content_image/236626.jpg content_image/236628.jpg
## 33. SHARE-BASED PAYMENTS (CONTINUED) 

## (h) Directors options 

In addition to the EOS, the Company has issued options to Directors. 

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

(i) The options issued to Directors vest immediately; 

(ii) The option issue has no direct performance requirements; 

(iii) The options are issued for nil consideration; 

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

(v) 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 20 trading days immediately preceding the day on which the members resolve to offer that Option; 

(vi) Any options that are not exercised by the third anniversary of their grant date will lapse; and 

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

## (i) Summary of options granted to Directors 

The following table illustrates the number and weighted average (WAEP) of, and movements in, share options issued to Directors: 

<img src='content_image/236626.jpg'>

The outstanding balance as at 30 June 2011 is represented by the following table: 

<img src='content_image/236628.jpg'>

## (j) Weighted average remaining contractual life 

The weighted average remaining contractual life for the share options outstanding as at 30 June 2011 is 1.42 years (2010: 1.19). 

## (k) Range of exercise price 

The exercise price for options outstanding at the end of the year was $0.14 (2010: $0.14 - $0.46). 

## (l) Weighted average fair value 

The weighted average fair value of options granted during the year was nil (2010: $0.14). 

## (m) Contractors options 

In addition to the EOS, the Company has issued options to Contractors. 

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

(i) The options issued to Contractors vest immediately; 

(ii) The option issue has no direct performance requirements; 

(iii) The options are issued for nil consideration; 

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

(v) 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 members resolve to offer that Option; 

(vi) Any options that are not exercised by the expiry date as determined by the Directors at their grant date will lapse; and 

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

