20974 29Metals AR23 WEB V1 - Flipbook - Page 195
2023 key
results
Chair letter and
CEO report
116
About
29Metals
Our
assets
Sustainability
& ESG Report
Mineral Resources
and Ore Reserves
Annual
Financial Report
191
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)
(vi) Performance Rights pricing models (continued)
CEO Transition
As noted in the section 3. of the emuneration eport, on 14 December 2023, the Company announced a CEO transition plan (‘KdƌĂŶƐŝƚŝŽŶ’). Under
the CEO Transition terms agreed between the oard and Mr Albert
▪
Mr Albert will retire from his role and leave the Company on 30 April 2024
▪
in consideration of supporting the transition, and including payments in lieu of notice, Mr Albert will receive payments totalling approximately
903,000 (along with payments for accrued statutory entitlements). These payments are included in the statutory remuneration table in section of
the emuneration eport
▪
Mr Albert will participate in the 2023 ST outcomes, as determined by the oard in the ordinary course, which outcomes are outlined in the
emuneration eport
▪
Mr Albert is not eligible to participate in the 2024 ST nor any award under the 2024 T and
▪
all unvested performance rights awarded to Mr Albert under the 2021, 2022 and 2023 T will be forfeited and lapse on retirement unvested.
n relation to 2023 ST outcomes, performance rights proposed to be awarded to Mr Albert under the 2023 ST are sub ect to shareholder approval at the
Company’s 2024 AGM and, if awarded, will vest following 31 December 2024 in accordance with the 2023 ST Award. f shareholder approval is not
obtained, the e uity component will be delivered as cash (consistent with the outcome that would have been applied to previous awards to Mr Albert
had shareholder approval been not successfully obtained), which payment is also sub ect to the 2023 ST vesting period.
The Company’s Consolidated Financial Statements for the year ended 31 December 2023 include accruals for the payments to Mr Albert upon retirement
as stated above.
The following table lists the inputs used in the model for the measurement of the fair values of the performance rights awarded to the Managing Director
CEO, prior to the CEO Transition announcement on 14 December 2023. All unvested performance rights awarded to Mr Albert under the 2021, 2022
and 2023 T will be forfeited on retirement and lapse unvested. ased on this, the probability assigned to the unvested performance rights awarded to
Mr Albert under the 2021, 2022 and 2023 T at 31 December 2023 is nil and the share based payment expense has been ad usted accordingly in the year
ended 31 December 2023.
Performance Rights
SOI Tranche
1
erformance
hurdle
SOI Tranche
2
a
a
2021 LTI
2021 LTI
2021 LTI
2022 LTI
2022 LTI
2023 LTI
2023 LTI
elative TS
Growth
ob ective
Mine ife
elative TS
Climate
change
elative
TS
Absolute
TS
Grant date
2 ul 21
2 ul 21
24 May 22
24 May 22
24 May 22
24 May 22
24 May 22
1 un 23
1 un 23
Expiry date
1 ul 3
1 ul 3
1
1
1
1 Mar 3
1 Mar 3
31 May 3
31 May 3
esting period
0.
years
1.
years
ov 3
ov 3
ov 3
2.10 years
2.10 years
2.10 years
2. 1 years
2. 1 years
2. 9 years
2. 9 years
2.
2.
2.
2.
2.
0.
0.
0
42.4
42.4
42.4
42.4
42.4
3.
3.
0.0
2. 3
2. 3
2. 3
2. 4
2. 4
3.3
3.3
1. 1
2.
2.
1.92
2.
Share price at issue
date
2.00
2.00
Expected volatility
0
0.0
Dividend yield
is free interest
rate
Fair value per right
2.00
2.00
0.210
0.1
Expected volatility has been based on an evaluation of the historical volatility of 29Metal’s share price since listing up to the grant date and the
assessment of peer group volatility commensurate with the expected term.
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