annual report 2011

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IOOF | annual report 2011 Remuneration report (cont’d) Analysis of movements in options Details on options over ordinary shares in the Company that were granted as compensation to each key management person during the reporting period and details on options that vested during the reporting period are as follows. Name Series Exercise price Options held at 1-Jul-10 Granted Forfeited or lapsed Exercised Options held at 30-Jun-11 Vested during the year Options unvested at 30-Jun-11 Vested and exercisable at 30-Jun-11 Key management personnel S Abley 2010-04 $6.14 - 200,000 - - 200,000 - 200,000 - M Carter 2009-06 $9.70 6,702 - (6,702) - - - - - 2009-08 $9.36 13,404 - - - 13,404 4,021 - 13,404 2009-11 $6.34 134,048 - - (134,048) - - - - 2010-03 $7.01 100,000 - - - 100,000 - 100,000 - 2010-04 $6.14 - 250,000 - - 250,000 - 250,000 - D Coulter 2010-03 $7.01 100,000 - - - 100,000 - 100,000 - 2010-04 $6.14 - 200,000 - - 200,000 - 200,000 - C Kelaher 2009-09 $9.99 134,048 - - - 134,048 - - 134,048 2009-16 $5.20 316,624 - - - 316,624 - 316,624 - 2010-05 $6.93 - 300,000 - - 300,000 - 300,000 - S Merlicek 2010-04 $6.14 - 200,000 - - 200,000 - 200,000 - R Mota 2010-04 $6.14 - 200,000 - - 200,000 - 200,000 - G Riordan 2009-05 $9.18 40,214 - (40,214) - - - - - 2009-08 $9.36 53,619 - - - 53,619 - - 53,619 2009-11 $6.34 53,619 - - (53,619) - - - - 2010-03 $7.01 100,000 - - - 100,000 - 100,000 - 2010-04 $6.14 - 250,000 - - 250,000 - 250,000 - 1,052,278 1,600,000 (46,916) (187,667) 2,417,695 4,021 2,216,624 201,071 page 40
IOOF | annual report 2011 Each of the relevant details of the options series is as follows: Series Grant date Exercise period Vesting date Performance hurdles 2009-05 30-Apr-09 Apr 09 - Jan 11 30-Apr-09 Service (1) 2009-06 30-Apr-09 Apr 09 - Mar 11 2009-08 30-Apr-09 Apr 09 - Jun 13 2009-11 30-Apr-09 Jun 09 - Jul 11 2009-09 30-Apr-09 Apr 09 - Nov 12 2009-16 27-Nov-09 Nov 12 - Nov 15 40% 30-Apr-09 Service (1) 30% 30-Sep-09 Service (2) 30% 30-Sep-10 Service (2) 70% 30-Apr-09 Service (1) 30% 30-Sep-10 Service (2) 50% 30-Jun-09 50% 30-Jun-10 33% 30-Apr-09 33% 22-Nov-09 33% 22-Nov-10 50% 27-Nov-12 25% 27-Nov-13 25% 27-Nov-14 Service (2) Service (3) EPS & ROE (4) 2010-03 4-May-10 May 13 - May 16 4-May-13 Service 2010-04 29-Jul-10 Jul 13 - Jun 15 1-Jul-13 Service 2010-05 23-Nov-10 Nov 13 - Nov 16 2008-04 1-Jan-08 2008-05 1-Jul-08 2009-21 1-Apr-09 50% 23-Nov-13 25% 23-Nov-14 25% 23-Nov-15 EPS & ROE Apr 09 - 31 Dec 10 30-Apr-09 Accelerated vesting (5) (1) Prior to the acquisition of AWM, these options had fully vested. As disclosed in the Scheme Booklet for the acquisition, options over AWM shares held by AWM employees have been converted into IOOF options of economic equivalence. (2) As disclosed in the Scheme Booklet for the acquisition of AWM, options over AWM shares held by AWM employees have been converted into IOOF options of economic equivalence. The remaining options vest progressively over a service period. (3) Prior to the acquisition of AWM, the performance hurdle for vesting of AWM options was 50% on the Group’s achievement of the approved budget for that financial year and the remaining 50% if the Company’s Total Shareholder Return (TSR) is positive, and in the top quartile relative to the TSR of a comparator group of ASX listed companies selected by the Board. As a consequence of the acquisition, in accordance with the terms of the Share Option Plan, the Remuneration and Nominations Committee exercised its discretion to waive the performance hurdle in respect of unvested options as it is now impractical to measure performance against the hurdle on the basis established prior to the acquisition. The vesting of the options is conditional on continuing employment with the Group. (4) Shareholders approved that this element of the plan will not activate unless a minimum average ROE of 5.5% per annum over the performance period has been achieved. The performance hurdle for vesting of the options is an EPS target of compound growth of 10% per annum in each financial year 2010-11, 2011-12 and 2012- 13 from a base point of 34 cents per share, being the final actual EPS figure for financial year 2009/10. (5) Prior to the acquisition of AWM the performance hurdle for vesting of the IOOF options was 40% on the Group’s achievement of compounding earnings per share in excess of 10% over the vesting period, 30% on the Company’s achievement of TSR above a pre-determined benchmark and the remaining 30% on continued employment with the Group. As a consequence of the acquisition, in accordance with the terms of the Share Option Plan, the Remuneration and Nominations Committee exercised its discretion to waive the performance hurdles in respect of unvested options as it is now impractical to measure performance against the hurdle on the basis established prior to the acquisition. As a result, options were deemed to have vested effective 30 April 2009. page 41
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