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a 1:1 gross basis. The vesting of these awards is dependent on return on equity targets being achieved.
In addition the LTIP provides for a one-off “FTSE 100” award to senior executives. This award is structured so that, if easyJet becomes a
member of the FTSE 100 index for a period of at least six months before the end of the financial year ending 30 September 2008, participants
will receive easyJet shares worth up to 100% of salary.
78 easyJet plc
Annual report and accounts 2007
19 Share-based payments (continued)
(v) Chief Executive Matching Award
In December 2005, on Andrew Harrison acquiring and retaining £1,000,000 worth of easyJet shares using his own funds, he was granted an
equal number of shares. 50% of this matching share award vests three years after grant subject to performance conditions relating to the
growth in EPS over the three years. The other 50% of this matching award vests three years after grant subject to the same ROE targets
as the LTIP.
The change in the number of options outstanding during the year, and the number exercisable at 30 September 2007 were are follows:
1 October Forfeited/ 30 September
2006 Granted lapsed Exercised 2007 Exercisable
Grant date 000 000 000 000 000 000
Pre-flotation scheme
29 February 2000* 10,465 – (95) (6,575) 3,795 3,795
26 September 2000* 466 – (4) (155) 307 307
26 September 2000* 387 – – (129) 258 258
26 September 2000* 72 – – (61) 11 11
Discretionary schemes
18 January 2001* 344 – (6) (260) 78 78
19 January 2004 2,810 – (1,252) (953) 605 605
8 December 2004 8,117 – (681) (423) 7,013 7
2 June 2005 414 – – – 414 –
1 December 2005 745 – – – 745 –
Sharesave
29 June 2005 1,795 – (120) (10) 1,665 –
2 June 2006 660 – (41) (1) 618 –
8 June 2007 – 1,165 (22) – 1,143 –
Share incentive plan 186 137 (11) (1) 311 –
Free shares – 776 (21) (4) 751 –
Long term incentive plan
1 December 2005 618 – (85) – 533 –
1 December 2006 – 719 (27) – 692 –
Chief Executive matching award 267 – – – 267 –
27,346 2,797 (2,365) (8,572) 19,206 5,061
*These grants occurred before 8 November 2002 and, in accordance with its transitional provisions, the requirements of IFRS 2 have not been
applied. Exercise prices for these options lie between £1.61 and £3.65.
During the year the share options issued under the discretionary scheme on 19 January 2004 became exercisable. Options over 1,042,429
shares did not vest as the performance conditions were not fully satisfied. All other movements shown in the forfeited/lapsed column in the
table relate to forfeitures.
The weighted average share price for options exercised during the year was £6.10 (2006: £3.93)
The weighted average remaining contractual life for each class of share award is as follows:
Years
Pre-flotation scheme 2.5
Discretionary schemes 7.2
Sharesave 1.6
Long term incentive plan 1.7
Share incentive plan 3.9
Free shares 2.2
Chief Executive matching award 1.4
Notes to the financial statements
continued
79 easyJet plc
Annual report and accounts 2007
The fair value of grants under the discretionary and sharesave schemes is estimated by applying a binomial option pricing model using the
following assumptions. The fair value of grants under all other schemes is the share price on the date of grant.
Share Exercise Expected Option Risk-free Fair
price price volatility life interest rate value
Discretionary schemes
19 January 2004 3.80 3.60 40% 6.5 4.62% 1.90
8 December 2004 1.81 1.84 42% 6.5 4.45% 0.88
2 June 2005 2.25 2.32 42% 6.5 4.20% 1.08
1 December 2005 3.42 3.30 42% 6.5 4.15% 1.42
Sharesave
29 June 2005 2.45 1.86 42% 3.5 4.09% 1.12
2 June 2006 3.66 2.61 42% 3.5 4.68% 1.79
8 June 2007 5.19 4.79 32% 3.5 5.76% 1.82
Long term incentive plan
1 December 2005 3.42 – – – – 3.42
1 December 2006 5.95 – – – – 5.95
Share incentive plan 2.80–7.27 – – – – 2.80–7.27
Free shares 4.90 – – – – 4.90
Chief Executive matching award 3.76 – – – – 3.76
Share price is the closing share price on the date of grant of each option. Exercise price for the discretionary schemes was determined using
a five-day weighted average price. For the Sharesave scheme, a 20% discount has been given between share price and exercise price.
Expected volatility is based on recent historical volatility over a period comparable to the expected life of each type of option.
　
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