20974 29Metals AR23 WEB V1 - Flipbook - Page 136
29Metals 2023 Annual Report
132
Directors’ Report continued
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
57
Directors’ Report
Remuneration Report
6.3 Executive KMP performance rights holdings
Movements in performance rights held by e ecutive M s during the Reporting eriod is shown in the table below. All performance rights awarded to
e ecutive M s during the Reporting eriod (with the e ception of performance rights awarded under the 2022 TI were unvested at 3 ecember 2023
(and remain unvested as at the date of this report .
Opening balance
(unvested)
Name
eter Albert
Awarded – 2023
LTI 1
9, 9
Ed Cooney
eter erbert
Clifford Tuc
42 ,3
Awarded – 2023
STI 1
Vested 3
Lapsed / forfeited
Closing balance
(unvested)
803,0 0 2
,804
il
, 4 , 9 2
29 ,008
9 ,9 8
332,4
0,339
il
29 ,4 8
99,839
3 ,04
0, 99
il
8 ,
29 ,238
98,8 8
349,3 4
0, 9
il
84,9
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All performance rights awarded during the Reporting eriod have a nil e ercise price.
. Refer to section 4.8 for details regarding performance rights awarded to e ecutive M s, including the fair value applied to awards for accounting purposes.
2. The number of performance rights awarded cited in the table includes
a proposed award of 803,0 0 performance rights under the 2023 TI to Mr Albert (Managing irector CEO , which award is sub ect to obtaining shareholder approval to
be sought at the Company’s 2024 AGM. If shareholder approval is not obtained, the equity component will be delivered as cash (consistent with the outcome that would
have applied to previous awards to Mr Albert had shareholder approval been not successfully obtained , which payment is also sub ect to the 2023 TI vesting period and
938, 9 performance rights awarded to Mr Albert under the 202 , 2022 and 2023 TI, which performance rights will lapse unvested and be forfeited under the terms of the
CEO Transition upon Mr Albert’s retirement. Refer to section 3.8 for further information regarding the CEO Transition.
3.
ested performance rights cited includes
,
performance rights awarded under the taff Offer Incentive Tranche 2 (in the aggregate , which performance rights vested following release of the Company’s 2022
full year financial results (in accordance with the terms of the award and
28 ,93 2022 performance rights awarded under the 2022 TI, which performance rights will vest with new shares e pected to be issued and allotted on or about the date
of this Remuneration Report.
Refer to section 4. for further information regarding performance rights awarded under the 2022 TI and section 4. for further information regarding performance rights
awarded under the taff Offer Incentive.
6.4 Shares issued on vesting of performance rights
As described in sections 4. and 4.
,
▪
shares were issued to e ecutive M s (in the aggregate upon vesting of erformance Rights during the Reporting eriod
4
and
28 ,93 shares were issued to e ecutive M s (in the aggregate upon vesting of erformance Rights post Reporting eriod .
▪
7. Other KMP transactions
7.1 Loans to KMPs
o loans were granted by the Company to any M (or any of their related parties .
7.2 Other transactions with KMPs or their related parties
29Metals’ head office is sub leased from EMR Capital ty td, an entity within the EMR Capital group of companies. As noted above, Mr egarty is the
E ecutive Chairman of EMR Capital. The sub lease is on commercial arm’s length terms and includes incentives in 29Metals’ favour (including
contributions to fit out costs . urther details regarding the sub lease are disclosed in the rospectus.
29Metals does not consider the sub lease to be a relevant transaction with a M or related party for remuneration reporting purposes but has elected
to include this additional disclosure for transparency.
There were no other transactions with M s or their related parties during the Reporting eriod.
…
4
57
A total of
, 4 shares were issued upon vesting of performance rights awarded under the taff Offer Incentive in 2023, inclusive of ,
issued to e ecutive M s.
A total of 383,90 shares were issued upon vesting of performance rights awarded under the 2022 TI, inclusive of 28 ,93 issued to e ecutive M s.
Refer to section 0. . of the 29Metals rospectus.
