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Whitehaven Coal Limited : Annual Report 2012
Whitehaven Coal Limited -- Annual Report 2012 59 The movement during the reporting period, by number and value, of SARs and options over ordinary shares in the Company held by director-related entities and each senior executive is detailed below. There are no unpaid amounts on the shares issued as a result of the vesting of SARs or exercise of options in FY2012. Executive Instrument Balance as at 1 July 2011 Granted (number) Granted (value) (A) Vested (number) Vested (value) (B) Exercised (number) Exercised (value) (B) Lapsed (number) Lapsed (value) (C) Balance as at 30 June 2012 SARs only SARs only Options only Options only Allan Davies Options 5,000,000 -- -- -- -- 5,000,000 $20,300,000*** -- N/A -- Peter Kane Options -- 974,035 $4,800,000 -- -- -- -- -- N/A 974,035 Austen Perrin SARs 100,000 50,000 $230,933 150,000** $877,267** -- -- -- N/A -- Options 100,000 -- -- -- -- 100,000* $462,332* -- N/A -- Tony Galligan SARs 85,000 35,000 $161,653 120,000** $704,100** -- -- -- N/A -- Timothy Burt SARs 65,000 35,000 $161,653 100,000** $584,399** -- -- -- N/A -- * Exercised in two tranches: 33,333 options were exercised at an exercise price of $1.00 on 27 October 2011; 66,667 options were exercised at an exercise price of $1.00 on 8 February 2012. ** Comprises SARs that vested in the ordinary course on 27 July 2011 and SARs that vested as a result of the change of control and Merger on 23 April 2012. *** 1,666,667 options, being the final tranche of options granted in February 2009 vested on 31 October 2011. The first two tranches, comprising 3,333,333 options, vested in prior years. Mr Davies exercised all 5,000,000 options on 4 April 2012 at an exercise price of $1.70. (A) The value of SARs and options granted in the year is the fair value of the options calculated at grant date using the Black Scholes model (for options) or the Monte Carlo simulation model (for SARs). The total value of the options granted is included in the table above. (B) The value of SARs vested during the year is calculated as the market price of shares of the Company as at close of trading on the date the SARs vested and shares issued to senior executives. The value of options exercised during the year is calculated as the market price of the shares of the Company as at the close of trading on the date the options were exercised, less the price paid upon exercise. (C) The value of SARs and options that lapsed during the year represents the benefit forgone and is calculated at the date the option lapsed using the Black Scholes model (for options) or the Monte Carlo simulation model (for SARs). No SARs or options lapsed in the year.
Annual Report 2011
Annual Report 2013