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Washington H. Soul Pattinson and Company Limited
Annual Report 2016
42
Directors' Report
– Remuneration Report
Rights affecting the remuneration of KMP in the current or future periods.
WHSP
Vesting Date
Grant Date
Value
$
Grant Date
If met over 3 years
If re-tested over 4 years
EPS Rights
December 2015
50% September 2018
50% September 2019
13.86
30% August 2019
30% September 2019
13.86
20% August 2020
20% August 2020
13.86
TSR Rights
December 2015
50% September 2018
50% September 2019
12.25
30% August 2019
30% September 2019
11.08
20% August 2020
20% August 2020
10.87
Rights to deferred shares granted, vested and forfeited during the year.
WHSP
Balance
at start
of year
Granted
during
the year
Rights to deferred shares
Balance
at end of
year
Maximum
value in
future
periods
1
Vested
Forfeited
Grant Date
Number
Number
Number
% Number
% Number
$
T J Barlow
Dec 2015
–
31,045
–
–
–
–
31,045
220,648
M R Roderick
Dec 2015
–
18,992
–
–
–
–
18,992
134,983
I D Bloodworth
Dec 2015
–
4,967
–
–
–
–
4,967
35,302
1. The maximum value of the deferred rights in future periods has been determined as the fair value of the rights that is yet to be expensed.
The minimum value of the rights yet to vest is nil, as the rights will be forfeited if the vesting conditions are not met.
New Hope Corporation Limited
Rights to deferred shares are granted under the New Hope Corporation Limited Employee Performance Rights
Share Plan. Membership of the plan is open to those senior employees and those Directors of New Hope, its
subsidiaries and associated bodies corporate whom the Directors of New Hope believe have a significant role
to play in the continued development of the New Hope Group’s activities.
Rights are granted for nil consideration at the sole discretion of the Directors of New Hope and in accordance with
the New Hope Group’s reward and retention strategy. Rights vest and automatically convert to ordinary shares in
New Hope following the satisfaction of the relevant performance and service conditions. Performance and service
conditions applicable to each issue of Rights are determined by the New Hope Board at the time of grant. Rights
granted under the plan carry no dividend or voting rights.
The assessed fair value at grant date of rights granted to executives is allocated equally over the period from grant
date to vesting date and these amounts are included in the remuneration of the executive. The fair value of the
rights is determined based on the market price of New Hope’s shares at the grant date, with an adjustment made
to take into account the vesting period, expected dividends during that period that will not be received by the
participants and the probability that the market performance conditions will be met.
7. Share-based Compensation continued