NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
International Consolidated Airlines Group, S.A. ("IAG" or the "Company") hereby notifies the market of the following transactions of which it has been notified under article 19.1 of the EU Market Abuse Regulation ('MAR'), relating to:
· The award of shares under the IAG Executive Share Plan (ESP) to IAG's newly appointed CFO, Nicholas Cadbury, to compensate for loss of bonus and long term share awards at his previous employer, on a fair and equivalent basis to those forfeited.
According to this, it was agreed to buy-out the awards in the form of conditional shares, aligning his remuneration to the IAG share price performance, with awards vesting in line with the timeframes of the awards he held with his previous employer, and subject to the terms and conditions of the ESP rules (including the malus and clawback terms). The award has been made in three tranches, with the first tranche vesting immediately, the second tranche in February 2023 and the third in February 2024.
It was considered that the award of shares was in the best interests of IAG, and ensured IAG was able to secure the appointment of someone of Nicholas' calibre and experience, especially within the context of the challenges facing the commercial aviation sector.
· A one off award of shares under the ESP as part of the Company's Full Potential Incentive Plan (FPIP). The award is subject to a stretch performance target in the financial year 2024, and will vest in 2025. The award is in line with FPIP awards made to other key individuals at IAG.
Further information in relation to IAG share plans is in the Company's 2021 Directors' Remuneration Report, which can be accessed online at www.iairgroup.com.
This announcement is made in accordance with Article 19 of the MAR.
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1 |
Details of the person discharging managerial responsibilities / person closely associated |
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a)
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Name
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Nicholas Cadbury |
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2 |
Reason for the notification |
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a)
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Position/status |
Chief Financial Officer |
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b) |
Initial notification /Amendment |
Initial notification |
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3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
International Consolidated Airlines Group S.A. |
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b) |
LEI |
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4 |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
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a)
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Description of the financial instrument, type of instrument
Identification code
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Ordinary shares of 0.10 euro each
ES0177542018 |
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b) |
Nature of the transaction |
1. Award of conditional shares granted under the IAG Executive Share Plan (ESP), vesting in three tranches: (i) immediately, (ii) in 2023, and (iii) in 2024.
2. Award of conditional shares granted under the IAG Executive Share Plan (Full Potential Incentive Plan), vesting in 2025 (iv). |
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c) |
Price(s) and volume(s)
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d)
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Aggregated information
- Aggregated volume - Price |
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e) |
Date of the transaction |
24 May 2022 |
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f) |
Place of the transaction |
Outside a trading venue |
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b) |
Nature of the transaction |
The acquisition of shares (after the automatic settlement of income tax / national insurance liabilities) following the vesting of awards granted on 24 May 2022 |
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c) |
Price(s) and volume(s)
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d)
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Aggregated information
- Aggregated volume - Price |
Not applicable |
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e) |
Date of the transaction |
24 May 2022 |
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f) |
Place of the transaction |
Outside a trading venue |
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