Qantas 2010 Annual Report Download - page 34

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THE QANTAS GROUP 32
for the year ended 30 June 2010
Directors’ Report continued
RIGHTS
Performance Rights are awarded to select Qantas Group Executives under the Qantas Deferred Share Plan (DSP). Refer to page 35 for further details.
The following table outlines the movements in Rights during the year:
Performance Rights Reconciliation
2010
Number
2009
Number
Rights outstanding as at 1 July 6,916,092 6,121,033
Rights granted 3,925,000 3,117,000
Rights lapsed (865,690) (1,301,362)
Rights expired (242,400) –
Rights vested (888,116) (1,020,579)
Rights outstanding as at 30 June 8,844,886 6,916,092
Rights will be converted to Qantas shares to the extent performance hurdles have been achieved. The Rights do not allow the holder to participate in
any share issue of Qantas. No dividends are payable on Rights. The fair value of Rights granted is calculated at the date of grant using a Monte Carlo
model and/or Black Scholes model.
The following Rights were outstanding at 30 June 2010:
Number of Rights
Testing Period Grant Date
Value at Grant
Date
2010
Net Vested
2010
Unvested
2010
Total
2009
Net Vested
2009
Unvested
2009
Total
30 Jun 07 – 30 Jun 09 18 Aug 04 $2.25 – – – – 31,000 31,000
30 Jun 07 – 30 Jun 09 21 Oct 04 $2.28 – – – – 90,000 90,000
30 Jun 07 – 30 Jun 09 13 Jan 05 $2.47 26,271 – 26,271 27,535 120,400 147,935
30 Jun 07 – 30 Jun 09 20 Jun 05 $1.88 – – – – 1,000 1,000
30 Jun 08 – 30 Jun 10117 Aug 05 $1.98 6,350 13,320 19,670 6,350 26,640 32,990
30 Jun 08 – 30 Jun 10122 Nov 05 $2.67 89,690 92,130 181,820 137,383 105,820 243,203
30 Jun 08 – 30 Jun 10128 Mar 06 $2.28 – 2,664 2,664 – 2,664 2,664
30 Jun 09 – 30 Jun 11222 Aug 06 $2.39 52,415 8,640 61,055 – 190,000 190,000
30 Jun 09 – 30 Jun 1124 Oct 06 $2.95 321,326 74,719 396,045 – 914,300 914,300
30 Jun 09 – 30 Jun 11219 Oct 06 $3.17 14,850 26,400 41,250 – 275,000 275,000
30 Jun 10 – 30 Jun 12312 Dec 07 $4.42 – 390,111 390,111 – 527,000 527,000
30 Jun 10 – 30 Jun 12331 Mar 08 $2.75 – 1,204,500 1,204,500 – 1,344,000 1,344,000
30 Jun 1144 May 09 $1.64 – 2,831,500 2,831,500 – 3,117,000 3,117,000
30 Jun 1259 Sep 09 $2.05 – 3,690,000 3,690,000 – – –
510,902 8,333,984 8,844,886 171,268 6,744,824 6,916,092
1. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be converted to the extent performance hurdles have been
achieved upon testing, which commenced 30 June 2008.
2. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be converted to the extent performance hurdles have been
achieved upon testing, which commenced 30 June 2009.
3. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be converted to the extent performance hurdles have been
achieved upon testing, which commenced 30 June 2010.
4. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be converted to the extent performance hurdles have been
achieved upon testing. Testing will be done as at 30 June 2011.
5. These Rights may convert to Qantas shares to the extent performance hurdles have been achieved upon testing. Testing will be done as at 1 July 2012.