Company: WEBNF
Filing Date: 2025-11-04
Form Type: 20-F
Source: 0001104659-25-105894
Chunk: 135

Company: WESTPAC BANKING CORP
Filing Date: 2025-11-04
Form: 20-F
Item: Item 14
Chunk 135
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Equity Incentive Plan (EIP)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
The Equity Incentive Plan (EIP) was introduced effective 1 January 2023 and is a consolidated plan that replaced the RSP, WPP and LTVR plans. Existing allocations under the RSP, WPP and LTVR continue to be governed by their respective plan rules, however, all grants from 1 January 2023 are made under the EIP. Securities issued under the EIP include restricted shares, unhurdled share rights, performance rights and restricted rights. The underlying terms of the EIP are similar to RSP, WPP and LTVR and are accounted for as equity-settled arrangements in line with the share rights and restricted shares specified above.In respect of the above mentioned plans, the Board has discretion to adjust unvested allocations, including to zero, in specified circumstances. Clawback may also apply to vested awards, to the extent legally permissible and practicable.
Employee share plan (ESP)                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
The value of shares expected to be allocated to employees for nil consideration is recognised as an expense over the financial year and provided for as other employee benefits. The fair value of any ordinary shares purchased on market or issued to satisfy the obligation to employees is recognised in equity.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
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WESTPAC GROUP 2025 ANNUAL REPORT
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NOTES TO THE FINANCIAL STATEMENTS

Note 31.Share-based payments (Continued)
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Type of share-based payment                                                         Share rights (allocated at no cost).                                                                                                                                                                                                                                                                                                                                                                                                                                                                            Share rights (allocated at no cost).                                                                                                                    Westpac ordinary shares (allocated at no cost).                                                                                                                                        Westpac ordinary shares (allocated at no cost) of up to $1,000 per employee per year.                                                   
How it is used                                                                      Aligns executive remuneration and accountability with shareholder interests over the long term.                                                                                                                                                                                                                                                                                                                                                                                                                 Primarily used for mandatory deferral of a portion of short-term variable reward for New Zealand employees and key employees based outside Australia.   Primarily used to reward key employees and for mandatory deferral of a portion of short-term variable reward for certain Australian employees and some