20974 29Metals AR23 WEB V1 - Flipbook - Page 192
29Metals 2023 Annual Report
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Consolidated Financial Statements continued
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29Metals Appendix 4E and Annual Financial Report for 29Metals Limited and its Controlled Entities for the year ended 31 December 2023
Consolidated Financial Statements
Note 34: Share-based payments (continued)
(b) Performance rights awarded (continued)
(ii) 2021 Long term incentive (‘LTI’) award – awarded during the year ended 31 December 2021
During the year ended 31 December 2021, 29Metals awarded performance rights under the Group’s LTI plan (the ‘ϮϬϮϭ >d/ ĂǁĂƌĚ’). The vesting date,
performance period, and performance conditions for the 2021 LTI award are as follows:
sĞƐƚŝŶŐĂƚĞ
30 June 2024
WĞƌĨŽƌŵĂŶĐĞWĞƌŝŽĚ
Period commencing 2 July 2021 (29Metals’ listing date) and ending 30 June 2024
WĞƌĨŽƌŵĂŶĐĞĐŽŶĚŝƚŝŽŶƐĂŶĚǁĞŝŐŚƚŝŶŐ
▪
Continued service through to vesting date
▪
29Metals’ relative total shareholder return (weighting: 50%)
ŽĂƌĚĚŝƐĐƌĞƚŝŽŶ
▪
29Metals’ progress against the growth aspiration set out in the Prospectus (weighting: 30%)
▪
29Metals’ mine life at Golden Grove and Capricorn Copper having a mine life of 10 years or greater at the end of the
Performance Period (weighting: 20%)
The oard is responsible for assessing performance against the award performance conditions. The oard retains
discretion under the LTI award terms and the Plan ules, including discretion regarding vesting outcomes.
Performance rights awarded under the 2021 LTI award were allotted to participating employees on 19 ovember 2021 (e cluding the award under the
2021 LTI award to the Managing Director & C , refer below).
pon vesting, each performance right will convert to one fully paid ordinary share.
The performance rights are e ercisable for nil consideration.
The number of performance rights awarded under the 2021 LTI at 31 December 2021 e cludes an award of 182,926 performance rights under the 2021
LTI to the Managing Director & Chief ecutive fficer, which was sub ect to shareholder approval at the 2022 AGM.
efer to ote 34(b)(iii) below for information regarding the 182,926 performance rights subsequently approved at the Company’s AGM on 24 May 2022.
efer to ote 34(b)(vi) for the fair value per performance right.
efer to ote 34(e) for the movement in Performance ights during the year and balance at end of the year.
(iii) 2021 Long term incentive (‘LTI’) award – awarded during the year ended 31 December 2021 and approved in May 2022
During the 2021 financial year, 182,926 performance rights under the 2021 LTI award were awarded to the Managing Director & C , sub ect to
shareholder approval. At the Company’s AGM on 24 May 2022, this award of performance rights to the Managing Director & C was approved by the
Company’s shareholders. The terms and conditions of this award are the same as those stated in ote 34(b)(ii) above.
efer to ote 34(b)(vi) for the fair value per performance right.
efer to ote 34(e) for the movement in performance rights during the year and balance at end of the year.
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