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## 32. MINORITY INTEREST 

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## 33. SHARE-BASED PAYMENTS 

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The share-based payment plan is described below. There have been no cancellations or modifications to the plan during 2011 and 2010. 

## (b) Employee Share Option Plan 

The Consolidated Entity has an Employee Option Scheme (EOS) for the granting of non-transferable options to senior executives and other staff members of the Consolidated Entity in accordance with guidelines established by the Board of the Company. 

The options issued under the EOS will vest when the following conditions are met: 

(i) The EOS has no direct performance requirements but has specified time restrictions on the exercise of options. 

(ii) The director or senior executive or other staff member continues to be employed by the Consolidated Entity on the first anniversary of the grant date or as determined by the Board of Directors. 

Other relevant terms and conditions applicable to the options granted under EOS include: 

(i) The options are issued for nil consideration; 

(ii) The options will not be quoted on the ASX; 

(iii) The exercise price of the options is equal to 120% of the weighted average closing sale price of the Company’s fully paid ordinary shares on ASX over the 5 trading days immediately preceding the day on which the Board resolves to offer that Option; 

(iv) Options vest after one year or as determined by the Board of Directors; 

(v) Any options that are not exercised by the fourth anniversary of their grant date will lapse; 

(vi) The options will lapse after six months if a person ceases employment with the Consolidated Entity; 

(vii) Upon exercise, these options will be settled in ordinary fully paid shares of the Company; and 

(viii) The Board of Directors may alter, delete or add to the terms and conditions of the EOS at any time. 

## (c) Summary of options granted under the Employee Option Scheme 

The following table illustrates the number and weighted average exercise price (WAEP) of, and movements in, share options issued under the EOS. 

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