Page 62 - Sun Resources 2014 Annual Report

16 Share-based Payments
2014
Options issued in 2014
No options were issued in the 2014 year.
2013
Options issued in 2013
Grant Date Class
Expiry/
Milestone
Expiry Date
Exercise
Price
Granted
during Year
Exercised
during year
Forfeited
during year
Balance at
end of year
Vested at
end of year
Cents Number Number Number Number Number
Options
9 August 2012 Ordinary 8 August 2015 9.4 1,000,000 - - 1,000,000 1,000,000
12 September
2012 Ordinary 31 March 2014 2.5 8,265,000 - - 8,265,000 8,265,000
12 September
2012 Ordinary 31 March 2014 2.5 20,000,000 - - 20,000,000 20,000,000
12 September
2012 Ordinary 12 September
2015 10.5 5,000,000 - - 5,000,000 5,000,000
3 May 2013 Ordinary 3 May 2016 5.7 15,000,000 - - 15,000,000 15,000,000
3 May 2013 Ordinary 3 May 2016 6.7 15,000,000 - - 15,000,000 -
3 May 2013 Ordinary 3 May 2016 7.6 15,000,000 - - 15,000,000 -
Performance Options
12 September
2012 Class D 28 February
2013 0.1 10,744,500 (10,744,500) - - -
12 September
2012 Class E 31 August 2016 0.1 10,744,500 - - 10,744,500 -
12 September
2012 Class F 31 August 2016 0.1 12,397,500 - - 12,397,500 -
12 September
2012 Class G 30 June 2013 0.1 75,000,000 (75,000,000) - - -
12 September
2012 Class H 31 March 2013 0.1 75,000,000 - (75,000,000) - -
12 September
2012 Class I 31 March 2013 0.1 40,000,000 - (40,000,000) - -
The Company issued 30,000,000 unlisted options in three 10,000,000 tranches on 3 May 2013 to Dr Govert van Ek
with exercise prices of $0.057, $0.067 and $0.076 per option on or before 3 May 2016 as an incentive. The fair value
calculated as $393,172 for these three year options at the date of issue was independently determined using the Black-
Scholes option pricing model that takes into account the exercise prices ($0.057, $0.067, $0.076), the share price at
grant date ($0.035), expected volatility of the share price (80%) and the risk-free interest rate (2.53%).
The Company issued 15,000,000 unlisted options in three 5,000,000 tranches on 3 May 2013 to Mr Matthew Battrick
with exercise prices of $0.057, $0.067 and $0.076 per option on or before 3 May 2016 as an incentive. The fair value
calculated as $196,586 for these three year options at the date of issue was independently determined using the Black-
Scholes option pricing model that takes into account the exercise prices ($0.057, $0.067, $0.076), the share price at
grant date ($0.035), expected volatility of the share price (80%) and the risk-free interest rate (2.53%).
The Company issued 5,000,000 unlisted options on 12 September 2012 to a Director Mr D Kestel with an exercise price
of $0.105 per option on or before 12 September 2015 as an incentive. The fair value calculated as $171,676 for these
three year options at the date of issue was independently determined using the Black-Scholes option pricing model that
takes into account the exercise price ($0.105), the share price at grant date ($0.07), expected volatility of the share price
(90%) and the risk-free interest rate (2.45%).
The Company issued 1,000,000 unlisted options on 8 August 2012 to Mr Stewart Bayford with an exercise price of
$0.094 per option on or before 9 August 2015 as an incentive. The fair value calculated as $30,263 for these three year
options at the date of issue was independently determined using the Black-Scholes option pricing model that takes into
account the exercise price ($0.094), the share price at grant date ($0.062), expected volatility of the share price (90%)
and the risk-free interest rate (2.45%).
NOTES TO AND FORMING PART OF THE CONSOLIDATED
FINANCIAL STATEMENTS
60 SUN RESOURCES ANNUAL REPORT 2014