20974 29Metals AR23 WEB V1 - Flipbook - Page 130
29Metals 2023 Annual Report
126
Directors’ Report continued
51
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Directors’ Report
Remuneration Report
4.6 Other – Staff Offer Incentive (2021)
n connection with the 2 Metals O, 2 Metals provided one off benefits to all roup employees, including e ecutive M s, in the form of performance
rights awarded under the taff Offer ncentive. The taff Offer ncentive was implemented by the oard as a reward for eligible employees for the
successful completion of the 2 Metals O and as a retention incentive (with no future performance conditions).
The taff Offer ncentive provided for a one time award of performance rights to each roup employee with a cash value e ual to 10% of (in each case)
the eligible employee’s TFR at 2 July 2021. The number of performance rights awarded (in each case) was calculated by
dividing 10% of TFR by 2.00 (being the final offer price for shares in the 2 Metals O, rounded down to the nearest whole
etails of performance
performance right).
rights awarded to e ecutive
M s under the taff Offer
ncentive, including
performance rights that
vested during the Reporting
eriod and the fair value
applied to the award for
accounting purposes, is set
out in section 4. .
erformance rights awarded under the taff Offer ncentive were sub ect to vesting over two hori ons, whereby
▪
50% of the performance rights vested on the second trading day after release of the Company’s 2021 full year financial
results to the A and
▪
50% of the performance rights vested on the second trading day after release of the Company’s 2022 full year financial
results to the A .
The taff Offer ncentive performance rights were conditional upon successful completion of the 2 Metals O and the employee remaining an
employee of the roup on each vesting date (unless the oard determined otherwise – eg, “good leaver”).
The table below provides details of taff Offer ncentive performance rights awarded to e ecutive M s.
Executive KMP
Number of Staff Offer
Incentive performance
rights awarded
Number of Staff
Offer Incentive
performance rights
vesting in prior
periods
Number of Staff Offer
Incentive performance
rights vesting in
Reporting Period
Number of Staff Offer
Incentive performance
rights lapsed in
Reporting Period
Balance of Staff Offer
Incentive performance
rights at end of
Reporting Period
eter Albert
Ed Cooney
eter erbert
Clifford Tuc
45,000
22,500
22,500
il
il
2 ,050
1 ,025
1 ,025
il
il
2 ,050
1 ,025
1 ,025
il
il
2 ,050
1 ,025
1 ,025
il
il
Refer to ote 4(b)(i) to the Consolidated Financial tatements for further information regarding recognition and measurement of share based
payments.
4.7 Other
^ŝŐŶͲŽŶƉĂLJŵĞŶƚƐ
o sign on payments were conferred on e ecutive M s in the Reporting eriod.
KƚŚĞƌďĞŶĞĨŝƚƐ
uring the Reporting eriod, Mr Albert and Mr Cooney received certain other benefits, as outlined in the table below.
Executive KMP
eter Albert 1
Ed Cooney 2
Value of other
benefits
,52
52,0 1
Description
Legal fees paid by the Company on Mr Albert’s behalf, in connection with the negotiation of the CEO
Transition arrangements (refer to section . ).
Travel and accommodation costs incurred by the Company to support Mr Cooney commuting
between ydney and Melbourne.
1. Other benefits reported for Mr Albert during the Reporting eriod does not include termination benefits payable to Mr Albert upon retirement under the terms of the CEO
Transition. Further information regarding the terms of the CEO Transition, including payments to Mr Albert on termination, is set out in section . .
2. The amount for other benefits for Mr Cooney is cited e clusive of applicable F T of 50, 0.
4.8 Performance rights awarded to executive KMPs
The table below sets out the details regarding
51
▪
performance rights awarded to e ecutive M s before or during the Reporting eriod that remained on foot at the end of the Reporting eriod
▪
performance rights awarded to e ecutive M s before or during the Reporting eriod that vested during the Reporting eriod and
▪
performance rights to be awarded to e ecutive M s under the 202 T , including the proposed award of performance rights to Mr Albert
(Managing irector CEO) (which award is sub ect to shareholder approval under A Listing Rule 10.14 to be sought at the Company’s 2024
A M).
