Corporate Report for the year ended 30 June 2022
Introduction and overview
Business performance
Governance and risk
Directors’ report
Remuneration report
Financial statements
Sustainability supplement
Security holder information
Summary of Executive KMP allocated, vested or lapsed equity (continued)
Balance at end of year 7
% Lapsed/ forfeited in FY22
Granted during year
Lapsed/ forfeited in FY22
Balance at start of year
% of total Vested
Fair value of equity ($) 8,9
Vested in FY22 6
Allocation date
Grant date
Vesting date
Type of equity 1,2
Current Executive KMP S Johnson Performance awards 1 Jul 2018 22 Aug 2018 Aug 2021 52,484 Performance awards 1 Jul 2019 17 Oct 2019 Aug 2022 44,357 Performance awards 1 Jul 2020 22 Oct 2020 Aug 2023 43,856
– (22,464)
42.8 (30,020)
57.2
– 390,219
– –
– – – –
– – – –
– – – –
– 44,357 432,037 – 43,856 289,888 – 24,438 160,313 – 25,252 173,229 57.2 137,903 1,445,686
Performance awards 1 Jul 2021 4 Oct 2021 Aug 2024 Performance awards 1 Jul 2021 4 Oct 2021 Aug 2025
– 24,438 – 25,252
Total performance awards
140,697 49,690
(22,464)
42.8 (30,020)
Deferred securities 11 Oct 2019 2 Sep 2019 Aug 2021 15,305 Deferred securities 15 Oct 2020 2 Sep 2020 Aug 2022 16,657
– (15,305)
100
– – –
– 228,675
–
– –
– –
16,657 224,505 20,352 284,850 37,009 738,030
Deferred securities 15 Oct 2021 1 Sep 2021 Aug 2023
– 20,352
Total deferred securities
31,962 20,352
(15,305)
100
-
-
S Moorfield 4 Performance awards 1 Jul 2020 22 Oct 2020 Aug 2023 51,205
–
–
–
– – – – – – – – – – – – – – – –
– 51,205 338,465
Performance awards 26 Oct 2020 5 Oct 2020 5 Oct 21 Performance awards 26 Oct 2020 5 Oct 2020 5 Oct 22 Performance awards 1 Jul 2021 4 Oct 2021 Aug 2024 Performance awards 1 Jul 2021 4 Oct 2021 Aug 2025
5,100 5,100
– (5,100)
100
–
–
68,916
–
– – –
– – –
– 5,100 68,916 – 25,488 167,201 – 26,337 180,672 – 108,130 824,170 – 14,010 196,090
– 25,488 – 26,337
Total performance awards
61,405 51,825
(5,100)
100
Deferred securities 15 Oct 2021 1 Sep 2021 Aug 2023
– 14,010
– –
– –
Total deferred securities
–
14,010
–
14,010 196,090
H Wehby 5 Performance awards 19 Oct 2020 22 Oct 2020 Aug 2023 66,266
–
–
–
66,266 438,018
Performance awards 26 Oct 2020 19 Oct 2020 19 Oct 21 Performance awards 26 Oct 2020 19 Oct 2020 19 Oct 22 Performance awards 1 Jul 2021 4 Oct 2021 Aug 2024 Performance awards 1 Jul 2021 4 Oct 2021 Aug 2025
8,685 8,685
– (8,685)
100
– 114,554
–
– – –
– – –
8,685 114,554 32,984 216,375 34,083 233,809 142,018 1,117,310 17,187 240,555 17,187 240,555
– 32,984 – 34,083
Total performance awards
83,636 67,067
(8,685)
100
Deferred securities 15 Oct 2021 1 Sep 2021 Aug 2023
– 17,187
– –
– –
Total deferred securities
–
17,187
1 Additional information regarding the prior year incentive awards that are on foot, can be found in the Remuneration Report of the relevant year in which the grant was made 2 P erformance awards granted prior to December 2019 expire 7 years from the date of allocation and Performance awards granted after December 2019 have an expiry of 15 years from the date of allocation. Deferred securities do not have an expiry date 3 M ichelle Jablko was granted 134,338 performance awards as a one-off grant in recognition of her giving up equity awards with her former employer to join Transurban. This was not a sign-on award and only represented a portion of the value of unvested STI equity Michelle forfeited on resignation from her former employer, with no consideration for any unvested LTI. The one-off grant is subject to Michelle’s continued employment with Transurban and will vest in two equal tranches of 67,169 awards on the first and second anniversary of her commencement with Transurban. Each performance award is an entitlement to receive one fully paid Transurban security on vesting. The fair value was calculated using a Black-Scholes framework to model Transurban’s security price. On the grant date, each performance award had a market value of $12.95. The first tranche of performance awards vested in full on 29 March 2022 4 S imon Moorfield was granted 51,205 performance awards under the FY21 LTI Plan and 10,200 performance awards as a one-off grant in recognition of him giving up equity awards with his former employer to join Transurban. This was not a sign-on award and only represented a portion of the value of unvested STI equity Simon forfeited on resignation from his former employer, with no consideration for any unvested LTI. The one-off grant is subject to Simon’s continued employment with Transurban and will vest in two equal tranches of 5,100 awards on the first and second anniversaries of his commencement with Transurban. Each performance award is an entitlement to receive one fully paid Transurban security on vesting. The fair value was calculated using a Black-Scholes framework to model Transurban’s security price. On the grant date, each performance award had a market value of $14.22. The first tranche of performance awards vested in full on 5 October 2021 5 H ugh Wehby was granted 66,266 performance awards under the FY21 LTI Plan and 17,370 performance awards as a one-off grant in recognition of him giving up deferred awards with his former employer to join Transurban. This was not a sign-on award and only represented a portion of the value of unvested STI equity Hugh forfeited on resignation from his former employer, with no consideration for any unvested LTI. The one-off grant is subject to Hugh’s continued employment with Transurban and will vest in two equal tranches of 8,685 awards on the first and second anniversaries of his commencement with Transurban. Each performance award is an entitlement to receive one fully paid Transurban security on vesting. The fair value was calculated using a Black-Scholes framework to model Transurban’s security price. On the grant date, each performance award had a market value of $13.88. The first tranche of performance awards vested in full on 19 October 2021 6 P erformance awards granted in FY19 vested during FY22 on 20 August 2021 at the end of the three-year performance period in accordance with performance outcomes (market value at vesting was $13.91). Performance awards that vest are automatically exercised. Securities granted as FY19 deferred STI awards vested during FY22 on 11 August 2021 at the end of the two- year restriction period. Vesting date and exercise date are the same 7 No closely related parties of Executive KMP held any performance awards or deferred securities during FY22 8 Fair value at grant date for performance awards. Deferred securities represent the fair value of the STI deferred component 9 In accordance with the requirements of AASB 2 Share-based Payment, the fair value of performance awards as at their date of grant has been independently determined. The fair value of the performance awards with a TSR performance measure has been valued applying a Monte Carlo simulation (using a Black-Scholes framework) to model Transurban’s security price and the TSR performance against the comparator group’s TSR performance. The fair value of performance awards with a FCF performance measure (grants made prior to October 2020) has been determined by reference to Transurban’s security price at the grant date discounted for dividends and distributions forgone throughout the performance period. The amount included is not related to or indicative of the benefit (if any) that individual executives may ultimately realise should these equity instruments vest
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