EasyJet 2010 Annual Report Download - page 53

Overview Business review Governance Accounts Other information
easyJet plc
Annual report and accounts 2010
51
Carolyn McCall OBE
Scheme
No.
of shares/
options at
30 September
20091
Share/
options
granted
in year
Shares/
options
lapsed
in year
Shares/
options
exercised
in year
No.
of shares/
options at
30 September
20101Date of grant
Exercise
price
(£)
Market price
on exercise
date
(£)
Date from
which
exercisable Expiry date
C – 335,096 – – 335,096 5 July 2010 – – 5 July 2013 5 Jan 2014
Chris Kennedy
Scheme
No.
of shares/
options at
30 September
20091
Share/
options
granted in
year
Shares/
options
lapsed
in year
Shares/
options
exercised
in year
No.
of shares
/options at
30 September
20101Date of grant
Exercise
price
(£)
Market price
on exercise
date
(£)
Date from
which
exercisable Expiry date
C – 201,562 – – 201,562 5 July 2010 – – 5 July 2013 5 Jan 2014
No Non Executive Director has been granted any share options or awards.
The closing share price of the Company’s ordinary shares at 30 September 2010 was £3.70 and the range during the year ended
30 September 2010 was £3.40 to £5.00.
Notes
A Non-Approved Discretionary Share Option Scheme
B Approved Discretionary Share Option Scheme
C Long Term Incentive Plan – Performance Shares
D Long Term Incentive Plan – Matching Shares
E Share Incentive Plan – Free Shares
F Share Incentive Plan – Matching Shares
Note 1: The number of shares are calculated according to the scheme rules of individual plans based on the middle-market closing share price of the day prior to grant (except
for the June 2005 ESOS award which was based on the previous practice of the average middle-market price of the five days prior to grant). As is usual market practice, the
option price for SAYE awards is determined by the Committee in advance of the award, by reference to the share price following announcements of results.
Note 2: Participants purchase shares monthly under the plan and the Company provides one matching share for each share purchased. These are first available for vesting three
years after purchase.
The potential vesting of outstanding awards if the performance were based on that for the year under review is nil as shown at the end of
this section.
The performance criteria for vesting of these share options and awards are as follows:
Discretionary Share Option Schemes (A&B)
Based on the average annual growth in earnings per share (EPS), where no shares vest if EPS growth is less than RPI plus 5%, 30% vest
where EPS growth is RPI plus 5% and 100% vest where EPS growth is RPI plus 20%. Straight-line vesting will occur between these points.
Long Term Incentive Plan (C&D)
Awards prior to those made during the year under review were subject to the achievement of the following ROE targets:
Grant date Basis year
Threshold
(25% vests)
Target
(50% vests)
Maximum
(100% vests)
December 2007 30 September 2010 12.5% 14.0% 16.5%
February 2008 30 September 2010 13.5% 15.5% 17.5%
January 2009 (awards up to 100% of salary) 30 September 2011 7.0% 10.0% 13.0%
January 2009 (awards over 100% of salary) 30 September 2011 11.0% 13.0% 15.0%
Straight-line vesting will occur between the threshold, target and maximum targets set out above. The returns on equity shown for the
February 2008 grant relate to awards in excess of 100% of basic salary.
The December 2007 and February 2008 award is due to be tested against the performance targets in December 2010. The award has
performance targets relating to return on equity achieved in the year ended 30 September 2010. However, the targets have not been met
and the award will not vest.