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78
Spirit of Australia
~Notes to the Financial Statements~
for the year ended 30 June 2005
5. Director and Executive disclosures continued
PERFORMANCE RIGHTS PLAN (PRP)
Details of rights over ordinary shares and vesting criteria for each Executive Director and Specified Executive are set out below. For more
information on the operation of the PRP, see page 56.
Grant
Date
Value at
Grant Date
Total
Value
Balance at
30 June 2004
Number of
Performance
Rights
Granted
during the
Year
Performance
Rights
Vested and
Transferred
to the
Executive
during the
Year
Balance at
30 June 20053
Executive Directors
Geoff Dixon 21 Oct 04 $2.281$1,026,000 – 450,000 – 450,000
16 Oct 03 $3.042$285,000 125,000 – – 125,000
125,000 450,000 – 575,000
Peter Gregg 21 Oct 04 $2.281$205,200 – 90,000 – 90,000
16 Oct 03 $3.042$182,400 80,000 – – 80,000
80,000 90,000 – 170,000
Specified Executives
Denis Adams 18 Aug 04 $2.251$90,000 – 40,000 – 40,000
15 Oct 03 $3.092$81,113 35,000 – – 35,000
35,000 40,000 – 75,000
Fiona Balfour 18 Aug 04 $2.251$78,750 – 35,000 – 35,000
15 Oct 03 $3.092$69,525 30,000 – – 30,000
30,000 35,000 – 65,000
John Borghetti 18 Aug 04 $2.251$135,000 – 60,000 – 60,000
15 Oct 03 $3.092$92,700 40,000 – – 40,000
40,000 60,000 – 100,000
Kevin Brown 18 Aug 04 $2.251$90,000 – 40,000 – 40,000
15 Oct 03 $3.092$69,525 30,000 – – 30,000
30,000 40,000 – 70,000
Grant Fenn 18 Aug 04 $2.251$101,250 – 45,000 – 45,000
15 Oct 03 $3.092$81,113 35,000 – – 35,000
35,000 45,000 – 80,000
Alan Joyce 18 Aug 04 $2.251$78,750 – 35,000 – 35,000
10 Dec 03 $2.862$42,900 20,000 – – 20,000
20,000 35,000 – 55,000
1 The fair value of Rights granted under Plans post 1 July 2004 is calculated at the date of grant using a Monte-Carlo Valuation Methodology. Black-
Scholes Option Valuation Methodology is no longer used as it does not meet the AASB 1046 requirement to include market conditions in the valuation.
2 The estimated value of Rights granted under Plans before 1 July 2004 is calculated at the date of grant using the Black-Scholes Option Valuation
Methodology. This does not include any discount to take into consideration the likelihood of vesting. The total value reflects a 75% probability of
achievement.
3 At 30 June 2005, no Rights had vested and none had lapsed.
All Rights were granted with a nil exercise price. No amount has been paid, or is payable by the Executive, in relation to
these Rights.