------------------------------
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