Treatment of unvested share based payments on termination

ANZ's decision to leave Mike Smith's unvested LTI awards to vest at the end of the performance period set at grant and thus remain subject to performance conditions is a better approach than seen at Amcor. When Ken MacKenzie retired on 17 April 2015, the Board decided to accelerate vesting of deferred STI and unvested LTI. He received a cash STI payment of US$3,151,849 for the FY2015 financial year, with no deferred component. He also received a payment of US$338,487 for the unworked portion of the notice period. The table below summarises the treatment of unvested deferred STI and LTI awards. I note the total value of cash settled payments shown in the 2015 Remuneration Report of US$6,172,084 or AUD$7,426,806, a difference of AUD$4,208,991. His last Appendix 3Z notice to the ASX on 17 September 2015 indicates he had 2,451,065 ordinary shares (either directly or indirectly) with a value of AUD$35,295,336. He retained 3,120,825 options.