Ann: Notice of Annual General Meeting/Proxy Form, page-4

The term of the performance rights is 48 months. I assume that this is why this date was chosen 4 years after the Annual General Meeting.
In principle, it does not matter whether the targets are achieved a little earlier or later (within the next 4 years).

A share price of 35c would make us all very happy!!!
Frankly, if I were a director, I would not have put (ambitious) 35c as the minimum price for the free shares to the AGM, but I think with a price of 20c there would have been shareholder approval too. So we really do have quite a good and very correct management!