annual report 2011

IOOF | annual report 2011
Notes to the financial statements (cont’d)
For the year ended 30 June 2011
On vesting of performance rights, ordinary shares are held in trust for up to two years from the vesting date, after which time they
may remain in trust, be transferred to the employee’s name or sold. The employee receives all dividends on the ordinary shares while
held in trust. The vesting of all issuances is subject to continuing employment.
The following share-based payment arrangements were in existence during the current and comparative reporting periods:
Performance Rights Series
- Recipient
Exercise
price
Vesting date Exercise period Performance related vesting conditions
Commence Expires
2010-6 Managing Director nil 23-Nov-13 23-Nov-13 23-Nov-16 Total shareholder return & return on equity
2010-6 Managing Director nil 23-Nov-14 23-Nov-14 23-Nov-16 Total shareholder return & return on equity
2010-6 Managing Director nil 23-Nov-15 23-Nov-15 23-Nov-16 Total shareholder return & return on equity
2010-1 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-15 Nil
2010-1 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-15 Nil
2010-1 Senior Management nil 31-Jul-12 31-Jul-12 31-Jul-15 Nil
2010-1 Senior Management nil 31-Jul-13 31-Jul-13 31-Jul-15 Nil
2010-1 Senior Management nil 30-Jun-13 30-Jun-13 31-Jul-15 FUM target & earnings per share (1)
2009-14 Managing Director nil 27-Nov-12 27-Nov-12 27-Nov-15 Total shareholder return & return on equity
2009-14 Managing Director nil 27-Nov-13 27-Nov-13 27-Nov-15 Total shareholder return & return on equity
2009-14 Managing Director nil 27-Nov-14 27-Nov-14 27-Nov-15 Total shareholder return & return on equity
2008-07 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-14 Nil
2008-07 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-14 Nil
2008-07 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-14 Nil
2008-07 Senior Management nil 31-Jul-12 31-Jul-12 31-Jul-14 Nil
2008-07 Senior Management nil 30-Jun-12 30-Jun-12 31-Jul-14 FUM target & earnings per share (1)
2007-05 Senior Management nil 31-Jul-09 31-Jul-09 31-Jul-13 Nil
2007-05 Senior Management nil 31-Jul-10 31-Jul-10 31-Jul-13 Nil
2007-05 Senior Management nil 31-Jul-11 31-Jul-11 31-Jul-13 Nil
2007-05 Senior Management nil 30-Jun-11 30-Jun-11 31-Jul-13 Nil
2007-05 Senior Management nil 30-Jun-11 30-Jun-11 31-Jul-13 FUM target & earnings per share (1)
Legacy performance rights
series
2009-18 Advisers nil 30-Jun-12 30-Jun-12 30-Jun-12 Nil
2008-06 Advisers nil 30-Jun-11 30-Jun-11 30-Jun-11 Nil
2007-04 Advisers nil 30-Jun-10 30-Jun-10 30-Jun-10 Nil
2009-17 Senior Management nil 01-Dec-12 01-Dec-12 01-Dec-14 Nil
2008-02 Senior Management nil 30-Jun-10 30-Jun-10 30-Jun-13 Nil
2008-02 Senior Management nil 30-Jun-11 30-Jun-11 30-Jun-13 FUM target & earnings per share (1)
2008-01 Senior Management nil 01-Dec-11 01-Dec-11 01-Dec-13 Nil (2)
2007-02 Senior Management nil 30-Jun-10 30-Jun-10 30-Jun-12 Nil (2)
2007-01 Senior Management nil 01-Dec-10 01-Dec-10 01-Dec-12 Nil (2)
(1) 50% of the rights and 50% of the options vest subject to achievement of the Perennial Group’s three year FUM forecast and 50% based on the achievement of a
compounding Group cash earnings per share in excess of 10% each year over the performance period.
(2) Prior to the acquisition of AWM, the performance hurdles for vesting of the performance rights was on the Group’s achievement of pre-determined TSR (60%), cash
EPS (20%) and return on equity (20%). As a consequence of the acquisition, in accordance with the terms of the Share Plan, the Remuneration Committee exercised
its discretion to waive the performance hurdles in respect of unvested performance rights as it is now impractical to measure performance against the hurdles on the
basis established prior to the acquisition. As a result, the remaining performance hurdle is ongoing service only.
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