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80 Qantas Annual Report 2009
Directors’ Report
for the year ended 30 June 2009
Remuneration Report (Audited) continued
Equity awards are delivered under the Terms & Conditions and various rules of the DSP. The DSP Terms & Conditions were initially approved by shareholders
at the 2002 AGM. At the 2006 AGM, shareholders again approved the DSP as the vehicle for the provision of equity benefits by Qantas. There have been
no modifications to the DSP Terms & Conditions during the year.
RIGHTS PROVIDED AS REMUNERATION
Details of Rights awarded, vested and exercised during the year for each KMP are set out below. The number of Rights vested represents the number of
Rights which have met the performance hurdle during the year. The number of Rights exercised represents the number of vested Rights called for by the
KMP during the year. The Rights were awarded on 4 May 2009 with a nil exercise price. All Rights are redeemable on a one-for-one basis for Qantas shares,
subject to the achievement of the performance hurdle. The weighted average fair value of Rights granted during the year was $1.64.
2009
Number of Rights Awarded Vested Exercised
Alan Joyce 250,000 42,600 36,250
Colin Storrie 90,000 14,484 –
Bruce Buchanan 70,500 – –
Rob Gurney 50,000 11,076 9,425
Simon Hickey 70,500 12,780 10,875
Lyell Strambi 75,000 – –
Geoff Dixon – – –
Peter Gregg – 76,680 76,680
John Borghetti – 63,900 63,900
Kevin Brown – 42,600 42,600
David Cox – 34,080 34,080
Grant Fenn 85,500 42,600 42,600
The above table does not include Rights under the 2006/07 award which may vest subject to testing which commenced from 30 June 2009.
VESTING AND FORFEITURE OF PERFORMANCE RELATED REMUNERATION
Details of performance related remuneration, including share-based payments, for KMPs which have vested or forfeited during the year are set out below.
Performance Cash Plan
No KMP received a cash bonus under the PCP in relation to the 2008/09 year.
Share-based payments (equity settled)
The following tables outline the percentage of equity which vested or forfeited during the year. The year scheduled to vest is the earliest time that the
KMP may call for the equity to vest. However, in some circumstances Qantas may approve for the vesting of equity to be accelerated. For further details
refer to pages 69 to 73.
Performance Share Plan
Grant Date 4 Mar 09 20 Aug 08 15 Aug 071
Year Scheduled to Vest 2011 2011 2010 2010 2011 2011 2009 2009 2010 2010
Vested Forfeited Vested Forfeited Vested Forfeited Vested Forfeited Vested Forfeited
Alan Joyce n/a n/a – – – – 100% 0% – –
Colin Storrie n/a n/a – – – – 100% 0% – –
Bruce Buchanan n/a n/a – – – – 100% 0% – –
Rob Gurney n/a n/a – – – – 100% 0% – –
Simon Hickey n/a n/a – – – – 100% 0% – –
Lyell Strambi – – n/a n/a n/a n/a n/a n/a n/a n/a
Geoff Dixon n/a n/a 100% 0% 100% 0% 100% 0% n/a n/a
Peter Gregg n/a n/a 100% 0% 100% 0% 100% 0% n/a n/a
John Borghetti n/a n/a 100% 0% 100% 0% 100% 0% 100% 0%
Kevin Brown n/a n/a 100% 0% 100% 0% 100% 0% 100% 0%
David Cox n/a n/a 100% 0% 100% 0% 100% 0% 100% 0%
Grant Fenn n/a n/a 100% 0% 0% 100% 100% 0% 100% 0%
1. The grant date for the award to Mr Buchanan and Mr Gurney was 20 August 2007.