Table:
| Performance rights issued and outstanding at 30 June 2019 |  |  |  |  |
| --- | --- | --- | --- | --- |
| Grant Date | Vesting Date1 | Fair Value per Right $ | Rights Granted | No. of Rights at 30/6/2019 |
| 2 Jul 2017 | 31 Aug 2020 | 3.815 | 355,316 | 355,316 |
| 2 Jul 2018 | 31 Aug 2021 | 3.01 | 530,652 | 530,652 |
| Total |  |  | 885,968 | 885,968 |
Paragraphs:
b. Employee Performance Rights Plan
The Employee Performance Rights Plan (the Rights Plan) was approved by shareholders at the Company’s AGM on 23 November 2017. Under the Rights Plan, awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Rights Plan awards are granted in the form of performance rights over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each performance right is to subscribe for one ordinary share upon vesting and, when issued, the shares will rank equally with other shares.
Performance rights issued under the Employee Performance Rights Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).
1. The vesting date for rights granted on 2 July 2017 and 2 July 2018 is the date on which the Board notifies the executive that the rights have vested, after the outcomes for the measurement period have been determined and satisfaction of performance conditions have been assessed. This is likely to be 31 August 2020 and 31 August 2021 respectively.
No performance rights vested or lapsed during the financial year. The number of performance rights issued and outstanding at 30 June 2018 was 355,316, consisting solely of the performance rights granted on 2 July 2017.
The weighted average contractual life of outstanding performance rights at the end of the financial year is 1.77 years (2018: 2.17 years).
Question:
What is the Employee Performance Rights Plan?
Answer: awards are made to eligible executives and other management personnel who have an impact on the Group’s performance. Rights Plan awards are granted in the form of performance rights over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each performance right is to subscribe for one ordinary share upon vesting and, when issued, the shares will rank equally with other shares.