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Whitehaven Coal Limited : Annual Report 2010
34 7. REMUNERATION REPORT -- AUDITED (CONTINUED) 7.3.4 Vesting of options over equity instruments granted as compensation -- audited Details of options vested during the year for each of the named executives and director related entities are detailed below. Options granted Number Date % vested in year % forfeited in year Financial years in which grant vests Executives Tony Galligan 33,334 3 May 2007 100 -- 2010 Austen Perrin 33,333 19 Feb 2009 100 -- 2010 Options granted Number Date % vested in year % forfeited in year Share price at which grant vests Director related entities Tony Haggarty 3,623,277 3 May 2007 100 -- $4.50 3,702,989 3 May 2007 100 -- $5.00 Andy Plummer 3,623,277 3 May 2007 100 -- $4.50 3,702,989 3 May 2007 100 -- $5.00 Allan Davies 1,666,666 17 Nov 2009 100 -- n/a The options provided to the related entities of Mr Haggarty and Mr Plummer vested when the volume weighted average price of the ordinary shares on the ASX measured over 10 consecutive trading days reached the specified share price. The options provided to the related entity of Mr Davies vested in accordance with the vesting dates disclosed in section 7.3.1 of the remuneration report. No additional share price hurdles need to be met for the options to vest. 7.3.5 Analysis of movements in options -- audited The movement during the reporting period, by value, of options over ordinary shares in the Company held by director related entities and each key management person is detailed below. Granted in year $ (A) Value of options exercised in year $ (B) Lapsed in year $ (C) Executives Tony Galligan -- 120,335 -- Director related entities Tony Haggarty -- 26,814,133 -- Andy Plummer -- 30,257,478 -- Allan Davies 12,046,665 -- -- (A) The value of options granted in the year is the fair value of the options calculated at grant date using the Black Scholes model. The total value of the options granted is included in the table above. This amount is allocated to remuneration over the vesting period 31 October 2009 to 31 October 2013. (B) The value of options exercised during the year is calculated as the market price of shares of the Company as at close of trading on the date the options were exercised after deducting the price paid to exercise the option. (C) The value of options exercised that lapsed during the year represents the benefit forgone and is calculated at the date the option lapsed using the Black Scholes model. No options lapsed in the year. DIRECTORS' REPORT
Annual Report 2009
Annual Report 2011