2013 Apr 15 Annual Report 2012 - Phosphagenics

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Notes to the consolidated fi nancial statements 5. SHARE BASED PAYMENTS The Group provides benefi ts to service providers in the form of share-based payments. Employees render services in exchange for rights over shares (equity-settled transactions). There are currently two schemes in place to provide these benefi ts to employees, being the Employee Share Option Plan (ESOP) and the Employee Conditional Rights Scheme (ECRS). • The ESOP is designed to align participants’ interests with those of shareholders by increasing the value of the Company’s shares. Share options carry no rights to dividends and no voting rights. For options granted under the terms of the ESOP a service period was determined as the most appropriate criteria to attach to the options given Phosphagenics is still commercialising its products. There are no other services or performance criteria attached to share based payment options issued under the terms of the ESOP. • The ECRS allows eligible employees to be granted Rights to acquire Shares at no cost. The purpose of the Scheme is to provide a long term incentive to staff as part of a focus to more closely link overall remuneration to the achievement of performance benchmarks, to encourage direct involvement and interest in the performance of the Company and to enable the acquisition of a long term equity interest in the Company by its staff. All employees, including executive and non-executive Directors, and any individual whom the Board determines to be an eligible participant for the purposes of the Scheme, are eligible to participate in the Scheme. 88 Options held by directors of the parent and its subsidiaries were acquired as part of the original subscriptions for shares in Phosphagenics Limited in 1999. Subsequently, all options granted to key management personnel have been issued in accordance with the provisions of the Employee Share Option Plan (ESOP). All rights granted to key management personnel have been issued in accordance with the provisions of the Employee Conditional Rights Scheme (ECRS). Summary of options granted as share based payments The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, share options issued during the year. Item 2012 Options No. 2012 WAEP $ 2011 Options No. 2011 WAEP $ Outstanding at beginning of the year 13,150,000 $0.17 25,450,000 $0.17 Granted during the year - - 1,000,000 $0.17 Forfeited during the year - - (11,100,000) $0.14 Exercised during the year (2,650,000) $0.13 - - Expired during the year (1,100,000) $0.26 (2,200,000) $0.24 Outstanding at end of the year 9,400,000 $0.15 13,150,000 $0.15 Exercisable at end of the year 9,400,000 $0.15 13,150,000 $0.15 When a participant in the employee share option plan ceases employment prior to the vesting of their share options, the share options are forfeited unless cessation of employment is due to retirement or death. A service period was determined as the most appropriate criteria to attach to the options given Phosphagenics is still developing its products for commercialisation. There is no other service or performance criteria attached to share based payment options. PHOSPHAGENICS ANNUAL REPORT 2012
Notes to the consolidated fi nancial statements The outstanding balance as at 31 December 2012 is represented by: Issuing entity Australian stock exchange listed shares under option No. Class of shares Exercise price $ Expiry date Phosphagenics Ltd unquoted 5,000,000 Ordinary $0.14 31 Mar 2013 Phosphagenics Ltd unquoted 1,450,000 Ordinary $0.15 17 Aug 2013 Phosphagenics Ltd unquoted 1,000,000 Ordinary $0.15 14 May 2014 Phosphagenics Ltd unquoted 1,950,000 Ordinary $0.15 17 June 2014 Total 9,400,000 Summary of performance rights granted as share based payments The following table illustrates the number (No.) and weighted average exercise prices (WAEP) of, and movements in, performance rights issued during the year. Item 2012 Performance Rights No. 2012 WAEP $ 2011 Options No. 2011 WAEP $ Outstanding at beginning of the year 17,400,000 - - - Granted during the year 1,850,000 0.00 17,400,000 0.00 Forfeited during the year (1,150,000) - - - Exercised during the year - - - - Expired during the year - - - - Outstanding at end of the year 18,100,000 0.00 17,400,000 0.00 Exercisable at end of the year Nil - Nil - 89 When a participant in the ECRS ceases employment prior to the vesting of their performance rights, the performance rights are forfeited unless cessation of employment is due to retirement or death. At 31 December 2012 $30,962 was reversed as a result of forfeited unvested performance rights. The outstanding balance as at 31 December 2012 is represented by: Issuing entity Australian stock exchange listed Performance Rights No. Class of shares Exercise price $ Expiry date Phosphagenics Ltd unquoted 18,100,000 Ordinary $0.00 30 June 2016 Total 18,100,000 The expense recognised from equity settled share based performance transactions during the year is $425,573. There were no cancellation or modifi cations to the awards in 2012 or 2011. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
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20 12 Annual Report PHOSPHAGENICS P
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highlights March... April... May...
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03 Jonathan Addison Chairman & Inde
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COLLABORATIONS Strategic Collaborat
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The Phosphagenics Evolution THE STO
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“ We also reached agreement with
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Overview of our opioid development
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13 is branded as Butrans or Norspan
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Personal Care ASHLAND INC (FORMERLY
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BEAUTY IS MORE THAN SKIN DEEP 17 EL
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cellulite contour crème BioElixia
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Intellectual Property Title Countri
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2009 2008 2007 2006 6.8 7.8 22.2 23
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DR ESRA OGRU (AGED 37 YEARS) BSC (H
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Senior Management DR PAUL GAVIN Chi
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Phosphagenics Limited ABN 32 056 48
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Directors’ Report Your directors
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Directors’ Report continued Looki
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Directors’ Report continued Commi
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Page 115 and 116: Additional Shareholder Information
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Page 119: corporate directory Phosphagenics L
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2013 Apr 15 Annual Report 2012 - Phosphagenics

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