38 DIRECTORS’ REPORT Share-based compensation Issue of options The options issued on 3 March 2023 were to John Friend and Karen Krumeich 1,000,000 options each with an exercise price set at the volume weighted average (VWAP) of shares during the 5 trading days immediately prior to the issue date with a value of $101,376. The options issued on 3 May 2023 were 3,000,000 options to John Friend and 1,000,000 options to Karen Krumeich, with an exercise price set at the volume weighted average (VWAP) of shares during the 5 trading days immediately prior to the issue date, with values of $333,300 and $111,100 respectively. Service conditions are that any unvested options are forfeited on cessation of employment. There are no performance conditions, consistent with the Company’s Employee Share Option Plan rules, as reapproved by shareholders on 6 November 2021. The terms and conditions of each grant of options over ordinary shares granted as remuneration to Directors or other Key Management Personnel in this financial year or future financial years are set out below. Grant date Vesting date and exercisable date Expiry date Exercise price Fair value per option at grant date 3 March 2023 3 July 2023 3 March 2027 $0.1500 $0.10138 3 March 2023 3 January 2024 3 March 2027 $0.1500 $0.10138 3 March 2023 3 July 2024 3 March 2027 $0.1500 $0.10138 3 March 2023 3 January 2025 3 March 2027 $0.1500 $0.10138 3 May 2023 3 May 2023 3 May 2027 $0.1870 $0.11110 3 May 2023 3 May 2024 3 May 2027 $0.1870 $0.11110 3 May 2023 3 May 2025 3 May 2027 $0.1870 $0.11110 Approval for the issue was obtained under ASX listing rule 10.14. Additional disclosures relating to key management personnel Option holding All options are issued under the Employee Share Option Plan. Unvested options are forfeited upon cessation of employment with the Company. The number of options in the company held during the financial year by each director and other members of Key Management Personnel of the consolidated entity, including their personally related parties, is set out below: Balance at the start of the year Granted as Remuneration Forfeited Disposed (for KMP reporting purposes only) Balance at the end of the year Options over ordinary shares I Ross 400,000 - - - 400,000 B Carmine 400,000 - - - 400,000 S Coffey 400,000 - - - 400,000 J Garner* 4,500,000 - (1,450,000) (3,050,000) - K Hill** 200,000 - (100,000) (100,000) - J Friend 800,000 4,000,000 - - 4,800,000 K Krumeich 800,000 2,000,000 - - 2,800,000 7,500,000 6,000,000 (1,550,000) (3,150,000) 8,800,000 * Disposal for KMP reporting purposes only. J Garner still holds 3,050,000 options. ** Disposal for KMP reporting purposes only. K Hill still holds 100,000 options.
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