Definitions & Acronyms

The vesting date for a share is the date when any conditions which apply to granting the share have been met and the employee's legal or beneficial interest in the share cannot be rescinded. From 1 July 2011, the vesting date for a share is the earlier of either the date as defined above or the date at the end of the 7 years from the date on which the share is granted to the employee.

The vesting date for an option is the earlier of either one of two dates (and from 1 July 2011, one of the three dates). The dates are:

• when the share to which the option relates is granted to the employee, or 
• when the right under the option to have the relevant share transferred, allotted or vested is exercised by the employee 
• (or, from 1 July 2011) at the end of the period of 7 years from the date on which the option is granted to the employee

The same meaning as in section 9 of the Corporations Act 2001 of the Commonwealth.

Victoria