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49
DIRECTORS’ INTERESTS AND BENEFITS continued
Peter Gregg
2005
Number
2004
Number
Deferred Shares held in trust under:
– 2002 Executive Director Long-Term Incentive Plan 150,000 150,000
– 2003/04 Executive Director Deferred Share & Performance Rights Plan – 40,000
– 2004/05 Executive Director Performance Share & Performance Rights Plan 45,0002 –
– 2005/06 Executive Director Performance Share & Performance Rights Plan (17 Aug 05) 90,000 –
285,000 190,000
Rights granted under:
– 2002 Performance Bonus Plan – 2,054
– 2002 Executive Director Long-Term Incentive Plan 16,666 16,666
– 2003/04 Executive Director Deferred Share & Performance Rights Plan 80,000 80,000
– 2004/05 Executive Director Performance Share & Performance Rights Plan 90,000 –
– 2005/06 Executive Director Performance Share & Performance Rights Plan (17 Aug 05) 90,000 –
276,666 98,720
Entitlements awarded under the Qantas Long-Term Executive Incentive Plan 705,603 838,0003
2 Excludes the 45,000 deferred shares “called for” in July 2005 under the 2004/05 Executive Director Performance Share & Performance Rights Plan.
3 9,900 Entitlements lapsed effective 1 July 2004.
SHARE ENTITLEMENTS
In previous years, Entitlements over unissued ordinary shares in Qantas were awarded to Executive Directors and Senior Executives under
the Qantas Long-Term Executive Incentive Plan as detailed on page 79.
During the 2005 financial year, the following movements in Entitlements took place:
Qantas Long-Term Executive Incentive Plan Number Number
Entitlements available for vesting at 1 July 5,528,644 31,352,488
Entitlements issued ––
Entitlements lapsed (1,180,325) (598,244)
Entitlements vested –(25,225,600)
Entitlements available for vesting at 30 June 4,348,31915,528,6442
1 Of these Entitlements, 3,998,319 lapsed on 1 July 2005.
2 Of these Entitlements, 597,150 lapsed on 1 July 2004.
The following Entitlements were outstanding at 30 June 2005:
Number of Entitlements1
Expiry
Date
Exercise
Price
Value at
Grant
Date2
Net
Vested
2005
Unvested
2005
Total
2005
Net
Vested
2004
Unvested
2004
Total
2004
17 Nov 07 $4.99 $1.13 3,993,306 – 3,993,30634,710,850 597,150 5,308,000
24 Nov 08 $3.44 $0.82 18,645,188 3,874,188 22,519,376422,833,169 4,457,363 27,290,532
20 Feb 09 $3.62 $0.77 635,869 124,131 760,0005635,869 124,131 760,000
06 Dec 09 $3.25 $1.14 – 350,000 350,000 – 350,000 350,000
23,274,363 4,348,319 27,622,682 28,179,888 5,528,644 33,708,532
1 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.
2 The estimated value per Entitlement at grant date disclosed above is calculated using the Black-Scholes Option Valuation Methodology.
3 Of these Entitlements, 284,000 lapsed since 30 June 2005.
4 Of these Entitlements, 3,874,188 lapsed on 1 July 2005 and 1,016,554 lapsed subsequently.
5 Of these Entitlements, 124,131 lapsed on 1 July 2005 and 184,067 lapsed subsequently.
Qantas Annual Report 2005
~Directors’ Report~
for the year ended 30 June 2005