7. EQUITY INSTRUMENTS 36  DIRECTORS’ REPORT End of Audited Remuneration Report. There were no shares issued on exercise of compensation options during the year. The maximum grant, which will be payable is equal to the number of options granted multiplied by the fair value  at the grant date. The minimum grant payable if the options lapse is zero. There were no alterations to the terms and conditions of options granted as remuneration since their grant date. * During the period 1,000,000 options issued to Mr S Huffadine lapsed unexercised and were subsequently forfeited. The value of the  options at the date of forfeiture was nil as the exercise price of the options was greater than the market value of the underlying shares. ˆ For details on valuation of the options, including models and assumptions used, please refer to note 33. ˆ For details on valuation of the options, including models and assumptions used, please refer to note 33.  Table 3:  Options awarded and vested during the year (Consolidated) Table 4:  Value of options awarded, exercised and lapsed during the yearˆ  30 June 2011 Granted Terms and conditions for each Grant Vested Granted  options Grant  Date Fair value  per option  at grant  date ˆ Exercise  price per  option Expiry  date First  exercise  date Last  exercise  date Vested  number of  options % of  options  vested Executives P M Cmrlec - - - - - - - 750,000 100% F J Van Maanen - - - - - - - 500,000 100% Total - 1,250,000 Value of options granted  during the year $ Value of options  exercised during the  year $ Value of options lapsed  during the year $ Total value of options  granted, exercised and  lapsed during the year $ Executives  S J Huffadine * - - - -