Axiom 2014 Annual Report - page 112

Notes to the Financial Statements
for the year ended 30 September 2014
110
Axiom Mining Limited
23. Directors remuneration (continued)
Details of the unexpired rights as at 30 September 2014 are as follows:
Number of
rights granted Grant date Expiry date
Fair value per
share at grant
approval date
cents
VWAP
hurdle
cents
Number
Vested
Directors
Stephen Williams
2,500,000
30/07/11
*
–
7.0
–
2,000,000
22/04/13
21/04/16
1.33
5.0
–
2,000,000
22/04/13
21/04/16
1.20
7.5
–
6,000,000
22/04/13
21/04/16
1.06
10.0
–
12,500,000
Ryan Mount
5,000,000
22/04/13
21/04/16
1.33
5.0
–
10,000,000
22/04/13
21/04/16
1.20
7.5
–
10,000,000
22/04/13
21/04/16
1.06
10.0
–
10,000,000
22/04/13
21/04/16
0.98
12.5
–
10,000,000
22/04/13
21/04/16
0.89
15.0
–
10,000,000
22/04/13
21/04/16
0.77
20.0
–
10,000,000
22/04/13
21/04/16
0.67
25.0
–
15,000,000
22/04/13
21/04/16
0.60
30.0
–
10,000,000
22/04/13
21/04/16
0.54
35.0
–
10,000,000
22/04/13
21/04/16
0.50
40.0
–
100,000,000
*No expiry date. Performance condition and service-based vesting conditions applies.
The shares to be issued on exercise of the performance rights must be issued within three years from the approval by the
shareholders. Therefore the VWAP conditions are required to be met within two and a half years of the date grant date.
A further six months must elapse after satisfaction of the VWAP performance condition before the performance rights
can be exercised. The performance rights may be exercised no later than 12 months after the satisfaction of the VWAP
performance condition.
A service-based vesting condition also applies. That is, Mr Mount and Mr Williams must remain in the service of the
Company at the time the performance rights are exercised.
Performance rights that do not vest will lapse.
The performance rights are issued for nil consideration and have a nil exercise price.
The fair value at grant date is independently determined using a Black-Scholes option pricing model that takes into
account the exercise price, the term of the rights, the impact of dilution, the share price at grant date and expected price
volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the rights. No
performance rights were granted during the year. Details relating to fair value calculations for performance rights issued
in prior year were included in September 2013 Annual Financial report.
24. Approval of the financial statements
The financial statements were approved and authorised for issue by the board of directors on 17 February 2015.
COMPANY FINANCIAL REPORT
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