EasyJet 2013 Annual Report Download - page 88

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easyJet plc Annual report and accounts 2013
86
Note 4: For LTIP awards made in January 2012, vesting is based on three year average ROCE (excluding lease adjustment) performance for the three financial
years ending 30 September 2014. The following targets apply for these awards:
Threshold
(25% vesting)
Target
(50% vesting)
Maximum
(100% vesting)
Award 1 (up to 100% of salary) 8.0% 10.0% 12.0%
Award 2 (over 100% of salary) 11.5% 12.5% 13.0%
Note 5: For LTIP awards made in December 2012, 50% of vesting is based on three year average ROCE (including operating lease adjustment) performance
for the three financial years ending 30 September 2015 and 50% of vesting is based on relative total shareholder return performance compared to
companies ranked FTSE 51-150. The following targets apply for these awards:
Below Threshold
(0% vesting)
Threshold (25%
vesting)
Maximum
(100% vesting)
ROCE awards (50% of total award) < 12.0% 12.0% 16.0%
TSR awards (50% of total award) < median median upper quartile
In addition, the TSR awards will not vest unless there has been positive TSR over the performance period.
Note 6: Participants buy shares monthly under the Share Incentive Plan and the Company provides one matching share for each share purchased. These are
first available for vesting three years after purchase.
What are the shareholding guidelines for Directors?
Executive Directors are required to build up a shareholding of 175% of salary, to be built up over 5 years from the adoption of the
policy (27 September 2012) or their appointment (if later). It is expected that this guideline will be achieved within five years of
appointment. Until the guideline is met, they are required to retain 50% of net vested shares from the LTIP. Other senior
executives have a 100% of salary shareholding requirement.
The Non-Executive Directors, including the Chairman, are required to build up a shareholding of 100% of annual fees, to be built
up over 3 years from the adoption of the policy or their appointment (if later).
What are the Directors’ current shareholdings?
The following table provides details on the Directors’ shareholdings as at 30 September 2013 (Audited):
Beneficially
owned
shares3
%
shareholding
guideline
achieved4Interests in Shares
Number SAYE LTIP5SIP Total
Carolyn McCall OBE 100,916 100% 3,133 1,256,501 2,485 1,262,119
Chris Kennedy 58,091 100% 3,133 622,054 2,509 627,696
John Barton120,000 85%––––
Sir Michael Rake2––––––
Charles Gurassa 18,198 100%––––
Adèle Anderson 5,114 100%––––
David Bennett 9,166 100%––––
John Browett 4,312 100%––––
Professor Rigas Doganis 12,467 100% – – – –
Keith Hamill OBE 1,960 45% ––––
Andy Martin 7,000 100% ––––
1 Appointed to the Board on 1 May 2013.
2 Retired from the Board on 1 May 2013.
3 Includes any shares owned by connected persons.
4 Shares counting towards achievement of the guideline include beneficially owned shares.
5 LTIP are granted in the form of nil cost options subject to performance.
Note: Changes to the position above since 30 September 2013 can be found at our corporate website, http://corporate.easyjet.com
Executive Directors are deemed to be interested in
the unvested shares held by the easyJet Share
Incentive Plan and the easyJet plc Employee
Benefit Trust. At 30 September 2013, ordinary
shares held in the Trusts were as follows:
Number
easyJet Share Incentive Plan Trust 3,597,798
easyJet plc Employee Benefit Trust 338,186
Total 3,935,984
Governance
Directors’ remuneration report continued