Qantas 2009 Annual Report Download - page 69

67 Qantas Annual Report 2009
Directors’ Report
for the year ended 30 June 2009
RIGHTS
Performance Rights are awarded to select Qantas Group Executives under the Qantas DSP. Refer to pages 71 and 72 for further details.
The following table outlines the movements in Rights during the year:
2009 2008
Performance Rights Reconciliation Number Number
Rights outstanding as at 1 July 6,121,033 5,038,800
Rights granted 3,117,000 2,545,000
Rights lapsed (1,301,362) (288,276)
Rights vested (1,020,579) (1,174,491)
Rights outstanding as at 30 June 6,916,092 6,121,033
No Rights expired during the year. Rights will be converted to Qantas shares following the 10th anniversary of the date of the award to the extent
performance hurdles have been achieved. The Rights do not allow the holder to participate in any share issue of Qantas. No dividends are payable on
Rights. The fair value of Rights granted is calculated at the date of grant using a Monte-Carlo model and/or Black Scholes model.
The following Rights were outstanding at 30 June 2009:
Number of Rights
Grant Value at 2009 2009 2009 2008 2008 2008
Testing Period Date Grant Date Net Vested Unvested Total Net Vested Unvested Total
30 Jun 07 – 30 Jun 091 18 Aug 04 $2.25 – 31,000 31,000 – 51,000 51,000
30 Jun 07 – 30 Jun 091 21 Oct 04 $2.28 – 90,000 90,000 – 108,000 108,000
30 Jun 07 – 30 Jun 091 13 Jan 05 $2.47 27,535 120,400 147,935 102,033 147,700 249,733
30 Jun 07 – 30 Jun 091 20 Jun 05 $1.88 – 1,000 1,000 – 1,000 1,000
30 Jun 08 – 30 Jun 102 17 Aug 05 $1.98 6,350 26,640 32,990 – 395,000 395,000
30 Jun 08 – 30 Jun 102 22 Nov 05 $2.67 137,383 105,820 243,203 – 883,000 883,000
30 Jun 08 – 30 Jun 102 28 Mar 06 $2.28 – 2,664 2,664 – 18,000 18,000
30 Jun 09 – 30 Jun 113 22 Aug 06 $2.39 – 190,000 190,000 – 345,000 345,000
30 Jun 09 – 30 Jun 113 4 Oct 06 $2.95 – 914,300 914,300 – 1,125,300 1,125,300
30 Jun 09 – 30 Jun 113 19 Oct 06 $3.17 – 275,000 275,000 – 400,000 400,000
30 Jun 10 – 30 Jun 124 12 Dec 07 $4.42 – 527,000 527,000 – 905,000 905,000
30 Jun 10 – 30 Jun 124 31 Mar 08 $2.75 – 1,344,000 1,344,000 – 1,640,000 1,640,000
30 Jun 115 4 May 09 $1.64 – 3,117,000 3,117,0 00 – – –
171,268 6,744,824 6,916,092 102,033 6,019,000 6,121,033
1. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Right s to be converted to the extent performance hurdles have been achieved
upon testing, which commenced 30 June 2007.
2. While these Rights may conver t to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be converted to the extent performance hurdles have been achieved
upon testing, which commenced 30 June 2008.
3. While these Rights may convert to Qantas shares on the 10th anniver sary of the date of award, Executives may call for the Rights to be conver ted to the extent per formance hurdles have been achieved
upon testing, which commenced 30 June 2009.
4. While these Right s may convert to Qantas shares on the 10th anniversary of the date of award, E xecutives may call for the Rights to be conver ted to the extent performance hurdles have been achieved
upon testing, which is to commence 30 June 2010.
5. While these Rights may convert to Qantas shares on the 10th anniversary of the date of award, Executives may call for the Rights to be conver ted to the extent per formance hurdles have been achieved
upon testing, which is to commence 30 June 2011.