EasyJet 2010 Annual Report Download - page 50

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easyJet plc
Annual report and accounts 2010
Report on Directors’ remuneration
continued
48
Directors’ emoluments (audited)
Details of emoluments, paid or payable by easyJet to the Directors of easyJet plc who served in the financial year ended 30 September
2010 are as follows:
Pension contributions
Figures stated in £’000s
Salary/fee
2010
Bonus
2010
Total
2010
Total
2009 2010 2009
Executive
Carolyn McCall OBE (appointed 1 July 2010) 178 – 178 – ––
Chris Kennedy (appointed 1 July 2010) 150 – 150 – ––
Andrew Harrison (resigned 30 June 2010) 2,266 250 2,516 1,633 47 53
Non Executive
Sir Michael Rake 205 – 205 23 ––
Sir David Michels 135 – 135 114 ––
David Bennett 55 – 55 55 ––
Sven Boinet 45 – 45 45 ––
John Browett 45 – 45 45 ––
Professor Rigas Doganis 45 – 45 45 ––
Keith Hamill 55 – 55 29 ––
Sir Stelios Haji-Ioannou (resigned 14 May 2010) –––– ––
Bob Rothenberg (resigned 14 May 2010) 28 – 28 8 ––
3,207 250 3,457 1,997 47 53
The table above excludes gains as a result of the exercise of share options. Details of share options and share awards and any movements
during the year are shown on pages 50 and 51.
The annual basic salary of Carolyn McCall OBE is £665,000, plus £48,000 as a cash alternative to a contribution to a pension scheme
made by the Company. The annual basic salary for Chris Kennedy is £400,000.
The salary payment for Andrew Harrison includes a payment in lieu of notice on the termination of his contract of £1,221,300, plus
revised remuneration arrangements from 1 April 2010 as detailed below.
Pension contributions for Andrew Harrison shown above are greater than 7% of salary for the period to 31 March 2010 as they include
half of the National Insurance saving resulting from employee contributions made through easyJet’s salary exchange scheme (equivalent to
6.4% of the sum sacrificed). Andrew Harrison exchanged £96,000 for additional pension contributions in the period to 31 March 2010
(2009: £195,000).
Arrangements relating to Andrew Harrison
Andrew Harrison ceased to be Chief Executive and stepped down from the Board on 30 June 2010.
As was reported in the 2009 Report on Directors’ remuneration, the Company entered into a retention agreement with him on 15 May
2009. The terms and reasons for that agreement are set out in that report. This agreement effectively expired on 31 March 2010.
Under the terms of this agreement, Andrew Harrison continued to receive a salary equivalent to £590,000 per annum plus benefits. In the
event of resignation or termination (other than for bad leaver reasons) at any time after 31 March 2010 he would also receive a lump sum
payment in lieu of notice in respect of his full 12 month notice period with no obligation to mitigate the payment. The payment in lieu of
notice would include the value of 12 months’ salary; 12 months’ pension contributions and the on target level of annual bonus equivalent
to 100% of salary. In addition, he would receive a pro rata bonus for the year in which he left the Company based on performance and
would be considered a good leaver in relation to an LTIP award made in December 2007, subject to a pro rata amount for his period of
service. The maximum number of shares which could vest under this provision was 193,325. The agreement precluded the Company
from commencing the recruitment of his successor until after 31 March 2010.