references
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2013 2013 FOR THE YEAR ENDED 30 JUNE
NOTE 16 - SHARE BASED PAYMENTS The establishment of the Icon's Performance Rights Plan was approved by shareholders at the 2010 AGM and the allotments were approved by shareholders at the 2012 AGM. The STI rewards company executives and staff for meeting or exceeding corporate and individual performance goals. The STI aligns the interests of company executives with shareholders by incentivising executives to meet company goals that add value to the company and contributes to share price growth. Performance conditions are set by the Board and reflect the financial and operational goals of Icon Energy and individual performance objectives over a 12 month period commencing 1 July 2012. Corporate key performance indicators include a focus on the following areas: • Exploration success; • Health, Safety & Environment performance targets; • Growth in the Company’s market capitalisation; • New project development. In order for Performance Rights under the LTI to vest the following two sets of performance criteria must be met: (1) The average daily Icon Energy share price must achieve and maintain a level of at least 40 cents per share for at least 30 consecutive days over the 3 years commencing 1 July 2012; and (2) The growth of the Icon Energy share price relative to the share price of a comparator group of Australian oil and gas exploration and production companies and other companies appearing in the S&P/ASX 300 Energy list as determined by the Board (expressed as a percentile ranking) over the 3 years commencing 1 July 2012 must achieve the 25th percentile in order for rights to begin vesting. Under the plan, participants are granted rights which only vest if certain performance standards are met. Participation in the plan is at the board's discretion and no individual has a contractual right to participate in the plan or to receive any guaranteed benefits. The amount of rights that will vest depends on the extent the performance criteria are met and are granted under the plan for no consideration. Rights granted under the plan carry no dividend or voting rights. When exercisable, each right is convertible into one ordinary share. The exercise price is nil. Set out below is a summary of performance rights granted under the plan: Short-term Incentives Grant date Expiry date Balance at start of the year No Granted during the year No 2,334,735 2,334,735 Exercised during the year No Lapsed during the year No (269,987) (269,987) Vested and Balance at exercisable at the end of the the end of the year year No 2,064,748 2,064,748 No 2,064,748 2,064,748
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14 Dec 2012 30 June 2015 Total: Long-term incentives Grant date Expiry date
Balance at start of the year No
Granted during the year No
Exercised during the year No
Lapsed during the year No
Vested and Balance at exercisable the end of the at the end of year the year No No
14 Dec 2012 Total:
30 June 2017
-
2,705,497 2,705,497
-
-
2,705,497 2,705,497
-
Expenses arising from share-based payment transactions Total expenses arising from share-based payment transactions recognised during the year as part of employee benefit expense were as follows: 30 June 2013 30 June 2012 $ $ 474,874 171,348 646,222 -
Rights issued under Performance Rights Plan - STI Rights issued under Performance Rights Plan - LTI
ABN 61 058 454 569
ICON ENERGY LIMITED 2013 Annual Report
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