Notes to the Consolidated Financial Statements for the Year Ended 30 June 2014 NOTE 21: SHARE BASED PAYMENTS (continued) NOTE 22: EVENTS SUBSEQUENT TO REPORTING DATE  NOTE 23: CONTINGENT LIABILITIES Scientific work on the therapeutic programs Page 38 Benitec Biopharma Ltd  Annual Report 2014 Benitec announced plans on 3 June 2014 to progress its non-small cell lung cancer (NSCLC) therapeutic Tribetarna™ into Phase II clinical trials  in late 2014 calendar year. The Company had reached agreement to use European-based clinical research organisation Clinical Trials Group  (CTGCRO) to manage the trial, and subsequently negotiated favourable commercial terms which included prepayments covering the clinical trial  On 18 December 2012 Benitec announced the appointment of Synteract Inc. as the Company’s Clinical Research Organisation responsible for the  progression of TT-034 into Phase I/II (a) Clinical Trials in the USA. Benitec has negotiated a contract with favourable commercial terms, in some  instances requiring prepayment, for Synteract to continue to manage the Clinical Trials throughout 2014 and 2015. Under the terms of the Transition Agreement, the Company agreed to pay CSIRO an amount of $297,293 for past patent costs only in the event of  a trigger event, being either a corporate transaction or an insolvency event. In January 2010, the Company reached a settlement with the CSIRO to replace the existing Licence Agreement and Commercial Agreement with a  new exclusive Licence Agreement for the use of intellectual property and the Capital Growth Agreement with the issue of ordinary shares. As part  of the settlement, a Transition Agreement was put in place in order to facilitate the change from the old agreements to the new agreement and to  deal with a number of other matters.  No matters or circumstances have arisen since 30 June 2014 which have significantly affected or may significantly affect the operations of the  Group, the results of those operations or the state of affairs of the Group, in subsequent financial years.  The weighted average remaining life of the options issued under the ESOP at 30 June 2014 was 3 years and 3 months.  (2013: 3 years and 4 months) 2014 2013 Grant Date Expiry Date  Exercise Price  Number  Number 13 July 2010  19 August 2014  $0.510  260,000 260,000  17 November 2011  17 November 2016  $1.250  1,800,000 1,800,000  7 February 2012  7 February 2017  $1.250  168,000 168,000  18 July 2012  18 July 2017  $1.250  400,000 400,000  16 November 2012  16 November 2017  $1.250  400,000 400,000  22 August 2013  22 August 2018  $1.250  2,080,000 - 28 May 2014  18 May 2019  $1.500  180,000 - 5,288,000 3,028,000  Details of ESOP share options outstanding as at end of year:  The following table shows the number and weighted average exercise price (WAEP) of share options issued under the ESOP: There were no options issued to directors in the year to 30 June 2014. The closing market price of an ordinary share of Benitec Biopharma Limited  (ASX Code: BLT) on the Australian Securities Exchange at 30 June 2014 was $1.15 (30 June 2013: $0.375, after adjusting for the securities  consolidation in July 2013) 2014 2014 2013 2013 Number WAEP Number WAEP Outstanding at the beginning of the year  3,028,000  1.200  2,440,000  1.147 Granted during the year  2,260,000  1.270 800,000  1.250  Exercised during the year  -   - -   -  Lapsed or forfeited during the year  -  -  -212,000  0.792 Outstanding at the end of the year  5,288,000  1.229  3,028,000  1.200  Options exercisable at the end of the year  2,178,667 1,456,000 