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Annual Report 2016 57
DIRECTORS’ REPORT
Directors' report
30 June 2016
(continued)
Remuneration report (continued)
Additional statutory information (continued)
(iii) Terms and conditions of the share-based payment arrangements
Rights to deferred shares
Rights to deferred shares under the Company's PRP are granted annually. The shares vest after three years from the
start of the financial year. On vesting, each right automatically converts into one ordinary share. The executives do not
receive any dividends and are not entitled to vote in relation to the rights during the vesting period. If an executive
ceases employment before the rights vest, the rights will be forfeited, except in limited circumstances that are approved
by the Board.
The value at grant date for share rights granted during the year as part of remuneration is calculated in accordance with
AASB 2
Share-based Payment
. Refer to note
26
for details of the valuation techniques used for the PRP.
Grant date
Vesting date
Grant date value
22 January 2016
1 July 2018
$1.20
16 December 2015
1 July 2018
$1.56
9 January 2015
1 July 2017
$2.55
20 November 2014
1 July 2017
$2.84
28 February 2014
1 July 2016
$2.14
28 February 2013
1 July 2015
$2.06
(iv) Reconciliation of share rights shares held by KMP
The table below shows the number of share rights that were granted, vested and forfeited during the year.
Balance at
the start of
the year
Granted
during the
year
Vested
1
Forfeited
2
Balance at
the end of
the year
(unvested)
Maximum
value yet to
vest
Name
Year
granted Number
Number
Number
% Number
% Number
$
Peter Bradford
2016
-
217,391
-
-
-
-
217,391
226,609
2015 175,365
-
-
-
-
-
175,365
165,765
Keith Ashby
2016
-
19,361
-
-
-
-
19,361
18,357
Matt Dusci
2016
62,174
-
-
-
-
62,174
58,951
2015
50,154
-
-
-
-
-
50,154
50,131
Rob Dennis
2016
78,116
-
-
-
-
78,116
81,271
Joanne McDonald 2016
-
10,586
-
-
-
-
10,586
10,037
Sam Retallack
3
2016
-
19,361
-
-
-
-
19,361
18,357
2015
10,473
-
-
-
-
-
10,473
10,468
2014
16,347
-
12,422 76 3,925 24
-
-
Scott Steinkrug
2016
-
62,174
-
-
-
-
62,174
58,971
2015
50,154
-
-
-
-
-
50,154
50,131
2014
66,272
-
-
-
-
-
66,272
-
2013
62,461
-
46,845 75 15,616 25
-
-
Brett Hartmann
2016
-
72,536
-
-
-
-
72,536
68,776
2015
58,513
-
-
-
-
-
58,513
58,486
2014
71,421
-
-
-
-
-
71,421
-
2013
67,324
-
50,493 75 16,831 25
-
-
Tony Walsh
4
2015
50,154
-
-
50,154 100
-
-
2014
66,596
-
-
-
66,596 100
-
-
Independence Group NL
28