EasyJet 2011 Annual Report Download - page 89

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Weighted average exercise prices are as follows:
1 October
2010
£
Granted
£
Forfeited
£
Exercised
£
Expired
£
30 September
2011
£
Discretionary schemes 2.21 – 2.80 2.77 – 2.05
Sharesave 2.66 2.88 2.87 2.40 4.79 2.73
The exercise price of all awards save those disclosed in the above table is £nil.
The number of awards exercisable at each year end and their weighted average exercise price is as follows:
Price
£
Number
million
2011 2010 2011 2010
Discretionary schemes 2.05 2.21 3.0 3.8
Sharesave 2.40 4.79 1.0 0.3
Share incentive plan – – 0.7 0.7
4.7 4.8
The weighted average remaining contractual life for each class of share award at 30 September 2011 is
as follows:
Years
Discretionary schemes 3.1
Long Term Incentive Plan 8.7
Sharesave 2.6
Share incentive plan 2.2
Discretionary schemes
Options awarded in 2001 in connection with easyJet’s admission to the Official List had a three year vesting
period and no performance conditions.
All other awards have a three year vesting period and performance conditions based on growth in earnings per
share. All options expire ten years after grant.
Long Term Incentive Plan
The plan is open, by invitation, to Executive Directors and senior management, and provides for annual awards
of performance shares worth up to 200% of salary each year and matching shares linked to the investment of
up to 50% of annual bonus in easyJet shares. The vesting of these awards is dependent on return on equity or
return on capital employed targets being achieved.
Sharesave
Sharesave is open to all employees on the UK payroll. Participants may elect to save up to £250 per month
under a three year savings contract. An option is granted by the Company to buy shares at a discount of 20%
from market price at the time of the grant. At the end of the savings period, a tax free bonus is applied to the
savings and the option becomes exercisable for a period of six months.
Employees who are not paid through the UK payroll may save under similar terms and conditions, albeit without
tax benefits.
Share incentive plan
The share incentive plan is open to all employees on the UK payroll. Participants may invest up to £1,500 of their
pre-tax salary each year to purchase partnership shares in easyJet. For each partnership share acquired easyJet
purchases a matching share. Employees must remain with easyJet for three years from the date of purchase of
each partnership share in order to qualify for the matching share, and for five years for the shares to be
transferred to them tax free. The employee is entitled to dividends and to vote at shareholder meetings.
Employees on the Swiss payroll may save under similar terms and conditions, albeit without tax benefits.
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