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REPORT OF THE REMUNERATION COMMITTEE ON DIRECTORS’ REMUNERATION Aer Lingus Group Plc
Annual Report 2011 51
Report of the Remuneration Committee on Directors’ Remuneration (continued)
There was no change in the Directors’ interests in the period between 31 December 2011 and 23 March 2012.
(1)
During the year ended 31 December 2010, Mr Andrew Macfarlane was granted conditional awards of 407,970 shares under the LTIP in respect
of the performance period 1 January 2010 to 31 December 2012. In April 2011 Mr Andrew Macfarlane was granted conditional awards of
500,000 shares under the LTIP in respect of the performance period 1 January 2011 to 31 December 2013. Any vesting of these shares is subject
to the achievement of the performance targets outlined above.
(2)
On 8 September 2009, Mr Christoph Mueller was granted share options in respect of 1,500,000 shares. Subject to achieving the conditions
specified in the Share Option Deed, the exercise price of the share options is as follows: The exercise price in respect of the options over 500,000
shares which may become exercisable on or after the 7 September 2012 is 110% of ¤0.521 per share (being the average closing share price on
the five days prior to the date of grant); the exercise price in respect of the options over 500,000 shares which may become exercisable on or
after the 7 September 2013 is 130% of ¤0.521 per share (being the average closing share price on the five days prior to the date of grant) and the
exercise price in respect of the options over 500,000 shares which may become exercisable on or after the 7 September 2014 is 170% of ¤0.521
per share (being the average closing share price on the five days prior to the date of grant).
(3)
On 8 September 2009, Mr Christoph Mueller was granted a conditional award in respect of 500,000 shares. The shares which are the subject of
the share award vested on 1 September 2011, as Mr. Mueller was in the employment of the group on that date. On 1st September 2011, Mr
Mueller sold 120,000 of these 500,000 shares in order to partially fund a tax liability in respect of the vesting. His overall shareholding therefore
increased by 380,000 to 505,000 on 1 September 2011.
(4)
During the year ended 31 December 2010, Mr Christoph Mueller was granted conditional awards of 450,664 shares under the LTIP in respect
of the performance period 1 January 2010 to 31 December 2012. In April 2011 Mr Mueller was granted conditional awards of 600,000 shares
under the LTIP in respect of the performance period 1 January 2011 to 31 December 2013. Any vesting of these shares is subject to the
achievement of the performance targets outlined above.
31 December 2011 1 January 2011*
Number of shares Number of shares
Colm Barrington 200,000 150,000
David Begg 500 500
Montie Brewer - -
Leslie Buckley 184,274 110,200
Laurence Crowley - -
Mella Frewen --
Danuta Gray 23,863 23,863
Francis Hackett 9,544 9,544
Colin Hunt 5,000 5,000
Andrew Macfarlane
(1)
35,000 25,000
Thomas Moran 40,000 20,000
Christoph Mueller
(2) (3) (4)
505,000 125,000
Nicola Shaw 23,945 23,945
Table 2.2 Interest of Directors in office at 31 December 2011 in the shares of the Group
*Or date of appointment if later