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 General Counsel, Sarah Clements, to compensate for loss of long term share awards at her 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 her remuneration to the IAG share price performance, with awards vesting in line with the timeframes of the awards she held with her 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 two tranches, with the first tranche vesting in February 2024 and the second tranche in February 2025.
· 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.
Details of the person discharging managerial responsibilities / person closely associated
Reason for the notification
Initial notification /Amendment
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
International Consolidated Airlines Group S.A.
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
Description of the financial instrument, type of instrument
Ordinary shares of 0.10 euro each
Nature of the transaction
1. Award of conditional shares granted under the IAG Executive Share Plan (ESP), vesting in two tranches: (i) 2024, and (ii) in 2025
2. Award of conditional shares granted under the IAG Executive Share Plan (Full Potential Incentive Plan), vesting in 2025 (iii).
Price(s) and volume(s)
- Aggregated volume
Date of the transaction
6 December 2022
Place of the transaction
Outside a trading venue