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Whitehaven Coal Limited : Annual Report 2012
56 7. REMUNERATION REPORT (CONTINUED) 7.4 Remuneration during FY2012 -- audited (continued) 7.4.4 Equity instruments granted as remuneration (continued) Options and shares granted to Mr Kane The options granted to Mr Kane were made in recognition of shares in Boardwalk Resources that Mr Kane was entitled to under his previous employment arrangements. The options have an exercise price of $0.0001 per option, resulting in a total payment on exercise of $97.43. Mr Kane's options vested on 1 August 2012 and are exercisable from 1 October 2012. Whilst the options do not have any performance conditions attached to them (as they were granted in consideration for shares that Mr Kane was already entitled to under his previous employment arrangements), they are subject to a continuous service condition until 1 March 2014. If Mr Kane resigns or is terminated for cause prior to 1 March 2014, he will forfeit any options that remain unexercised and any shares he receives on exercise of the options. The 173,938 shares granted to Mr Kane were made to compensate him for options he would have been entitled to under Boardwalk Resources' proposed LTI arrangements. No performance or vesting conditions apply to the shares, as they were granted in place of Mr Kane's pre-existing entitlements. Instrument Number of instruments granted Grant date Fair value per instrument at grant date* Vesting date Expiry date Executives Peter Kane Options 974,035 1 May 2012 $5.01 1 Aug 2012 n/a Shares 173,938 1 May 2012 $5.18 -- -- Austen Perrin SARs 16,667 26 Oct 2011 $4.65 1 July 2012** 1 July 2013 SARs 16,667 26 Oct 2011 $4.51 1 July 2013** 1 July 2014 SARs 16,666 26 Oct 2011 $4.45 1 July 2014** 1 July 2015 Timothy Burt SARs 11,667 26 Oct 2011 $4.65 1 July 2012** 1 July 2013 SARs 11,667 26 Oct 2011 $4.51 1 July 2013** 1 July 2014 SARs 11,666 26 Oct 2011 $4.45 1 July 2014** 1 July 2015 Tony Galligan SARs 11,667 26 Oct 2011 $4.65 1 July 2012** 1 July 2013 SARs 11,667 26 Oct 2011 $4.51 1 July 2013** 1 July 2014 SARs 11,666 26 Oct 2011 $4.45 1 July 2014** 1 July 2015 * The fair value for SARs and options granted to the senior executives is based on the fair value, measured using a Black Scholes model (for options) or a Monte Carlo simulation model (for SARs). The factors and assumptions used in determining the fair value on grant date are set out in the note 33 to the financial statements. ** Vested prior to the original vesting date as a result of the change in control of the Company and Merger. Further details regarding vesting of equity instruments in FY2012 are set out in tables 7.4.6 and 7.4.7 below. DIRECTORS' REPORT
Annual Report 2011
Annual Report 2013