Qantas 2012 Annual Report Download - page 107
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FOR THE YEAR ENDED 30 JUNE 2012
Notes to the Financial Statements continued
The Deferred Share Plan (DSP) Terms and Conditions were approved by shareholders at the 2002 AGM. The DSP governed equity
benefits to Executives within the Qantas Group made prior to 30 June 2010. There have been no modifications to the DSP Terms
and Conditions during the year.
Equity benefits to Executives made after 1 July 2010 are governed by the Employee Share Plan (ESP) Trust Deed, the Short Term
Incentive Plan (STIP) Terms and Conditions and the Long Term Incentive Plan (LTIP) Terms and Conditions which were approved
by the Qantas Remuneration Committee Chairman under Board Delegation on 12 August 2010.
Further details regarding the operation of equity plans for Executives are outlined in the Directors’ Report from pages 42 to 62.
The total equity settled share-based payment expense for the year was $31 million (2011: $59 million). The total cash settled share-based
payment expense for the year was $4 million (2011: nil).
A LONG TERM INCENTIVE PLAN LTIP
The LTIP is specifically targeted to Senior Executives in key roles or other participants who have been identified as high potential Executives.
All Rights are redeemable on a one-for-one basis for Qantas shares, subject to the achievement of performance hurdles. Dividends
are not payable on the Rights.
Number of Rights
Performance Rights Reconciliation 2012 2011
Rights outstanding as at July ,, ,,
Rights granted ,, ,,
Rights forfeited (,,) (,,)
Rights lapsed (,,) (,)
Rights exercised (,) (,)
Rights outstanding as at June ,, ,,
Rights exercisable as at June , ,
During the year, 10,127,000 Rights were granted, of which 8,277,000 Rights were granted on 23 August 2011 and 1,850,000 Rights were
granted on 28 October 2011 (2011: 3,751,000 Rights were granted on 12 August 2010 and 1,206,000 Rights were granted on 29 October 2010).
No amount has been paid, or is payable, by the Executive in relation to these Rights. Performance hurdles in relation to the
outstanding Rights at 30 June 2012 were tested as at 30 June 2012. As a result, 1,221,500 Rights will lapse from the 2007/2008 award
and 3,122,301 Rights will lapse from the 2009/2010 award in 2011/2012 (2011: 99,256 Rights from the 2006/2007 award and 2,382,000 Rights
from the 2008/2009 award lapsed in 2010/2011).
During the year 117,085 Rights were exercised (2011: 234,022).
At 30 June 2012, 23,590 Rights are available to be exercised at the request of the Executive under the 2004/2005 award, 64,580 Rights
under the 2005/2006 award and a further 203,197 Rights under the 2006/2007 award (2011: 26,271 Rights under the 2004/2005 award,
90,129 Rights under 2005/2006 award and 285,248 Rights under the 2006/2007 award). For more information on the operation of the
LTIP, see pages 54 to 56.
24. Share-based Payments
105