IOOF  | Annual Report 2012 * The opening balance has been adjusted for 37,500 options that were reassessed as vested during the reporting period. The options outstanding at 30 June 2012 have an exercise price in the range of $2.98 to $9.99 and a weighted average contractual life of 2.8 years. The weighted average share price at the date of exercise for share options exercised during the year ended 30 June 2012 was $5.58 (2011: $6.84). Series - Recipient Exercise  price Opening  balance as  at 1 July  2011* Granted Forfeited or  Lapsed Exercised Closing  balance as  at 30 June  2012 Vested Options 2008-8 - Senior Management 3.15 112 , 5 0 0 - - (112 , 5 0 0 ) - - 2009-01 - Senior Management 2.98 53,619  - - - 53,619  53,619  2009-02 - Senior Management 3.73 26,809  - - - 26,809  26,809  2009-04 - Senior Management 5.52 134,0 48  - - (134,0 48) - - 2009-7 - Executives 9.36 147, 452 - - - 147, 452 147, 452 2009-8 - Senior Staff 9.36 191,670  - (6,702) - 184,968  184,968  2009-9 - Managing Director 9.99 134,0 48  - - - 134,0 48  134,0 48  2009-15 - Former CEO 9.89 675,000  - (675,000) - - - 2009-16 - Managing Director 5.20 316,624  - - - 316,624  - 2009-20 - Senior Management 5.68 150,000  - - - 150,000  56,250  2010-02 - Senior Management 7. 4 0 150,000  - - - 150,000  37, 5 0 0 2010-03 - Executives 7. 01 500,000  - - - 500,000  - 2010-04 - Executives 6.14 1,925,000  - - - 1,925,000  - 2010-05 - Managing Director 6.93 300,000  - - - 300,000  - 2012-02 - Managing Director 6.81 - 300,000  - - 300,000  - 2012-05 - DKN Replacement  7. 50 - 409,854  (10,620) - 399,234  - 4,816,770  709,854  (692,322) (246,548) 4,587,754  640,646  Performance rights 2007-5 - Senior Management $nil 3,750  - - (3,750) - - 2008-1 - Senior Management $nil 41,614  - - (41,614) - - 2008-2 - Senior Management $nil 21,717  - - (21,717) - - 2008-6 - Other Key Stakeholders $nil 83,600  - - (83,600) - - 2008-7 - Senior Management $nil 7, 5 0 0 - - (1,250) 6,250  - 2009-14 - Managing Director $nil 150,000  - - - 150,000  - 2009-17 - Senior Management $nil 32,970  - - - 32,970  - 2009-18 - Other Key Stakeholders $nil 116 , 313 - (24,973) - 91,340  91,340  2010-01 - Senior Management $nil 8,750  - - (1,250) 7, 5 0 0 - 2010-06 - Managing Director $nil 150,000  - - - 150,000  - 2012-01 - Managing Director $nil - 150,000  - - 150,000  - 2012-04 - Executives $nil - 371,250  - - 371,250  - 616,214  521,250  (24,973) (153,181) 959,310  91,340  Deferred shares 2010-07 - Managing Director $nil 48,238  - - ( 24 ,119) 24 ,119 - 2012-03 - Managing Director $nil 31,694  - - - 31,694  - 2012-06 - Managing Director $nil - 35,977  - - 35,977  - 79,932  35,977  - ( 24 ,119) 91,790  - 5,512,916  1,267,081  (717,295) (423,848) 5,638,854  731,986  page 107 Disclosure of share-based payment programmes