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Directors’ Report continued
For the year ended 30 June 2016
REMUNERATION REPORT (AUDITED) CONTINUED
One-third of the 2012/13 STIP awards (granted on 6 September 2013) were delivered to participants in deferred shares that are
subject to a two year restriction period. The restriction period on these shares ended during 2015/2016.
One-third of the 2014/15 STIP awards (granted on 28 August 2015) were delivered to participants in deferred shares that are subject
to a two year restriction period. The restriction period on these shares applied throughout 2015/2016.
(ii) Long Term Incentive Plan (LTIP)
Number of Rights
Key Management
Personnel 1 July
Commenced
as KMP Granted
Lapsed/
Forfeited
Vested and
Transferred
Other
Changes130 June2
Alan Joyce 2016 7,974,000 –947,000 (386,250) (2,188,750) –6,346,000
2015 6,401,000 –3,248,000 (1,675,000) – – 7,974,000
Tino La Spina 2016 721,500 –237,000 (27, 4 50) (155,550) –775,500
2015 n/a 721,500 – – – – 721,500
Andrew David 2016 823,000 –237,000 (30,000) (170,000) –860,000
2015 n/a 823,000 – – – – 823,000
Gareth Evans 2016 2,428,731 –278,500 (113,550) (645,101) –1,948,580
2015 1,865,731 –1,019,000 (456,000) – – 2,428,731
Lesley Grant 2016 1,117,000 –237,000 (45,450) (257,55 0) –1,051,000
2015 747,000 –561,000 (191,000) – – 1,117,000
Jayne Hrdlicka 2016 2,409,000 –278,500 (113,550) (643,450) –1,930,500
2015 1,581,000 –1,019,000 (191,000) – – 2,409,000
1 The share consolidation and return of capital to shareholders paid on 6 November 2015 did not apply to Rights granted under the LTIP.
2 The 30 June 2016 balance includes the Rights granted under the 2014–2016 LTIP which vested at 100 per cent and converted into shares following the performance hurdle testing
conducted as at 30 June 2016 and the Board’s approval of the 2014–2016 LTIP vesting outcome on 23 August 2016 .
Rights under the 2016–2018 LTIP were granted on 23 October 2015 to Mr Joyce (following approval by shareholders at 2015 AGM) and
1 September 2015 for other Executives, and will be tested against the performance hurdles as at 30 June 2018. The number of Rights
granted were determined using the fair value of a Right on 1 July 2015 of $1.795 per Right, being the start of the performance period.
The fair value of a Right on the grant date was $2.46 per Right for Mr Joyce and $2.09 per Right for other Executives.
Rights under the 2015–2017 LTIP were granted on 24 October 2014 to Mr Joyce (following approval by shareholders at 2014 AGM) and
15 September 2014 for other Executives, and will be tested against the performance hurdles as at 30 June 2017. The number of Rights
granted were determined using the fair value of a Right on 1 July 2014 of $0.785 per Right, being the start of the performance period.
The fair value of a Right on the grant date was $0.970 per Right for Mr Joyce and $0.972 per Right for other Executives.
100 per cent of Rights under the 2014–2016 LTIP (granted on 18 October 2013) vested following the testing of performance hurdles as
at 30 June 2016 and the Board’s approval of the 2014–2016 LTIP vesting outcome on 23 August 2016.
85 per cent of Rights under the 2013–2015 LTIP (granted on 2 November 2012 for Mr Joyce and other Executives) vested during the
year following testing of the performance hurdles as at 30 June 2015. This outcome was included in the 2015 Remuneration Report.
(iii) Performance Share Plan (PSP)
Number of Shares
Key Management
Personnel 1 July
Commenced
as KMP Granted Forfeited Transferred
Other
Changes130 June
Gareth Evans 2016 36,621 – – – – (2,233) 34,388
2015 36,621 – – – – – 36,621
Lesley Grant 2016 64,989 –––(64,989) – –
2015 64,989 – – – – – 64,989
1 Other changes include the impact of share consolidation, relating to return of capital to shareholders paid on 6 November 2015, through the conversion of each share into 0.939 shares.
The above shares were awarded under legacy incentive plans and are vested and available to call.
(iv) Deferred Share Plan (DSP)
Number of Shares
Key Management
Personnel 1 July
Commenced
as KMP Granted Forfeited Transferred
Other
Changes130 June
Andrew David 2016 588,482 – – – – (35,897) 552,585
2015 n/a 588,482 – – – – 588,482
1 Other changes include the impact of share consolidation, relating to return of capital to shareholders paid on 6 November 2015, through the conversion of each share into 0.939 shares.
46
QANTAS ANNUAL REPORT 2016