what am i missing???????????

Check out ASX announcement 24/9/04 Unwired AGM Explanatory Memorandum

Time for performance is short and started January 2004. Targets suggest UNW market cap not too high and shareholders should see higher share price. There is no dividend like some of the companies in the agreed peer group. So UNW has to do it with share price alone.

Announcement reads sic ….
Spence MD 2,000,000 options
Vesting 666,667 27 January 2005
Vesting 666,667 27 January 2006
Vesting 666,667 27 January 2007

Conditions
Total shareholder return (share price + dividend) UNW must outperform an agreed list of 45 peer group companies in the ASX 200 list capped between $200m & $400m’

Vesting
Nil if performance below 50%
50% at 50th percentile
Remaining 50% pro rata with 100% vesting at 75%

Measurement periods
1st tranche calendar 2004
2nd tranche calendar 2004 & 2005
3rd tranche calendar 2004, 2005 & 2006