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43
QANTAS ANNUAL REPORT 2014
RIGHTS
Performance Rights are awarded to select Qantas Group Executives under the Qantas Deferred Share Plan (DSP) and the Qantas
Employee Share Plan (ESP). Refer to pages 55 to 56 for further details.
The following table outlines the movements in Rights during the year:
Number of Rights
Performance Rights Reconciliation 2014 2013
Rights outstanding as at 1 July 28,174,0 47 18,631,168
Rights granted 13,790,000 15,969,000
Rights forfeited (4,571,000) (2,066,000)
Rights lapsed (3,755,000) (4,343,801)
Rights exercised (58,615) (16,320)
Rights outstanding as at 30 June 33,579,432128,174,047
1 The movement of Rights outstanding as at 30 June 2014 to the date of this Report is explained in the footnotes below.
Rights will be converted to Qantas shares 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 2014:
Number of Rights
Name Testing Period Grant Date
Value at
Grant Date
2014
Net Vested
2014
Unvested
2014
Total
2013
Net Vested
2013
Unvested
2013
Total
2004/05
Performance
Rights Plan
30 Jun 07 –
30 Jun 09113 Jan 05 $2.47 14,860 –14,860 23,590 –23,590
2005
Performance
Rights Plan
30 Jun 08 –
30 Jun 10122 Nov 05 $2.67 44,682 –44,682 63,246 –63,246
2006
Performance
Rights Plan
30 Jun 09 –
30 Jun 1114 Oct 06 $2.95 156,890 –156,890 188,211 –188,211
2011 – 2013
Long Term
Incentive Plan 30 Jun 13212 Aug 10 $1.50 ––––2,608,000 2,608,000
2011 – 2013
Long Term
Incentive Plan 30 Jun 13229 Oct 10 $1.76 ––––1,147,000 1,147,000
2012 – 2014
Long Term
Incentive Plan 30 Jun 14323 Aug 11 $0.86 –5,208,000 5,208,000 –6,563,000 6,563,000
2012 – 2014
Long Term
Incentive Plan 30 Jun 14328 Oct 11 $0.82 –1,806,000 1,806,000 –1,806,000 1,806,000
2013 – 2015
Long Term
Incentive Plan 30 Jun 15 2 Nov 12 $0.88 –13,448,000 13,448,000 –
15,446,000 15,446,000
2013 – 2015
Long Term
Incentive Plan 30 Jun 15 13 Jun 13 $0.70 –329,000 329,000 –329,000 329,000
2014 – 2016
Long Term
Incentive Plan 30 Jun 16 18 Oct 13 $0.83 –12,572,000 12,572,000 –––
Total
216,432
33,363,000
33,579,432
275,047
27,899,000
28,174,047
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 As a result of performance hurdle testing conducted as at 30 June 2013, all unvested Rights were lapsed subsequent to 30 June 2013.
3 As a result of performance hurdle testing conducted as at 30 June 2014, all unvested Rights were lapsed subsequent to 30 June 2014.