72 NOTES TO THE FINANCIAL STATEMENTS CONTINUED 30 June 2022 FINANCIAL REPORT Note 33. Share-based payments continued 2021 Tranche Grant date Expiry date Exercise price Balance at the start of the year Granted Exercised Expired / lapsed on termination of employment Balance at the end of the year 1 16/11/2015 16/11/2020 $2.2000 236,667 - - (236,667) - 2 05/09/2016 05/09/2021 $1.6300 50,000 - - - 50,000 3 12/10/2016 17/10/2021 $1.5600 62,000 - - - 62,000 4 31/10/2016 01/11/2021 $1.3800 12,500 - - - 12,500 5 21/11/2016 23/11/2021 $1.3800 50,000 - - - 50,000 6 07/08/2017 07/08/2022 $0.6700 224,000 - (121,500) (15,500) 87,000 7 05/02/2018 05/02/2023 $0.7800 440,000 - (120,000) - 320,000 8 04/01/2019 04/01/2024 $0.4925 250,000 - (200,000) (12,500) 37,500 9 13/11/2019 13/11/2023 $0.4925 1,200,000 - - - 1,200,000 10 13/01/2020 13/01/2025 $0.8810 250,000 - - (50,000) 200,000 11 09/11/2020 09/11/2024 $1.1320 - 1,200,000 - - 1,200,000 12 09/11/2020 09/11/2024 $0.8810 - 800,000 - - 800,000 13 04/01/2021 04/01/2026 $1.6900 - 200,000 - - 200,000 2,775,167 2,200,000 (441,500) (314,667) 4,219,000 Weighted average exercise price $0.7970 $1.0915 $0.6195 $1.8473 $0.8911 At the end of the period the following outstanding options were vested and exercisable: • Options in tranche 1 have expired during the year • Options in tranches 2 - 8 were vested and exercisable except for tranche 6 which was vested as to 53% • Options in tranche 9 were vested as to 1million of the 1.2million options on issue • Options in tranches 10-12 were 25% vested • Options in tranche 13 were unvested at year end The weighted average remaining contractual life of options outstanding at 30 June 2021 is 2.6 years. Employee share options During the year ended 30 June 2022, 4,800,000 options have been issued to directors and employees by the consolidated entity pursuant to the Company’s Employee Share Option Plan. • Tranche 14 vests as to 25% immediately on issue and then in three equal annual amounts from one year from the date of issue. • Tranches 13 & 15 - 19 vest in four equal annual amounts from one year of the date of issue Vesting conditions for options within all tranches, is based on service period only; i.e. options will only vest if the option holder continues to be a full-time employee with the Company or an Associated Company during the vesting period relating to the option. Conditions for an option to be exercised: • The option must have vested; • Option holder must have provided the Company with an Exercise Notice and have paid the Exercise Price for the option; • The Exercise Notice must be for the exercise of at least the Minimum Number of Options; and • The Exercise Notice must have been provided to the Company and Exercise Price paid before the expiry of 5 years from the date the Option is issued.
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