Qantas 2007 Annual Report Download - page 60
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58 Qantas |Annual Report 2007
Directors’ Report
for the year ended 30 June 2007
Rights
Performance Rights Plan
2007
Number
2006
Number
Rights outstanding as at 1 July 4,590,000 3,476,500
Rights granted 2,044,300 1,662,000
Rights lapsed (279,000) (548,500)
Rights vested (1,316,500) –
Rightsoutstandingasat30June 5,038,800 4,590,000
The following Rights were outstanding at 30 June 2007:
Number of Rights1
Testing Period
Grant
Date
Value at
Grant Date
Net Vested
2007
Unvested
2007
Total
2007
Net Vested
2006
Unvested
2006
Total
2006
30 Jun 06 15 Oct 03 $3.095––– – 155,000 155,000
30 Jun 06 16 Oct 03 $3.045––– – 205,000 205,000
30 Jun 06 10 Dec 03 $2.865––– – 60,000 60,000
30 Jun 06 27 Feb 04 $3.245––– – 896,500 896,500
30 Jun 06 8 Jul 04 $3.105––– – 35,000 35,000
30 Jun 07 – 30 Jun 092 18 Aug 04 $2.256– 255,000 255,000 – 280,000 280,000
30 Jun 07 – 30 Jun 092 21 Oct 04 $2.286– 540,000 540,000 – 540,000 540,000
30 Jun 07 – 30 Jun 092 13 Jan 05 $2.476– 820,500 820,500 – 889,500 889,500
30 Jun 07 – 30 Jun 092 20 Jun 05 $1.886– 5,000 5,000 – 5,000 5,000
30 Jun 08 – 30 Jun 103 17 Aug 05 $1.986– 395,000 395,000 – 415,000 415,000
30 Jun 08 – 30 Jun 103 22 Nov 05 $2.676– 975,000 975,000 – 1,076,000 1,076,000
30 Jun 08 – 30 Jun 103 28 Mar 06 $2.286– 33,000 33,000 – 33,000 33,000
30 Jun 09 – 30 Jun 114 22 Aug 06 $2.396– 345,000 345,000 – – –
30 Jun 09 – 30 Jun 114 4 Oct 06 $2.956–1,245,3001,245,300 – – –
30 Jun 09 – 30 Jun 114 19 Oct 06 $3.176– 400,000 400,000 – – –
30 Jun 09 – 30 Jun 114 12 Apr 07 $4.506– 25,000 25,000 – – –
–5,038,8005,038,800 – 4,590,000 4,590,000
The Rights do not allow the holder to participate in any share issue of Qantas. No dividends are payable on Rights.
While these Rights vest on the tenth anniversary of the date of award, Executives may call for the Rights to be converted to Qantas shares to the extent performance hurdles have been achieved upon
testing, which commenced 30 June 2007.
While these Rights vest on the tenth anniversary of the date of award, Executives may call for the Rights to be converted to Qantas shares to the extent performance hurdles have been achieved upon
testing, which is to commence 30 June 2008.
While these Rights vest on the tenth anniversary of the date of award, Executives may call for the Rights to be converted to Qantas shares to the extent performance hurdles have been achieved upon
testing, which is to commence 30 June 2009.
The estimated value of Rights granted under Plans before 1 July 2004 is calculated at the date of grant using the Black-Scholes Option Valuation Methodology.
The fair value of Rights granted under Plans post 1 July 2004 is calculated at the date of grant using a Monte-Carlo Valuation Methodology.
On 15 August 2007, 505,000 Rights were approved for allocation to Executive General Managers.
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