43 2022 ANNUAL REPORT 12. REMUNERATION REPORT (AUDITED) (cont.) 12.9.5 Performance rights held by KMP under the LTI (cont.) (c) Rights with market based and non-market based vesting conditions can only be exercised following the satisfaction of these exercise conditions. In accordance with the terms of the Red 5 Rights Plan, performance rights that were issued to key management personnel and senior management have vested following the partial achievement of performance conditions measured over the three years ended 30 June 2022. Performance rights with unmet performance conditions have lapsed, and have been forfeited. Details of the performance rights issued previously: FY20 Performance Rights– Managing Director (Expiry date: 30 June 2023) Tranche A Tranche B Tranche C Tranche D Total Total rights 763,052 305,220 305,220 152,610 1,526,102 Value per right $0.188 $0.195 $0.195 $0.195 Valuation per tranche $143,454 $59,518 $59,518 $29,759 $292,249 Condition criteria TSR ranking relative to TSR of S&P/ASX All Ordinaries Gold Total Return Index Growth in the Company’s Ore Reserves (excluding 50% of acquired Ore Reserves) Operating Costs as % of Budgeted Operating Costs Safety Compliance In addition, vesting of the performance rights is also conditional on the following being exceeded: 1. A positive Company TSR for the measurement period; and 2. 90% of budgeted gold production by 30 June 2023. TSR > Index TSR +20% 100% Stretch: 35% 100% Stretch: 80% 100% All criteria to be met: - No fatalities - Maintenance of the ISO14001 and ISO 18001 certifications - Year on year improvement in safety performance TSR > Index TSR +10% 50% Target: 20% 50% Target: 90% 50% TSR < or equal to Index TSR nil Threshold: 15% 25% Threshold: 95% 25% < 15% nil > 95% nil FY20 Performance Rights – Other Key Management Personnel (Expiry date: 30 June 2023) Tranche A Tranche B Tranche C Tranche D Total Jason Greive 207,592 83,036 83,036 41,518 415,182 John Tasovac 299,213 119,685 119,685 59,842 598,425 Total rights 506,805 202,721 202,721 101,360 1,013,607 Value per right $0.172 $0.179 $0.179 $0.179 Valuation per tranche $87,170 $36,287 $36,287 $18,143 $177,887 Condition criteria TSR ranking relative to TSR of S&P/ASX All Ordinaries Gold Total Return Index Growth in the Company’s Ore Reserves (excluding 50% of acquired Ore Reserves) Operating Costs as % of Budgeted Operating Costs Safety Compliance In addition, vesting of the performance rights is also conditional on the following being exceeded: 1. A positive Company TSR for the measurement period; and 2. 90% of budgeted gold production by 30 June 2023. TSR > Index TSR +20% 100% Stretch: 35% 100% Stretch: 80% 100% All criteria to be met: - No fatalities - Maintenance of the ISO14001 and ISO 18001 certifications - Year on year improvement in safety performance TSR > Index TSR +10% 50% Target: 20% 50% Target: 90% 50% TSR < or equal to Index TSR nil Threshold: 15% 25% Threshold: 95% 25% < 15% nil > 95% nil DIRECTORS’ Report (cont.)
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