Qantas 2007 Annual Report Download - page 59
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57Qantas |Annual Report 2007
Directors’ Report
for the year ended 30 June 2007
Directors’ Interests and Benefits continued
Peter Gregg 2007
Number
2006
Number
Deferred Shares held in trust under:
2004 Executive Director Performance Share & Performance Rights Plan–45,000 45,000
2005 Executive Director Performance Share & Performance Rights Plan–90,000 90,000
2006 Executive Director Performance Share & Performance Rights Plan–85,500 85,500
2006 Retention Plan–400,000 –
2007 Executive Director Performance Share & Performance Rights Plan (15 August 2007)–86,000 –
706,500 220,500
Rights granted under:
2003 Executive Director Deferred Share & Performance Rights Plan–– 80,000
2004 Executive Director Performance Share & Performance Rights Plan–90,0001 90,000
2005 Executive Director Performance Share & Performance Rights Plan–90,000 90,000
2006 Executive Director Performance Share & Performance Rights Plan–100,000 –
2007 Executive Director Performance Share & Performance Rights Plan (15 August 2007)–100,000 –
380,000 260,000
Entitlements awarded under the Qantas Long-Term Executive Incentive Plan2– 78,100
While these Rights vest on the tenth anniversary of the date of award, Mr Gregg may call for 37,530 of these Rights to be converted to Qantas shares. To the extent performance hurdles are achieved
upon testing over the next two years the remaining balance may be called for.
These Entitlements converted to 9,967 shares on 20 August 2007 (2006: 627,503 Entitlements converted into 86,633 shares).
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 63.
During the year, the following movements in Entitlements took place:
Qantas Long-Term Executive Incentive Plan (Legacy Plan) Number Number
Entitlements available for vesting at 1 July 175,000 4,348,319
Entitlements lapsed (175,000) (3,998,319)
Entitlements vested –(175,000)
Entitlementsavailableforvestingat30June –175,000
The following Entitlements were outstanding at 30 June 2007:
Number of Entitlements1
Expiry Date
Exercise
Price
Value at
Grant
Date2
Net
Vested
20073
Unvested
2007
Total
2007
Net
Vested
2006
Unvested
2006
Total
2006
17 November 07 $4.99 $1.13 2,109,606 – 2,109,606 3,525,143 – 3,525,143
24 November 08 $3.44 $0.82 658,879 – 658,879 3,065,525 – 3,065,525
20 February 09 $3.62 $0.77 –––83,668 – 83,668
6 December 09 $3.25 $1.14 –––– 175,000 175,000
2,768,485 – 2,768,485 6,674 336 175,000 6,849,336
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.
The estimated value per Entitlement at grant date disclosed above is calculated using the Black-Scholes Option Valuation Methodology.
2,728,952 Entitlements converted into 516,085 shares on 20 August 2007.
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