Remuneration report (Audited) (continued) C Executive Contractual Arrangements Remuneration for the CEO & Managing Director and Key Management Personnel are formalised in service agreements. Mr Malcolm Norris, CEO & Managing Director Base salary, exclusive of superannuation and other benefits, is $316,000, reviewed annually on 1 July of each year and was last increased on 1 July 2021. Four weeks annual leave and statutory long service leave is provided. The Executive Services Agreement stipulates Mr Norris or the Company may provide six (6) months written notice of termination. The agreement includes a provision for a termination payment equal to the maximum amount calculated in accordance with section 200F of the Corporations Act 2001 (Cth), subject to any restrictions or approvals under the Listing Rules and the Corporations Act. Other Key Management Contracts for other Key Management Personnel have no fixed duration and can be terminated by the employee by providing three (3) months written notice. The Company may terminate employment by providing three (3) months written notice or by payment of six (6) months salary in lieu of notice. Base salary for other Key Management Personnel are reviewed annually on 1 July of each year, with an increase last occurring on 1 July 2021. Four weeks annual leave and statutory long service leave is provided. D Share-based compensation Options and performance rights provided as remuneration and shares issued on exercise Performance Rights movements during the financial year: 2022 Beginning Balance Granted as remuneration Vested during year Lapsed Balance at end of year Vested Lapsed $ % $ % Directors of Sunstone Metals Ltd: Mr M Norris 13,646,468 8,400,000 (9,133,333) (113,135) 12,800,000 288,053 41.4% 4,525 0.5% Other key management personnel: Mr R Robinson 10,457,947 7,200,000 (6,800,000) (57,947) 10,800,000 194,720 38.5% 2,318 0.3% Mr G Leicht 10,457,947 7,200,000 (6,800,000) (57,947) 10,800,000 194,720 38.5% 2,318 0.3% Dr B Rohrlach 10,457,947 7,200,000 (6,800,000) (57,947) 10,800,000 194,720 38.5% 2,318 0.3% Total 45,020,309 30,000,000 (29,533,333) (286,976) 45,200,000 872,213 39.4% 11,479 0.4% Vested value reflects share price at vesting 2022 for 31% of shares for Mr Norris and 35% for Other KMP, with the remaining 69% of shares for Mr Norris and 65% for Other KMP subject to disposal restrictions as at end of financial year and calculated at closing share price 30 June 2022. Lapsed value reflects the value calculated at grant date for the rights that lapsed during the year. During the 2022 financial year several tranches of share price hurdle related performance rights vested for key management personnel as follows: Grant Date Share Price Hurdle Number Vested Date Vested Disposal Restriction 23 Oct 2020: Tranche 1 $0.0276 10,000,000 20/10/2021 No 23 Oct 2020: Tranche 3 $0.0500 10,000,000 28/10/2021 Yes 31 Oct 2019: Tranche 1 $0.0800 2,600,000 30/11/2021 Yes 27 Nov 2018: Tranche 1 $0.0500 3,466,667 28/10/2021 Yes 27 Nov 2018: Tranche 3 $0.0650 3,466,666 9/11/2021 Yes Total 29,533,333 23 Sunstone Metals Limited Annual Report 2022 SUNSTONE METALS LIMITED ANNUAL REPORT 2022
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