Grant of Options and Vesting of Deferred Awards

21 July 2021

Jet2 plc

("Jet2", the "Group" or the "Company")

Grant of Options under Share Reward Plan

and Vesting of Deferred Awards under Senior Executive Incentive Plan

Jet2 plc, the Leisure Travel group, announces that it has implemented a new Share Reward Plan (the "Plan").  The Plan is intended to ensure that the recipients have both a straightforward retention mechanism in place and that they also have direct alignment with shareholders in the period, as we seek to drive the business recovery of the Company.  Further details of the Plan will be included in the Remuneration Committee Report within the Company's Annual Report and Accounts for the financial year ended 31 March 2021.

Awards under the Plan take the form of options to acquire the Company's ordinary shares of 1.25p each ("Ordinary Shares") which will be exercisable upon payment of the nominal value of the Ordinary Shares from the date which is three years following the date of grant and will lapse ten years from the anniversary of the date of grant. Recipients must be employed and not be under notice given or received at vesting and must have worked and contributed throughout the vesting period. 

The Company has today granted 1,213,000 options under the Plan representing 0.57% of the Company's issued share capital, being within the 10% in 10 years share plans dilution limit.

Details of the awards to PDMRs under the Plan are as follows:

The awards to our Chief Executive Officer and Group Chief Financial Officer under the Plan, are the first awards (beyond part deferral of bonus outcomes awarded previously as deferred shares under the Senior Executive Incentive (Deferred Award) Plan ("SEIP")) which they have received since their last awards under the SEIP in July 2019. 

In addition, on 20 July 2021, Stephen Heapy and Gary Brown subscribed for 20,421 and 19,156 Ordinary Shares at 1.25p per Ordinary Share, respectively, pursuant to the vesting of a deferred award granted under the SEIP, representing the deferred element of the bonus earned for the financial year ended 31 March 2018.

In order to fund only the income tax, National Insurance liabilities and administrative fees arising on vesting, Stephen Heapy and Gary Brown subsequently sold 9,867 and 9,256 Ordinary Shares at £10.50 per Ordinary Share and retained the balance of 10,554 and 9,900 Ordinary Shares, respectively.

Following these transactions, Mr Heapy beneficially holds a total of 261,165 Ordinary Shares, representing approximately 0.12% of the Company's issued share capital, and Mr Brown beneficially holds a total of 90,576 Ordinary Shares, representing approximately 0.04% of the Company's issued share capital.

The notifications below, made in accordance with the requirements of the UK version of Regulation (EU) No 596/2014, provide further details.

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM