Qantas 2013 Annual Report Download - page 77
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75
QANTAS ANNUAL REPORT 2013
Rights will be converted to Qantas shares to the extent that 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 2013:
Number of Rights
Name Testing Period Grant Date
Value at
Grant Date
2013
Net Vested
2013
Unvested
2013
Total
2012
Net Vested
2012
Unvested
2012
Total
2004/05
Performance
Rights Plan
30 Jun 07 – 30 Jun 09113 Jan 05 $2.47 23,590 – 23,590 23,590 – 23,590
2005
Performance
Rights Plan
30 Jun 08 – 30 Jun 10122 Nov 05 $2.67 63,246 – 63,246 64,580 – 64,580
2006
Performance
Rights Plan
30 Jun 09 – 30 Jun 1124 Oct 06 $2.95 188,211 – 188,211 203,197 – 203,197
2007
Performance
Rights Plan
30 Jun 10 – 30 Jun 12312 Dec 07 $4.42 – – – – 319,000 319,000
2007
Performance
Rights Plan
30 Jun 10 – 30 Jun 12331 Mar 08$2.75––––902,500 902,500
2010–2012 L
ong Term
Incentive Plan
30 Jun 1239 Sep 09 $2.05 – – – – 3,122,301 3,122,301
2011–2013 L
ong Term
Incentive Plan
30 Jun 13412 Aug 10 $1.50 – 2,608,000 2,608,000 – 3,035,000 3,035,000
2011–2013 L
ong Term
Incentive Plan
30 Jun 13429 Oct 10 $1.76 – 1,147,000 1,147,000 – 1,147,000 1,147,000
2012–2014 L
ong Term
Incentive Plan
30 Jun 14 23 Aug 11 $0.86 – 6,563,000 6,563,000 – 8,008,000 8,008,000
2012–2014 L
ong Term
Incentive Plan
30 Jun 14 28 Oct 11 $0.82 – 1,806,000 1,806,000 – 1,806,000 1,806,000
2013–2015 L
ong Term
Incentive Plan
30 Jun 1502 Nov 12$0.88–15,446,00015,446,000–––
2013–2015 L
ong Term
Incentive Plan
30 Jun 15 13 Jun 13 $0.70 – 329,000 329,000 – – –
Total
275,047 27,899,000 28,174,047 291,367 18,339,801 18,631,168
1 These Rights convert to Qantas shares on the 10th anniversary of the date of award, however, Executives may call for the Rights to be converted sooner at their request.
2 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 converted to the extent that performance hurdles
have been achieved upon testing, which commenced 30 June 2009. As a result of performance hurdle testing conducted as at 30 June 2011, all unvested Rights lapsed in 2011/2012.
3 As a result of performance hurdle testing conducted as at 30 June 2012, all unvested Rights lapsed in 2012/2013.
4 As a result of performance hurdle testing conducted as at 30 June 2013, all unvested Rights lapsed subsequent to 30 June 2013.