ANNUAL REPORT 2011 REMUNERATION REPORT - continued 4.0 Share based compensation KMP are eligible to participate in Perseus’s Employee Share Option Plan (“ESOP”). The terms and conditions of  each grant of options affecting remuneration of directors and KMP in the current or a future reporting period are set  out below. When exercisable, each option is convertible into one ordinary share of Perseus. Further information is  set out in Note 29 to the financial statements. Options granted under the ESOP carry no dividend or voting rights. When exercisable, each option is convertible  into one ordinary share. The assessed fair value at grant date of options granted to the individuals is allocated equally over the period from  grant date to vesting date, and the amount is included in the remuneration tables above. Fair values at grant date  are independently determined using a Black-Scholes option pricing model that takes into account the exercise  price, the term of the option, the impact of dilution, the share price at grant date and expected volatility of the  underlying share, the expected dividend yield and the risk-free interest rate for the term of the option. Further information relating to options and the portion of KMP remuneration related to equity compensation for the  period are set out below in table 5. 1  For details on the valuation of options, including models and assumptions used, refer to Note 29 in the Financial Statements. Grant date  Exercise  Fair Value Vesting date  % of grant  Expiry date price  per option  vested at grant date  27 November 2009  $1.30  $1.23  1 July 2010  100  31 March 2012 17 June 2010  $2.13  $1.73  17 June 2011  100  16 June 2013 29 July 2010  $2.45  $1.43  29 July 2010  100  29 July 2012 15 June 2011  $3.00  $1.79  16 June 2012  -  15 June 2014 Table 4 - Key terms of options held by KMP and directors as at 30 June 2011 27