20974 29Metals AR23 WEB V1 - Flipbook - Page 191
2023 key
results
112
Chair letter and
CEO report
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
187
29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Other information
Note 34: Share-based payments
The Group provides benefits to employees including the xecutive Director) in the form of share based compensation whereby employees render
services in exchange for rights over shares e uity settled transactions).
Non executive Directors do not participate in the Group’s performance based remuneration schemes. owever for accounting purposes the salary
sacrifice plan implemented by the Group during the Reporting for Non executive Directors is treated as a share based payment. Refer to Note
d).
or more detail on the performance rights issued to MPs refer to the Remuneration Report on pages 51 5 .
(a) Recognised share-based payment expenses
Performance rights
Non executive Director Salary Sacrifice Share Plan
2023
2022
$’000
$’000
1 11
2 92
20
ϭ͕ϵϯϲ
0
ϯ͕ϭϵϲ
(b) Performance rights awarded
(i) Staff Offer Incentive Plan (‘SOI’) – awarded during the year ended 31 December 2021
nder this Plan there was a one off award of Performance Rights to all of the Group’s eligible employees as of the date of the 29Metals Prospectus. Non
executive Directors were not eligible for the S .
The S was intended as a reward to each eligible employee for their role in the successful completion of the 29Metals P and to incentivise employee
retention in the near term.
ligible employees received Performance Rights with a face value at the date of award 5 uly 2021) e ual to 10% of their total fixed remuneration
applying the P offer price of 2.00 per share rounded to the nearest whole Performance Right).
Performance Rights awarded to eligible employees as part of the S
▪
were awarded for nil consideration
▪
automatically convert into a Share on a one to one basis) upon vesting
▪
have the following vesting schedule
― 50% of an eligible employee’s performance rights vested on the second trading day after release of the Company’s 2021 full year results to ASX
^K/dƌĂŶĐŚĞϭ’) and
― the remaining 50% of an eligible employee’s Performance Rights vested on the second trading day after release of the Company’s 2022 full
year results to ASX ^K/dƌĂŶĐŚĞϮ’).
esting of Performance Rights under the S is sub ect to the relevant individual continuing to be employed by a Group company on the applicable
vesting date unless the oard determines otherwise).
Performance rights awarded under the S
are exercisable for nil consideration.
n 25 ebruary 2022
91 Performance Rights – S Tranche 1 awarded to eligible employees under 29Metals’ ^ƚĂĨĨKĨĨĞƌ/ŶĐĞŶƚŝǀĞWůĂŶwere
converted to fully paid ordinary shares upon vesting. n the vesting date 1 29 000 was transferred from Share based payment Reserve to Contributed
uity.
n 2 ebruary 202
1 5 Performance Rights – S Tranche 2 awarded to eligible employees under 29Metals’ ^ƚĂĨĨKĨĨĞƌ/ŶĐĞŶƚŝǀĞWůĂŶwere
converted to fully paid ordinary shares upon vesting. n the vesting date 1 2 000 was transferred from Share based payment Reserve to Contributed
uity.
Refer to Note
e) for the movement in Performance Rights and balance at the end of the year.
112
