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Whitehaven Coal Limited : Annual Report 2009
88 NOTES TO THE FINANCIAL STATEMENTS 30 JUNE 2009 33. SHARE-BASED PAYMENTS a) Recognised share-based payment expenses Consolidated Company In thousands of AUD 2009 2008 2009 2008 Employee expenses Share options -- director-related entities 115 2,619 115 2,619 Share options -- senior employees 157 68 157 68 272 2,687 272 2,687 b) Types of share-based payment plans Option grant to CEO/Managing Director on 5 September 2007 The Company issued share options to the Managing Director when he was appointed as Chief Executive Officer in October 2007. The terms and conditions of the grant are as follows. Option Exercise price Number of instruments Vesting conditions Expiration date Tranche 1 $2.50 1,000,000 1st anniversary of employment 22 October 2012 Tranche 2 $2.50 1,000,000 2nd anniversary of employment 22 October 2012 Tranche 3 $2.50 1,000,000 3rd anniversary of employment 22 October 2012 3,000,000 Option grant to director-related entities on 3 May 2007 Option Exercise price Maximum potential shares each Grant percentage % Vesting conditions Percentage of Tranche 2 shares released from escrow to be held Option 1 $1.00 2,505,000 0.835 $2.50/share 100 Option 2 $1.00 4,575,150 1.5 $3.00/share 90 Option 3 $1.00 3,769,924 1.2 $3.50/share 80 Option 4 $1.00 3,844,317 1.195 $4.00/share 70 Option 5 $1.00 3,623,277 1.1 $4.50/share 60 Option 6 $1.00 3,702,989 1.1 $5.00/share 50 22,020,657 In the year ended 30 June 2007, the related entities of directors Andy Plummer and Tony Haggarty were granted six options each to acquire additional shares in the Company under the terms of the Equity Participation and Option Deed (the Deed). The number of potential shares under the options is the grant percentage' (set out in the table above) of a deemed amount of issued shares. Fo r the purposes of the Deed, the deemed number of shares is 300 million shares plus any shares issued under previous exercised options. Each option is exercisable when the share price reaches a certain level (as set out in the table above). All share prices will be considered attained when volume weighted average price of ordinary shares on the ASX measured over ten consecutive trading days reaches the required amount. All options have an exercise price of $1 and must be exercised by the related entities within 90 days of being notified the Company's share price has reached the target share price. The maximum number of potential shares will be reduced if the relevant percentage shown in the table above of the Tranche 2 shares released from escrow are not held at the time of exercising the option on a pro rata basis. The options have an expiry date of 4 April 2017. Upon resignation by the director, any options that have not been vested will be forfeited.
Annual Report 2008
Annual Report 2010