EasyJet 2014 Annual Report Download - page 121

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Accounts & other information
www.easyJet.com 119
Weighted average exercise prices are as follows:
1 October
2013
£
Granted
£
Forfeited
£
Exercised
£
30 September
2014
£
Discretionary schemes 2.09 – – 2.34 1.84
Sharesave 4.33 13.30 5.94 2.88 8.04
The exercise price of all awards, except 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
2014 2013 2014 2013
Discretionary schemes 1.84 2.09 0.4 0.8
Long Term Incentive Plan – – 1.3 0.6
Sharesave 2.88 3.49 0.2 –
Share Incentive Plan – – 1.7 0.4
3.6 1.8
The weighted average remaining contractual life for each class of share award at 30 September 2014 is as follows:
Years
Discretionary schemes 0.2
Long Term Incentive Plan 7.5
Sharesave 2.5
Share Incentive Plan 1.2
Discretionary schemes
All awards have a three-year vesting period and performance conditions based on growth in earnings per share. All options
expire 10 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 shares is dependent on return on capital employed (ROCE) targets and a positive total
shareholder return (TSR) compared to companies ranked 51-150 in the FTSE 250 Index at the timing of the award, being achieved.
Sharesave
Sharesave is open to all employees on the UK payroll. Participants may elect to save up to £350 per month (2013: £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 plan is open to all employees on the UK payroll. Participants may invest up to £1,800 (2013: £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
up to a maximum value of £1,500 per annum. 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.