EasyJet 2013 Annual Report Download - page 118
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easyJet plc Annual report and accounts 2013
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Notes to the accounts continued
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The weighted average remaining contractual life for each class of share award at 30 September 2013 is as follows:
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Discretionary schemes
Long Term Incentive Plan
Sharesave
Share Incentive Plan
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All awards have a three year vesting period and performance conditions based on growth in earnings per share. All options
expire ten years after grant.
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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 shares is dependent on return on capital employed (ROCE)
targets and a positive total shareholder return (TSR) versus FTSE 51-150 being achieved.
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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.
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The 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.
Subject to company performance, easyJet also issues free shares under the new approved share incentive plan
of up to £3,000 in value. There is a similar unapproved scheme for international employees.
The fair value of grants under the Discretionary and Sharesave is estimated by applying the Binomial Lattice option
pricing model. The fair value of grants under the total shareholder return based Long Term Incentive Plan is estimated
under the Stochastic model (also known as the Monte Carlo model). The fair value of grants under all other schemes
is the share price on the date of grant. The following assumptions are used:
116 easyJet plc Annual report and accounts 2013