Qantas 2006 Annual Report Download - page 54

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52
Directors’ Report
for the year ended 30 June 2006
DIRECTORS’ INTERESTS AND BENEFITS CONTINUED
Peter Gregg
2006
Number
2005
Number
Deferred Shares held in trust under:
– 2002 Executive Director Long-Term Incentive Plan – 150,0001
– 2004/05 Executive Director Performance Share & Performance Rights Plan 45,000 45,000
– 2005/06 Executive Director Performance Share & Performance Rights Plan 90,000 90,000
– 2006/07 Executive Director Performance Share & Performance Rights Plan (22 August 2006) 85,500 –
220,500 285,000
Rights granted under:
– 2002 Executive Director Long-Term Incentive Plan – 16,6662
– 2003/04 Executive Director Deferred Share & Performance Rights Plan 80,0003 80,000
– 2004/05 Executive Director Performance Share & Performance Rights Plan 90,000 90,000
– 2005/06 Executive Director Performance Share & Performance Rights Plan 90,000 90,000
260,000 276,666
Entitlements awarded under the Qantas Long-Term Executive Incentive Plan 78,1004 705,603
1 150,000 Deferred Shares were released from restriction on 21 August 2006.
2 16,666 Rights vested on 21 August 2006.
3 These Rights may vest after 28 August 2006, subject to a testing date of 30 June 2006.
4 627,503 Entitlements converted into 86,633 shares on 15 February 2006 (2005: nil converted). 122,497 Entitlements lapsed effective 1 July 2005 (2005: 9,900 Entitlements
lapsed effective 1 July 2004).
SHARE ENTITLEMENTS
In previous years, Entitlements over unissued shares in Qantas were awarded to Executive Directors and Senior Executives under the Qantas Long-Term
Executive Incentive Plan as detailed on page 107.
During the 2006 year, the following movements in Entitlements took place:
Qantas Long-Term Executive Incentive Plan Number Number
Entitlements available for vesting at 1 July 4,348,319 5,528,644
Entitlements issued ––
Entitlements lapsed (3,998,319) (1,180,325)
Entitlements vested (175,000) –
Entitlements available for vesting at 30 June 175,00014,348,3192
1 All of these Entitlements lapsed on 1 July 2006.
2 Of these Entitlements, 3,998,319 lapsed on 1 July 2005.
The following Entitlements were outstanding at 30 June 2006:
Number of Entitlements1
Expiry
Date
Exercise
Price
Value at
Grant
Date2
Net
Vested
2006
Unvested
2006
Total
2006
Net
Vested
2005
Unvested
2005
Total
2005
17 Nov 07 $4.99 $1.13 3,525,143 – 3,525,143 3,993,306 – 3,993,306
24 Nov 08 $3.44 $0.82 3,065,525 – 3,065,525 18,645,188 3,874,188 22,519,376
20 Feb 09 $3.62 $0.77 83,668 – 83,668 635,869 124,131 760,000
06 Dec 09 $3.25 $1.14 – 175,000 175,0003– 350,000 350,000
6,674,336 175,000 6,849,336 23,274,363 4,348,319 27,622,682
1 The Entitlements do not allow the holder to participate in any pro rata or bonus share issue of Qantas. No dividends are payable on Entitlements.
2 The estimated value per Entitlement at grant date disclosed above is calculated using the Black-Scholes Option Valuation Methodology.
3 All of these Entitlements lapsed on 1 July 2006.