EasyJet 2015 Annual Report Download - page 79

Strategic report Governance Accounts
75
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What LTIP awards were granted to Directors in the financial year?
Performance and Matching Share Awards were made in combination, for the final time, in the financial year under the LTIP. Details
of the awards made to the Executive Directors are summarised below, with further details given in the table on outstanding share
interests on page 77.
Award Type
Number
of shares Face value (% of salary)(1) Performance condition(2)
Performance
period
% vesting at
threshold
performance
CEO Performance Nil cost
option
84,987 £1,397,186 200% 50% based on average
ROCE(4) and 50%
Based on relative TSR(5)
(versus FTSE 31-130)
3 financial
years ending
30 September
2017
25%
Matching 31,441 £516,890 75%(3)
CFO Performance Nil cost
option
39,306 £646,190 150%
Matching 6,402 £105,249 24%(3)
(1) Face value calculated based on the closing share price of £16.44 on 18 December 2014.
(2) Performance conditions are set out on page 67.
(3) Matching awards are granted over an equal number of shares as the Executive Directors voluntarily defer bonus (pre-tax).
(4) ROCE (including lease adjustments) 15% threshold to 20% maximum.
(5) Relative TSR against companies ranked FTSE 31-130 median threshold to upper quartile maximum. In addition, the TSR awards will not vest unless
there has been positive TSR over the performance period.
Have there been any payments to past Directors? (Audited)
A payment of £20,833 was paid to Professor Rigas Doganis since he retired from the Board on 1 December 2014, for continuing
to chair the Safety Committee. There have been no other payments made to past Directors during the year.
Have there been any payments for loss of office? (Audited)
No payments for loss of office have been made to Directors during the year.
Chris Kennedy announced his decision on 8 January 2015 to leave easyJet in order to become Chief Financial Officer of ARM
Holdings plc. Following his resignation, no payments were made in connection with his notice period following the agreement of
a mutually convenient leaving date. In line with the Company’s remuneration policy, this was not as a good leaver for incentive
plan purposes, he was not eligible to receive an annual bonus award in connection with the 2015 financial year and all outstanding
share awards lapsed on his cessation of employment.
What share awards do the Executive Directors have outstanding at the financial year end? (Audited)
Details of share options and share awards outstanding at the financial year end are shown in the following tables:
Carolyn McCall OBE
Scheme
No. of shares/
options at
30 September
2014(1)
Shares/
options
granted
in year
Shares/
options
lapsed
in year
Shares/
options
exercised in
year
No. of shares/
options at
30 September
2015(1) Date of grant
Exercise
price
(£)
Market price
on exercise
date
(£)
Date from
which
exercisable Expiry Date
A 344,405 – – (130,000) –31 Mar 2011(2) – £15.43 – –
(214,405) £17.85
A 338,594 – – (338,594) –4 Jan 2012(3) – £17.85 – –
A 180,461 – – – 180,461 18 Dec 2012(4) – – 18 Dec 2015 18 Dec 2022
A 90,517 – – – 90,517 17 Dec 2013(5) – – 17 Dec 2016 17 Dec 2023
A – 84,987 – – 84,987 19 Dec 2014(6) – – 19 Dec 2017 19 Dec 2024
B 106,978 – – (106,978) –4 Jan 2012(3) – £17.93 – –
B 86,438 – – – 86,438 18 Dec 2012(4) – – 18 Dec 2015 18 Dec 2022
B 38,283 – – – 38,283 17 Dec 2013(5) – – 17 Dec 2016 17 Dec 2023
B – 31,441 – – 31,441 19 Dec 2014(6) – – 19 Dec 2017 19 Dec 2024
C 807 – – – 807 1 May 2011 – – 1 May 2014 n/a
C 617 – – – 617 18 Apr 2012 – – 18 Apr 2015 n/a
C 265 – – – 265 30 Apr 2013 – – 30 Apr 2016 n/a
C 176 – – – 176 25 Apr 2014 – – 25 Apr 2017 n/a
C – 122 – – 122 24 Apr 2015 – – 24 Apr 2018 n/a
D 894 95 – – 989 – – See note 7 – n/a
E 947 – – – 947 12 Jun 2014 13.30 – 1 Aug 2017 1 Feb 2018
E – 408 – – 408 10 Jun 2015 13.23 – 1 Aug 2018 1 Feb 2019