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Whitehaven Coal Limited : Annual Report 2013
159 Whitehaven Coal Limited Annual Report 2013 Notes to the Financial Statements 30 June 2013 Performance Share Right grant to senior employees on 24 September 2012 The Company issued 1,575,301 performance share rights to key senior employees as part of the revised long-term incentive plan. The terms and conditions of the grant are as follows. Performance share rights Exercise price Number of instruments Vesting conditions Expiration date Tranche 1 $0.00 525,113 23 September 2014 23 September 2014 Tranche 2 $0.00 525,102 23 September 2015 23 September 2015 Tranche 3 $0.00 525,086 23 September 2016 23 September 2016 1,575,301 The performance share rights vest over the period 23 September 2012 to 23 September 2016 and are subject to a performance measure linked to relative total shareholder return (TSR). The performance measure compares the TSR performance of the Company with the TSR performance of each of the entities in a comparator group. The comparator group for the FY2013 grant comprises those entities within the ASX 100 Resources Index as at 24 September 2012. The performance share rights vest subject to achieving a total shareholder return ('TSR') as follows: • TSR over vesting period above 75th percentile -- 100% vest • TSR over vesting period between 50th and 75th percentile -- sliding scale of vesting between 50% and 100% • TSR over vesting period equal to the 50th percentile -- 50% vest • TSR over vesting period below the 50th percentile -- 0% vest c) Movement in options and performance share rights The following table illustrates the number and weighted average exercise prices of, and movements in, performance share rights during the year: Weighted average exercise price 2013 Number of options 2013 Weighted average exercise price 2012 Number of options 2012 Outstanding at beginning of period $3.71 17,846,945 $1.71 9,455,002 Exercised during the period $0.00 (974,035) $1.59 (10,167,244) Granted during the period $0.00 1,575,301 $3.56 18,566,945 Forfeited during the period $0.00 (183,471) $0.00 (7,758) Outstanding at 30 June $3.62 18,264,740 $3.71 17,846,945 Exercisable at 30 June $3.92 16,872,910 $3.92 16,872,910
Annual Report 2012