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to continued employment.
Although these FTSE 100 awards (that the Remuneration Committee views as a one-off grant) form a smaller part of the overall incentive
arrangements compared to the annual bonus opportunity and the regular annual LTIP awards, they are an important element of the incentive
arrangements at easyJet for a number of reasons:
• They support the corporate goal of easyJet;
• They provide an important growth underpin to the ROE targets; and
• They are indicative of easyJet’s growth potential.
The Committee will regularly review the Company’s long term incentive provision to ensure that it fully supports the corporate strategy and
continues to take account of best practice.
Report on Directors’ remuneration
continued
51 easyJet plc
Annual report and accounts 2007
Andrew Harrison matching award
To facilitate Andrew Harrison’s recruitment as Chief Executive Officer and to ensure that his interests were directly and immediately aligned
with those of easyJet shareholders, a matching award was introduced. This was covered in detail in previous reports. However in summary,
Andrew acquired and will retain £1,000,000 worth of easyJet shares using his own funds. In recognition of this, he was granted a further
share-based incentive award. The shares he acquires will be “matched” by the conditional award of an equal number of shares.
This matching share award will vest three years after grant subject to the satisfaction of challenging EPS and ROE performance conditions
described more fully in the notes to Directors’ share options below.
Andrew also received the one-off FTSE 100 award, together with the grant of options under the ESOS described above, but he did not receive
a “normal” LTIP award in the relevant year.
Shareholding guideline
Linked to the establishment of the new LTIP, the Remuneration Committee has introduced a share ownership guideline which will apply to all
members of the Executive Management Team (being those senior executives who report to the Chief Executive Officer) which requires them
to retain all the shares they receive on the vesting of LTIP awards (on an after-tax basis) until they have built up a shareholding equal to 100%
of salary (with pre-existing shareholdings taken into account). For senior executives who report to the Executive Management Team and
receive LTIP awards, a 50% share ownership guideline will apply.
All employee share participation
easyJet encourages share ownership throughout the Company by the use of a Share Incentive Plan and a Sharesave Plan. There was
a Sharesave scheme grant in June 2007. In October 2006, the Company granted a free share award under its Share Incentive Plan to
all employees.
Total shareholder return
The following graph shows the Company’s performance, measured by total shareholder return, compared with the performance of the FTSE
Mid 250 and that of a group of European Airlines (note 1). The FTSE Mid 250 has been chosen as it consists of companies of similar size to
easyJet. The group of European Airlines comprises companies operating in a comparable sector.
350
300
250
200
150
100
50
0
30 Sep 02 30 Sep 03 30 Sep 04 30 Sep 05 30 Sep 06 30 Sep 07
This graph shows the value, by 30 September 2007 of £100 invested in easyJet on 30 September 2002 compared with the value of £100 invested in the FTSE Mid 250 index or a comparator group of airlines.
The other points plotted are the values at intervening financial year-ends.
Note1: British Airways, Lufthansa, Ryanair, Air France – KLM and Iberia have been included in the comparative European Airlines Group.
Total shareholder return
easyJet FTSE 250 index Comparator airlines
52 easyJet plc
Annual report and accounts 2007
External appointments
Executive Directors are permitted to accept one appointment on an external board or committee so long as this is not deemed to interfere
with the business of the Group. Any fees received in respect of these appointments are retained directly by the relevant Executive Director.
Andrew Harrison is a Non-Executive on the board of Emap plc. The Board has approved this arrangement. The annual fee for this role
is £47,000.
Service contracts
The service contracts of the Executive Directors that served during the year were of no fixed term.
Andrew Harrison’s service contract is terminable by the Company giving 12 months’ notice or by Andrew giving six months’ notice.
On termination of Andrew’s employment he will receive a pro rated bonus for the year of his termination based on performance up to
the date of his termination. In addition, the Company has the right to pay Andrew, in lieu of notice and on a monthly basis until he secures
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