Qantas 2010 Annual Report Download - page 46

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THE QANTAS GROUP 44
for the year ended 30 June 2010
LTIP awards – vesting and forfeiture
Awards of Rights under the LTIP may vest and convert to Qantas shares subject to the achievement of long-term performance hurdles. Any Rights
that do not achieve the performance hurdles will be forfeited.
In 2009/2010, there was nil vesting and nil forfeiture under the 2007 Performance Rights Plan (granted on 12 December 2007 and 31 March 2008),
2008 Performance Rights Plan (granted on 4 May 2009) and 2010-2012 LTIP (granted on 9 September 2009).
The award to Colin Storrie under this plan is an exception, with forfeiture of 11 per cent of Rights awarded under the 2007 Performance Rights Plan,
forfeiture of 44 per cent of Rights awarded under the 2008 Performance Rights Plan and forfeiture of 78 per cent of Rights awarded under the
2010-12 LTIP. There was nil vesting of Colin Storrie’s awards under the above plans. All remaining 109,111 Rights were subsequently forteited (with
nil compensation). These forfeited Rights were fully expensed and disclosed as a “Share-based Payment” in the remuneration table for Mr Storrie.
Number of Rights awarded, vested and exercised in 2009/2010
2010
Awarded1Vested2Exercised3
Alan Joyce 250,000 49,720 –
Bruce Buchanan 119,000 – –
Gareth Evans 55,000 18,080 –
Rob Gurney 104,000 18,080 18,191
Simon Hickey 112,000 31,640 –
Lyell Strambi 126,000 – –
Brett Johnson 106,000 31,640 28,945
Rob Kella 104,000 31,640 28,945
Colin Storrie 90,000 30,765 45,249
1. Rights were awarded on 9 September 2009 with a nil exercise price. The weighted average fair value of the Rights award was $2.05.
2. The number of Rights which have met the performance hurdle during the year 7.7 per cent of the 2006 Performance Rights Plan met the performance hurdle during 2009/2010.
3. The number of Rights exercised represents the number of vested Rights called for by the Executive during the year.
Retention Plan (discontinued) – vesting and forfeiture
Awards to participants under the 2006 Retention Plan, granted on 16 August 2006 and 6 December 2006, fully vested during 2009/2010.
Awards to participants under the 2007/2008 Retention Plan (granted on 15 August 2007) had 68 per cent vesting in 2008/2009 and the remaining
32 per cent vesting during 2009/2010. The award to Colin Storrie under this plan is an exception, with 67 per cent vesting in 2008/2009, 22 per cent
vesting during 2009/2010 but prior to his termination date, and the remaining 11 per cent were forfeited on termination.
Performance Share Plan (discontinued) – vesting and forfeiture
PSP awards to participants are subject to a one year minimum holding lock period for 50 per cent of any award and a two year minimum holding
lock for the remaining 50 per cent of the award.
Awards to participants under the 2009 Performance Share Plan (granted on 19 August 2009) had nil vesting and nil forfeiture in 2009/2010.
The award to Colin Storrie made under the 2009 Performance Share Plan is an exception to this, as the award was 100 per cent forfeited during
2009/2010.
Awards to participants under the 2008 Performance Share Plan (granted on 20 August 2008) had 50 per cent vesting during 2009/2010 and nil
forfeiture. Awards to participants under the 2008/2009 Performance Share Plan (granted on 4 March 2009) had nil vesting and nil forfeiture during
2009/2010.
Qantas Code of Conduct & Ethics – Employee Share Trading Policy, Margin Loans and Hedging
The Qantas Code of Conduct & Ethics prohibits certain Nominated Qantas Employees from entering into any hedging or margin lending arrangement
or otherwise granting a charge over the securities of any Qantas Group Listed Entity, where control of any sale process relating to those securities
may be lost.
Once equity entitlements vest and convert to unrestricted shareholdings in the name of each participant under the relevant equity plan, participants
are free to deal with their shareholdings subject to the Qantas Code of Conduct & Ethics and Employee Share Trading Policy.
Remuneration Report (Audited) continued
Directors’ Report continued