32. MINORITY INTEREST 33. SHARE-BASED PAYMENTS (b) Employee Share Option Plan (c) Summary of options granted under the Employee Option Scheme The following table illustrates the number and weighted average exercise price (WAEP) of, and movements in, share options issued  under the EOS.  The share-based payment plan is described below. There have been no cancellations or modifications to the plan during 2011 and  2010. The Consolidated Entity has an Employee Option Scheme (EOS) for the granting of non-transferable options to senior executives  and other staff members of the Consolidated Entity in accordance with guidelines established by the Board of the Company. The options issued under the EOS will vest when the following conditions are met: Other relevant terms and conditions applicable to the options granted under EOS include: 2011 2010 Equity contribution 2,500  2,500  Accumulated losses (206,045) (59,805) Non-controlling interest share of net assets in controlled entity 185,173  185,173  (18,372) 127,868  2011 2010 (a) Recognised share-based payment expense The expense recognised for services received during the year is shown in the table below: Expense arising from equity-settled share-based payments 103,385  315,141  2011 Number 2011  WAEP 2010  Number 2010  WAEP Outstanding at the beginning of the year 7,775,000  0.326 8,550,000  0.333 Granted during the year - - 3,100,000  0.130 Exercised during the year - - - - Lapsed/cancelled during the year (3,000,000) 0.397 (3,875,000) 0.261 Outstanding at the year end 4,775,000  0.240 7,775,000  0.326 Exercisable at the year end 4,775,000  0.240 4,925,000  0.400 99  NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2011 (i)  The EOS has no direct performance requirements but has specified time restrictions on the exercise of options. (ii)  The director or senior executive or other staff member continues to be employed by the Consolidated Entity on the first  anniversary of the grant date or as determined by the Board of Directors. (i)  The options are issued for nil consideration; (ii)  The options will not be quoted on the ASX; (iii)  The exercise price of the options is equal to 120% of the weighted average closing sale price of the Company’s fully paid  ordinary shares on ASX over the 5 trading days immediately preceding the day on which the Board resolves to offer that  Option; (iv)  Options vest after one year or as determined by the Board of Directors; (v)  Any options that are not exercised by the fourth anniversary of their grant date will lapse; (vi)  The options will lapse after six months if a person ceases employment with the Consolidated Entity;  (vii)  Upon exercise, these options will be settled in ordinary fully paid shares of the Company; and (viii) The Board of Directors may alter, delete or add to the terms and conditions of the EOS at any time.