dIRECTORS’ REPORT COnTInUEd Number of Options Provided as Remuneration During the Financial Year Shares Issued on the Exercise of Options Provided as Remuneration Remuneration Report (Audited)  (continued) ESOP options expire between two and a half and four years after they are granted. The exercise price of ESOP options, issued  during the financial year, was based on the volume weighted average price at which the Company’s ordinary shares traded on the  ASX during the 180 days of trading days before the ESOP options were offered. The exercise price of other share options is based on the weighted average price at which the Company’s ordinary shares traded  on the ASX during the 180 days of trading days before the options were offered. If there is a change of control in the Company, all unexercised options become immediately exercisable. The option exercise prices are subject to adjustment in certain circumstances as per ASX Listing Rule 6.22.2. Options granted carry no dividend or voting rights.  Further information on options is set out in Note 27 of the financial statements. Details of options over unissued ordinary shares in the Company provided as remuneration to each Director and each of the other  key management personnel are set out below: * The value at grant date, calculated in accordance with AASB 2, of options granted during the financial year as part of their remuneration. No options over unissued ordinary shares in the Company lapsed during the financial year. Details of fully paid ordinary shares in the Company issued as a result of the exercise of remuneration options to each Director  and other key management personnel during the financial year are set out below: 28 Number of  Amount  Date of  Ordinary  Value at  Paid Per  Exercise  Shares  Exercise  Ordinary  Name  of Options  Issued  Date# *  Share Executive Directors  Mr Robert Hosking  25 February 2011  750,000  $1,537,500  $5.00 25 February 2011  750,000  $1,912,500  $4.50 2 May 2011  250,000  $625,000  $4.00 Mr Mark Smith  25 February 2011  750,000  $1,537,500  $5.00 25 February 2011  750,000  $1,912,500  $4.50 Number of Options  Number of Options  Granted During  Value of Options  Vested During  Name  Financial Year   at Grant Date# *  Financial Year Executive Directors  Mr Robert Hosking  -  -  - Mr Mark Smith  -  -  - Non-Executive Directors  Mr Geoff Atkins  -  -  - Mr Clark Davey  500,000  $1,375,000  - Mr Stephen Power  -  -  - Other key management personnel (Group) Mr Scott Hosking  100,000  $267,000  100,000 Mr Tim Hosking  -  -  - Mr Lino Barro  100,000  $192,000  - Mr Edward Munks  200,000  $406,000  - Total key management personnel (Group) 900,000  $2,240,000  100,000 Karoon Gas Australia Ltd  Annual Report 2011