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Qantas Annual Report 2004 73Spirit of Australia
Notes to the Financial Statements continued
for the year ended 30 June 2004
9. Director and executive disclosures continued
EQUITY INSTRUMENTS continued
Performance Rights Plan (PRP)
Details of rights over ordinary shares and vesting criteria for each Executive Director and Specified Executive are set out below. They are
provided on a one right to one share ratio and included as remuneration. They are subject to a performance hurdle being achievement of
an annual RoTGA target over the 3 years to 30 June 2006. For more information on the operation of the PRP see page 66.
Number of
Performance
Rights
Number of Vested and
Performance Transferred to
Value at Balance at Rights Granted the Executive Balance at
Grant Date Grant Date130 June 2003 during the Year during the Year 30 June 2004
Executive Directors
Geoff Dixon 16 Oct 03 $3.04 – 125,000 – 125,000
Peter Gregg 16 Oct 03 $3.04 – 80,000 – 80,000
Specified Executives
Denis Adams 15 Oct 03 $3.09 – 35,000 – 35,000
Fiona Balfour 15 Oct 03 $3.09 – 30,000 – 30,000
John Borghetti 15 Oct 03 $3.09 – 40,000 – 40,000
Kevin Brown 15 Oct 03 $3.09 – 30,000 – 30,000
Grant Fenn 15 Oct 03 $3.09 – 35,000 – 35,000
David Forsyth – – – – – –
1 The fair value of Entitlements is calculated at the date of grant using a Black-Scholes Option Valuation methodology.
The rights were granted with a nil exercise price. No amount has been paid, or is payable, in relation to these rights. They are tested on
30 June 2006 and any unvested rights will lapse immediately. At 30 June 2004, no rights had vested and none had lapsed.
Deferred Share Plan (DSP)
The number of securities over shares in Qantas provided as remuneration under the DSP to each Executive Director and Specified Executive
is set out below. No securities were granted under this Plan in the year ended 30 June 2004. All securities listed below remain unvested at
30 June 2004. For more information on the operation of the DSP, see page 66.
Balance at Balance at
Grant Date 30 June 2003 Lapsed 30 June 2004
Executive Directors
Geoff Dixon 17 Oct 02 280,834 – 280,834
Peter Gregg 17 Oct 02 168,720 – 168,720
Specified Executives
Denis Adams 31 Dec 02 71,054 – 71,054
Fiona Balfour 31 Dec 02 42,751 – 42,751
John Borghetti 31 Dec 02 81,317 – 81,317
Kevin Brown 31 Dec 02 62,433 – 62,433
Grant Fenn 31 Dec 02 61,216 – 61,216
David Forsyth 31 Dec 02 63,294 (63,294) –
Securities will vest if the Executive Director or Specified Executive remains employed through the relevant vesting period. No amounts have
been paid or are payable by the Executive Directors or Specified Executives in relation to the securities.