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Whitehaven Coal Limited : Annual Report 2008
Whitehaven Coal Limited - Annual Report 2008 13.3 Unissued shares under options At the date of this report unissued ordinary shares of the Company under option are: Expiry date 30 June 2009 30 June 2010 22 October 2010 22 October 2011 22 October 2012 No expiry date Exercise price $1.00 $1.00 $2.50 $2.50 $2.50 $1.00 Number of shares 66,666 66,668 1,000,000 1,000,000 1,000,000 22,341,166 All options expire on the earlier of their expiry date or termination of the employee’s employment or resignation as a director of the Company. For details of options issued to key management personnel refer to section 7 of the Director’s report. 14. INDEMNIFICATION AND INSURANCE OF OFFICERS 14.1 Indemnification The Company has agreed to indemnify all current and former directors of the Company against all liabilities to another person (other than the Company or a related body corporate) that may arise from their position as directors of the Company and its controlled entities, except where the liability arises out of conduct involving a lack of good faith. The agreement stipulates that the Company will meet the full amount of any such liabilities, including costs and expenses. 14.2 Insurance premiums During the financial year the Company has paid premiums in respect of directors’ and officers’ liability and legal expenses insurance contracts. Such insurance contracts insure against certain liability (subject to certain exclusions) persons who are or have been directors or officers of the Company or its controlled entities. The directors have not included details of the nature of the liabilities covered or the amount of the premium paid in respect of the directors’ and officers’ liability and legal expenses’ insurance contracts, as such disclosure is prohibited under the terms of the contract. 15. ENVIRONMENTAL REGULATION The consolidated entity’s operations are subject to various environmental regulations under both Commonwealth and State legislation. The board is only aware on one environmental incident. The EPA has commenced proceedings against Werris Creek Coal Pty Ltd over a 2007 incident that occurred when the Group held a minority interest. The sale agreement for the controlling interest includes an indemnity for 60% of any costs or penalties that may arise from the incident. Given the indemnity and the recency of the EPA notice, no amounts have been provided as directors believe it is too early to assess a reliable estimate. Directors do not believe that the proceedings will have a major financial impact on the Company. 35
Annual Report 2009