Qantas 2007 Annual Report Download - page 111

109Qantas |Annual Report 2007
Notes to the Financial Statements
for the year ended 30 June 2007
Performance Rights Plan (PRP)
Details of Rights over Qantas shares and vesting criteria for each Executive Director and Key Management Executive are set out below. For more
information on the operation of the PRP, including DSP Terms & Conditions, expiry dates and a summary of the performance criteria to be met prior to
vesting, see page 61.
Key Management Personnel Grant Date
Fair Value as at
Grant Date
Balance as at
30 June 2006
Number of
Performance
Rights Granted
during the Year
Number of
Performance
Rights Vested
and Transferred
during the Year
Balance as at
30 June 2007
Geoff Dixon 19 Oct 06 $3.171– 300,000 – 300,000
21 Oct 04 $2.281 450,000 – – 450,0003
16 Oct 03 $3.042 125,000 – (125,000) –
575,000 300,000 (125,000) 750,000
Peter Gregg 19 Oct 06 $3.171 – 100,000 – 100,000
17 Aug 05 $1.981 90,000 – – 90,000
21 Oct 04 $2.281 90,000 – – 90,0003
16 Oct 03 $3.042 80,000 – (80,000) –
260,000 100,000 (80,000) 280,000
John Borghetti 22 Aug 06 $2.391 – 100,000 – 100,000
17 Aug 05 $1.981 75,000 – – 75,000
18 Aug 04 $2.251 60,000 – – 60,0003
15 Oct 03 $3.092 40,000 – (40,000) –
175,000 100,000 (40,000) 235,000
Kevin Brown 22 Aug 06 $2.391– 55,000 – 55,000
17 Aug 05 $1.981 50,000 – – 50,000
18 Aug 04 $2.251 40,000 – – 40,0003
15 Oct 03 $3.092 30,000 – (30,000) –
120,000 55,000 (30,000) 145,000
David Cox 22 Aug 06 $2.391 – 45,000 – 45,000
17 Aug 05 $1.981 40,000 – – 40,000
18 Aug 04 $2.251 45,000 – – 45,0003
10 Dec 03 $2.862 20,000 – (20,000) –
105,000 45,000 (20,000) 130,000
Grant Fenn 22 Aug 06 $2.391– 55,000 – 55,000
17 Aug 05 $1.981 50,000 – – 50,000
18 Aug 04 $2.251 45,000 – – 45,0003
15 Oct 03 $3.092 35,000 – (35,000) –
130,000 55,000 (35,000) 150,000
Alan Joyce 22 Aug 06 $2.391– 55,000 – 55,000
17 Aug 05 $1.981 50,000 – – 50,000
18 Aug 04 $2.251 35,000 – – 35,0003
10 Dec 03 $2.862 20,000 – (20,000) –
105,000 55,000 (20,000) 140,000
The fair value of Rights granted under Plans post 1 July 2004 is calculated at the date of grant using a Monte-Carlo Valuation Methodology.
The estimated value of Rights granted under Plans before 1 July 2004 is calculated at the date of grant using the Black-Scholes Option Valuation Methodology. The total value reflects a 75 per cent
probability of achievement.
While these Rights vest on the tenth anniversary of the date of award, Executives may call for the Rights to be converted to Qantas shares to the extent Performance Hurdles have been achieved upon
testing, which commenced 30 June 2007.
All Rights were granted with a nil exercise price and subject to the achievement of the performance hurdle may be converted on a one-for-one basis to
Qantas shares. No amount has been paid, or is payable by, the Executive in relation to these Rights. The Rights under the 2003/04 award were exercised
during the year to 30 June 2007.
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24. Key Management Personnel and Executive Equity Benefits continued