Qantas 2016 Annual Report Download - page 31

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Directors’ Report continued
For the year ended 30 June 2016
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 2016:
Number of Rights
Name Testing Period Grant Date
Value at
Grant Date
2016
Net Vested
2016
Unvested
2016
Total
2015
Net Vested
2015
Unvested
2015
Total
2005
Performance
Rights Plan
30 Jun 08 –
30 Jun 10
1
22 Nov 05 $2.67 – – – 38,517 –38,517
2006
Performance
Rights Plan
30 Jun 09 –
30 Jun 11
1
4 Oct 06 $2.95 111,115 –111,115 119,071 –119,071
2013–2015
Long Term
Incentive Plan
30 Jun 15
2
2 Nov 12 $0.88 – – – – 11,272,000 11,272,000
2013–2015
Long Term
Incentive Plan
30 Jun 15
2
13 Jun 13 $0.70 – – – – 329,000 329,000
2014–2016
Long Term
Incentive Plan
30 Jun 16
3
18 Oct 13 $0.83 –10,208,000 10,208,000 –10,463,000 10,463,000
2015–2017
Long Term
Incentive Plan
30 Jun 17 15 Sep 14 $0.972 –48,024,000 48,024,000 –50,925,000 50,925,000
2015–2017
Long Term
Incentive Plan
30 Jun 17 24 Oct 14 $0.97 –4,457,000 4,457,000 –4,582,500 4,582,500
2015–2017
Long Term
Incentive Plan 30 Jun 17 3 May 15 $3.05 –2,202,000 2,202,000 –2,580,500 2,580,500
2016–2018
Long Term
Incentive Plan 30 Jun 18 1 Sep 15 $2.09 –4,893,500 4,893,500 – – –
2016–2018
Long Term
Incentive Plan 30 Jun 18 23 Oct 15 $2.46 –996,000 996,000 –––
Total 111,115 70,780,500 70,891,615 157,5 8 8 80,152,000 80,309,588
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 85 per cent of Rights vested subsequent to 30 June 2015 and before the issuance of this Report following the performance hurdle testing conducted as at 30 June 2015.
3 100 per cent of Rights vested subsequent to 30 June 2016 and before the issuance of this Report following the performance hurdle testing conducted as at 30 June 2016.
29
QANTAS ANNUAL REPORT 2016