Remuneration report (Audited) (continued) Shareholder approval was obtained at the Annual General Meeting held on 28 October 2021, for the issue of 8,400,000 Performance Rights with an exercise period of 3 years to Mr M Norris on the following terms (also 7,200,000 granted to each of the three other key management personnel during the financial year on the same terms and same allocation between tranches): – Tranche 1 – 33.33% to vest upon the later of both the following vesting conditions occurring: – Closing Price of Sunstone Shares being $0.071 or more for 10 trading days out of any 20 consecutive trading days; and – 12 months after issue; – Tranche 2 – 33.33% to vest upon TSR performance as measured against the ASX Small Resources Index, as follows: – Performance below the index no shares will vest. – Performance equal to the index will see 50% vest, increasing linearly with outperformance of the index by up to 25%, such that 100% of shares will vest should Sunstone’s performance be greater than 25% above the index performance. – Testing will be annually on 30th June; and – Tranche 3 – 33.33% to vest upon the later of both the following vesting conditions occurring: – Closing Price of Sunstone Shares being $0.094 or more for 10 trading days out of any 20 consecutive trading days; and – 12 months after issue. During the 2022 financial the share price hurdles for tranches 1 and 3 have been met however vesting is still subject to the recipients remaining as an employee for 12 months after date of issue. Option movements during the financial year: 2022 Beginning Balance Granted as remuneration Lapsed Exercised during year Balance at end of year Vested and exercisable at end of year Directors of Sunstone Metals Ltd: Mr G Ascough 4,000,000 6,000,000 – – 10,000,000 4,000,000 Mr S Stroud 4,000,000 6,000,000 – – 10,000,000 4,000,000 Total 8,000,000 12,000,000 – – 20,000,000 8,000,000 Shareholdings of key management personnel The numbers of shares in the Company held during the financial year by each Director and the other key management personnel of the Group, including their personally related entities, are set out below. 2022 Beginning Balance Vesting of Performance Rights Exercise of Options Purchases Disposals Balance at end of year Directors of Sunstone Metals Ltd: Mr G Ascough 19,417,381 – – 447,762 – 19,865,143 Mr M Norris 22,101,217 9,133,333 – 927,762 – 32,162,312 Mr S Stroud 9,605,264 – – 947,762 – 10,553,026 Other key management personnel: Mr R Robinson 8,251,776 6,800,000 – – – 15,051,776 Mr G Leicht 14,067,837 6,800,000 – 746,270 – 21,614,107 Dr B Rohrlach 7,265,516 6,800,000 – – – 14,065,516 Total 80,708,991 29,533,333 – 3,069,556 – 113,311,880 Shares held by M Norris are via direct interest in 11,371,106 shares, 14,067,577 shares held by superannuation funds where Mr Norris is a direct beneficiary, and 6,723,629 shares held by an associate of Mr Norris. End of Remuneration Report (Audited) Directors’ Report continued 24 Sunstone Metals Limited Annual Report 2022 SUNSTONE METALS LIMITED ANNUAL REPORT 2022
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