Qantas 2015 Annual Report Download - page 45

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44
QANTAS ANNUAL REPORT 2015
REMUNERATION REPORT (AUDITED) CONTINUED
The Rights granted during the year (granted on 24 October 2014 for Mr Joyce and 15 September 2014 for other Executives) were under
the 2015–2017 LTIP, which will be tested against the performance hurdles as at 30 June 2017. The fair value of a Right on the grant
date was $0.970 for Mr Joyce and $0.972 for other Executives.
100 per cent of Rights under the 2012–2014 LTIP (granted on 28 October 2011 for Mr Joyce and 23 August 2011 for other Executives)
lapsed during the year following testing of the performance hurdles as at 30 June 2014.
85 per cent of Rights under the 2013–2015 LTIP vested following the testing of performance hurdles as at 30 June 2015.
100 per cent of Rights awarded to Mr Hickey and Mr Strambi under the 2013–2015 LTIP, the 2014–2016 LTIP and the 2015–2017 LTIP
lapsed on termination of employment. Consistent with the approach to LTIP awards on termination of employment outlined on page
37, Mr Hickey and Mr Strambi may become eligible for a deferred cash payment to be made at the end of the respective performance
periods for these awards. Any payment would have regard to:
–The value of the LTIP Rights which would have vested had they not lapsed
–The part of the performance periods that Mr Hickey and Mr Strambi served prior to termination
–The actual level of vesting that is ultimately achieved at the end of performance periods
(iii) Performance Share Plan (PSP)
Number of Shares
Key Management Personnel 1 July
Commenced
as KMP Granted Forfeited Transferred
Ceased
Employment 30 June
Gareth Evans 2015
2014
36,621
36,621
–
–
–
–
–
–
–
–
–
–
36,621
36,621
Lesley Grant 2015
2014
64,989
64,989
–
–
–
–
–
–
–
–
–
–
64,989
64,989
Simon Hickey1
ceased as KMP
28 February 2015
2015
2014
49,000
90,213
–
–
–
–
–
–
(49,000)
(41,213)
–
–
n/a
49,000
Lyell Strambi2
ceased as KMP
28February 2015 2014 75,000 – – – (75,000) – –
1 Mr Hickey ceased as a KMP on 28 February 2015 and ceased employment with Qantas on 15 May 2015.
2 Mr Strambi ceased as a KMP and ceased employment with Qantas on 28 February 2015.
The above shares are vested and available to call.
(iv) Retention Plan (RP)
Number of Shares
Key Management Personnel 1 July
Commenced
as KMP Granted Forfeited Transferred
Ceased
Employment 30 June
Simon Hickey1
ceased as KMP
28 February 2015
2015
2014
200,000
400,000
–
–
–
–
–
–
(200,000)
(200,000)
–
–
n/a
200,000
1 Mr Hickey ceased as a KMP on 28 February 2015 and ceased employment with Qantas on 15 May 2015.
(v) Deferred Share Plan (DSP)
Number of Shares
Key Management Personnel 1 July
Commenced as
KMP Granted Forfeited Transferred
Ceased
Employment 30 June
Andrew David1
commenced as KMP 1
March 2015
2015
2014
n/a
n/a
588,482
n/a
–
n/a
–
n/a
–
n/a
–
n/a
588,482
n/a
1 The deferred shares were awarded to Mr David prior to commencing as a KMP and are subject a restriction period until 31 December 2016.
DIRECTORS’ REPORT CONTINUED
FOR THE YEAR ENDED 30 JUNE 2015