philadelphia water, page-22

re: change is needed 1,715,040 shares were issued pursuant to a
short term incentive plan at an issue price of
75.8 cents per share
200,000 shares were issued for services to a
long term incentive plan at an issue price of
56 cents per share

also above was directly copied from the announcement and both read 'shares were issued'
when I read the explanation of STI and LTI (short and long term incentives) my understanding is, that LTI should be not shares but performance rights which may become shares if director exercises them (read pays the exercise price)

only STI are straight shares as givaways

calling performance rights -> shares in the announcement above, would imply director already exercised them (paid)

does anyone else has a different view on this ?