2011 Annual Report (3 April 2012) - Grange Resources

GRANGE RESOURCES LIMITED
86
Notes to the Financial Statements (cont.)
NOTE 40. SHARE BASED PAYMENTS (cont.)
31 December 2010
Issued on
Balance
Balance Granted as vesting of Other changes 31 December
Performance Period 1 July 2010 remuneration rights (net) 2010 Vested Unvested
30 June 2010 - 2,307,963 - - 2,307,963 769,321 1,538,642
As at the date of this report, the Remuneration and Nomination Committee is still reviewing variable remuneration entitlements for the
year ended 31 December 2011. Rights awarded to eligible employees for the year ended 31 December 2011 will be disclosed during
the period in which the Remuneration and Nomination Committee approves the variable remuneration entitlement.
(iv) Options to Grange Shares
The objective of issuing Options under the LTI program is to provide a mechanism for the Company to selectively reward senior
employees for having gone the “extra mile” in dealing with exceptional or unplanned or unexpected issues or circumstances which have
impacted the business. The Board of Directors, based on the Managing Director’s recommendation, may discretionally grant the options
via the LTI plan processes, and these options vest in over the timeframe stipulated in the LTI Plan from time to time. A maximum number
of Options per individual issue has been specified and approved for each job grade in the grade structure matrix. The exercise price of
options issued will be equal to a 20% premium on the weighted average price of the Company’s shares in the last three months before
the financial period begins.
The table below summaries the options issued to eligible employees:
Vested and
Balance at Granted Exercised Cancelled Balance at exercisable
Expiry Exercise start of during the during the during the end of at end of
Grant Date date price (1) the period period period period the period the period
31 December 2011
14/15-Jul-08 1-May-12 $1.92 325,000 - - - 325,000 325,000
14-Jul-08 1-May-12 $2.87 150,000 - - - 150,000 150,000
14-Jul-08 6-Mar-12 $3.37 150,000 - - - 150,000 150,000
16-Jun-09 1-Oct-12 $2.37 65,000 - - - 65,000 65,000
TOTAL 690,000 - - - 690,000 690,000
Weighted average exercise price $2.48 - - - $2.48 $2.48
31 December 2010
14/15-Jul-08 1-May-12 $1.92 325,000 - - - 325,000 325,000
14-Jul-08 1-May-12 $2.87 150,000 - - - 150,000 150,000
14-Jul-08 6-Mar-12 $3.37 150,000 - - - 150,000 150,000
16-Jun-09 1-Oct-12 $2.37 65,000 - - - 65,000 65,000
TOTAL 690,000 - - - 690,000 690,000
Weighted average exercise price $2.48 - - - $2.48 $2.48
(1) Each option is convertible into one ordinary share.
Fair value of options granted
No options were granted during the reporting period.
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