stock analysis => whl, page-25

These shares AUTOMATICALLY vest at a time that is pre-set by the conditions of the performance rights. This is set up at the time the performance rights are created and the motion moved by the board, and approved by the shareholders.
In this case of Steve noske, the total parcel of 22,000,000 performance rights, of which 40% vested on 1/07/13. Another 40% will vest on 1/07/14, and the final 20% will vest 1/07/15.

The directors have no control at all when they vest once the structure has been agreed to by the shareholders.