Common use of Vesting and exercise of Performance Rights Clause in Contracts

Vesting and exercise of Performance Rights. (a) Subject to any express Rule to the contrary, a Performance Right will only Vest where the Board determines that each Vesting Condition, and all other relevant conditions advised to the Participant by the Board pursuant to Rule 2.2, have been satisfied or waived in accordance with Rule 12.1(b). (b) On and from Vesting of a Performance Right, a Performance Right may be exercised by the Participant lodging with the Company Secretary: (i) a notice of exercise of that Performance Right in the form attached as Schedule 1 to these Rules; and (ii) (if applicable) the tax file number for the Participant. (c) A Performance Right must be exercised (if at all) no later than the date nominated as the expiry date in the Offer and, subject to Rule 3.3, may only be exercised at any time after the Performance Right has Vested. The Board may determine (in its absolute discretion) any further conditions of exercise consistent with these Rules that apply to a Performance Right. The exercise of only some Performance Rights does not affect the Participant’s right to exercise other Performance Rights at a later time. If the Participant exercises less than all Performance Rights appearing in the holder’s Performance Right statement, then the Company will cause a replacement holding statement to be issued.