Urbanise.com Annual Report 2019

Annual Report 2019 Urbanise.com Limited 29. Share-based payments (continued) Options and performance share rights movements The following share-based payment arrangements were in existence during the current and comparative reporting periods and are supported by the tables provided below: Performance share rights 2019 No. 2018 No. Opening balance 5,946,250 – Performance share rights issued 30,000,000 16,541,250 Performance share rights forfeited (8,026,250) (10,595,000) Closing balance 27,920,000 5,946,250 Performance share rights Financial Year 2019 Grant Date Expiry Date Exercise Price Balance at beginning of year Granted during year Exercised during year Forfeited during year Expired during year Balance at end of year Balance vested at end of year 29/09/17 30/6/19 $0.00 1,346,875 – – (356,250) (990,625) – – 29/09/17 30/6/19 $0.00 1,346,875 – – (356,250) (990,625) – – 29/09/17 30/6/20 $0.00 834,158 – – (277,497) 556,661 – 21/11/17 30/6/20 $0.00 250,000 – – – 250,000 – 29/09/17 30/6/20 $0.00 834,167 – – (277,499) 556,668 – 21/11/17 30/6/20 $0.00 250,000 – – – 250,000 – 29/09/17 30/6/20 $0.00 834,175 – – (277,504) 556,671 – 21/11/17 30/6/20 $0.00 250,000 – – – 250,000 – 24/10/18 i 31/8/19 $0.00 – 6,000,000 – (1,500,000) 4,500,000 – 24/10/18 i 31/8/20 $0.00 – 6,000,000 – (1,500,000) 4,500,000 – 24/10/18 i 31/8/21 $0.00 – 6,000,000 – (1,500,000) 4,500,000 – 21/11/18 ii 31/8/19 $0.00 – 4,000,000 – – 4,000,000 – 21/11/18 ii 31/8/20 $0.00 – 4,000,000 – – 4,000,000 – 21/11/18 ii 31/8/21 $0.00 – 4,000,000 – – 4,000,000 – Total 5,946,250 30,000,000 (6,045,000) (1,981,250) 27,920,000 – i. At the board meeting on 24 October 2018, a resolution was passed to issue performance share rights to Urbanise employees. 18,000,000 of the performance shares are based on cash flow targets being met at 30 June 2019. These performance shares will vest in 3 equal tranches on 31 August 2019, 31 August 2020 and 31 August 2021, subject to the employees’ (including Key Management Personnel) continued employment. There is no exercise price on these performance rights. Targets were met but subject to ongoing service conditions. ii. At the board meeting on 21 November 2018, a resolution was passed to issue performance share rights to Urbanise employees. 12,000,000 of the performance shares are based on cash flow targets being met at 30 June 2019. These performance shares will vest in 3 equal tranches on 31 August 2019, 31 August 2020 and 31 August 2021, subject to the employees’ (including Key Management Personnel) continued employment. There is no exercise price on these performance rights. Targets were met but subject to ongoing service conditions. Notes to the Consolidated Financial Statements for the year ended 30 June 2019 (continued) 76