39 2022 ANNUAL REPORT DIRECTORS’ Report (cont.) 12. REMUNERATION REPORT (AUDITED) (cont.) 12.8 DETAILS OF REMUNERATION The following table discloses details of the nature and amount of each element of the remuneration paid to executive KMP the year ended 30 June 2022 and 30 June 2021. Short term Long term Cash salary (a) Expenses/ allowances STI cash bonus STI deferred rights STI service rights (e) Consulting fees Superannuation Annual and long service leave LTI performance rights expense (f) LTI performance rights forfeited (g) Total Executive remuneration $ $ $ $ $ $ $ $ $ $ $ Executive Director Mark Williams FY22 660,000(a) - - - - - 27,500 74,416 658,559 (155,908) 1,264,567 FY21 618,200(a) - - - - - 25,000 62,743 326,378 (57,900) 974,421 Executive KMP’s Jason Greive (b) FY22 522,500(a) - - - - - 27,500 38,701 286,147 - 874,848 FY21 264,286 - 75,000 - 75,000(d) - 26,546 20,330 24,288 - 485,450 John Tasovac FY22 412,500(a) - 60,000(h) - - - 27,500 32,978 314,754 (63,856) 783,876 FY21 390,388(a) - - 617 26,744(e) - 25,000 17,245 132,669 (27,628) 565,035 Brendon Shadlow (c) FY22 - - - - - - - - - - - FY21 144,583 1,500 - 483 8,729 - 16,166 18,609 50,600 - 240,670 TOTAL FY22 1,595,000 - 60,000 - - - 82,500 146,095 1,259,460 (219,764) 2,923,291 FY21 1,417,457 1,500 75,000 1,100 110,473 - 92,712 118,927 533,935 (85,528) 2,265,576 (a) Includes salary, superannuation contributions above concessional cap expensed. (b) Jason Greive was appointed Chief Operating Officer on 30 November 2020. (c) Brendon Shadlow was KMP until 30 November 2020. General Manager is no longer categorised as a KMP position upon appointment of the Chief Operating Officer role. (d) Includes service rights to granted to Mr Greive for FY21. They have a 12 month service test and vest on 1 July 2022 if Mr Greive is still an employee at that date. (e) Includes service rights granted during FY20 subject to a 12 month service test, they have been valued at $0.26 (Red 5 share price as at 18 November 2020). No service rights were granted to Mr Tasovac during FY21. (f) Relates to performance rights expense for the 2021, 2022 and 2023 series. The fair value at grant date of Tranche A which has market-based performance conditions, was estimated using a Monte Carlo simulation. The fair value at grant date of Tranches B, C and D, which have market and non-market-based performance conditions, were valued using a single share price barrier model incorporating a Monte Carlo simulation. (g) Performance rights that were issued to key management personnel, senior management and operating personnel in 2019 and 2018 have been partially forfeited following the partial achievement of performance conditions measured over the three years ended 30 June 2022 and 30 June 2021. (h) Mr Tasovac was given a ‘special and discretionary award’ by the Board of Directors in recognition of the strong efforts throughout the year, including success in securing the Debt facility.
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