Qantas 2006 Annual Report Download - page 108
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106
Notes to the Financial Statements
for the year ended 30 June 2006
25. Key Management Personnel and Executive Equity Benefi ts continued
PERFORMANCE RIGHTS PLAN (PRP)
Details of Rights over Qantas shares and vesting criteria for each Executive Director and Key Management Executive are set out below. For more information on
the operation of the PRP, including DSP Terms & Conditions, expiry dates and a summary of the performance criteria to be met prior to vesting, refer to page 59.
Grant Date
Fair Value at
Grant Date
Balance at
30 June 2005
Number of
Performance
Rights Granted
during the Year
Performance
Rights Forfeited
during the Year
Number of
Performance
Rights Vested
and Transferred
during the Year
Balance at
30 June 2006
KEY MANAGEMENT
PERSONNEL
Geoff Dixon 21 Oct 04 $2.281 450,000 – – – 450,000
16 Oct 03 $3.042 125,000 – – – 125,000
575,000 – – – 575,000
Peter Gregg 17 Aug 05 $1.981 – 90,000 – – 90,000
21 Oct 04 $2.281 90,000 – – – 90,000
16 Oct 03 $3.042 80,000 – – – 80,000
170,000 90,000 – – 260,000
Denis Adams 17 Aug 05 $1.981 – 50,000 (50,000) – –
18 Aug 04 $2.251 40,000 (40,000) – –
15 Oct 03 $3.092 35,000 – (35,000) – –
75,000 50,000 (125,000) – –
John Borghetti 17 Aug 05 $1.981 – 75,000 – – 75,000
18 Aug 04 $2.251 60,000 – – – 60,000
15 Oct 03 $3.092 40,000 – – – 40,000
100,000 75,000 – – 175,000
Kevin Brown 17 Aug 05 $1.981 – 50,000 – – 50,000
18 Aug 04 $2.251 40,000 – – – 40,000
15 Oct 03 $3.092 30,000 – – – 30,000
70,000 50,000 – – 120,000
David Cox 17 Aug 05 $1.981 – 40,000 – – 40,000
18 Aug 04 $2.251 45,000 – – – 45,000
10 Dec 03 $2.862 20,000 – – – 20,000
65,000 40,000 – – 105,000
Grant Fenn 17 Aug 05 $1.981 – 50,000 – – 50,000
18 Aug 04 $2.251 45,000 – – – 45,000
15 Oct 03 $3.092 35,000 – – – 35,000
80,000 50,000 – – 130,000
Alan Joyce 17 Aug 05 $1.981 – 50,000 – – 50,000
18 Aug 04 $2.251 35,000 – – – 35,000
10 Dec 03 $2.862 20,000 – – – 20,000
55,000 50,000 – – 105,000
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.
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. The total value
reflects a 75 per cent probability of achievement. The Rights granted under the 2003/04 Award may vest after 28 August 2006, subject to a testing date of 30 June 2006.
All Rights were granted with a nil exercise price and subject to the achievement of the Performance Hurdle may be converted on a one-for-one basis to Qantas
shares. No Rights were exercised during the year to 30 June 2006. No amount has been paid, or is payable by the Executive, in relation to these Rights.
At 30 June 2006, no Rights had vested.