To be fair it has been poorly worded. A 'vesting period' is...

To be fair it has been poorly worded. A 'vesting period' is usually the period before shares become unconditional.

For each tranche, it should say that it vests if the VWAP is an amount or higher for 6 months (for example, Tranche 1 vests if the VWAP for the shares on the ASX is A$0.34 or higher for a 6-month period), and the performance rights expire 3 years after the date of issue. Hopefully the details are clearer.