Aeris Annual Report 2022
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<strong>Aeris</strong> Resources Limited<br />
Notes to the consolidated financial statements<br />
30 June <strong>2022</strong><br />
36. Share-based payments<br />
<strong>Aeris</strong> Equity Incentive Plan<br />
The Equity Incentive Plan is designed to provide an incentive to the Company's employees and executive Directors to<br />
achieve the long term objectives of the Company and to attract employees of experience and ability. The Equity Incentive<br />
Plan provides the Company with the ability to grant options or performance rights (each an Award). An Award is an<br />
entitlement to receive a share upon satisfaction of the applicable vesting or exercise conditions, the exercise (or deemed<br />
exercise) of the Award and the payment of an exercise price (if applicable).<br />
At the Company's <strong>Annual</strong> General Meeting held on 26 November 2020, the shareholders approved the Company's Equity<br />
Incentive Plan. 35,777,281 and 17,462,443 performance rights were granted to employees of <strong>Aeris</strong> Resources Limited,<br />
Lion Mining Pty Ltd and Tritton Resources Pty Ltd under this plan on 26 November 2020 and 25 November 2021<br />
respectively.<br />
The performance rights are split into 4 equal tranches and vest over a three-year term in accordance with the following<br />
performance criteria:<br />
Tranche<br />
Percentage<br />
of rights Grant date Performance criteria<br />
1 25% 26/11/2020 Total shareholder return performance relative to a group of peer companies<br />
for the period 1 July 2020 to 30 June 2023.<br />
25/11/2021 Total shareholder return performance relative to a group of peer companies<br />
for the period 1 July 2021 to 30 June 2024.<br />
2 25% 26/11/2020 Total share price increase for the period 1 July 2020 to 30 June 2023.<br />
25/11/2021 Total share price increase for the period 1 July 2021 to 30 June 2024.<br />
3 25% 26/11/2020 Gold Ounces Reserve increase for the period 1 July 2020 to 30 June 2023.<br />
25/11/2021 Gold Ounces Reserve increase for the period 1 July 2021 to 30 June 2024.<br />
4 25% 26/11/2020 Copper Ounces Reserve increase for the period 1 July 2020 to 30 June 2023.<br />
25/11/2021 Copper Ounces Reserve increase for the period 1 July 2021 to 30 June 2024.<br />
Set out below are summaries of performance rights granted under the <strong>Aeris</strong> Equity Incentive Plan:<br />
<strong>2022</strong><br />
Balance at Expired/ Balance at<br />
Exercise the start of forfeited/ the end of<br />
Grant date Expiry date price the year Granted Exercised other the year<br />
26/11/2020 30/06/2023 $0.000 35,777,281 - - (2,619,889) 33,157,392<br />
25/11/2021 30/06/2024 $0.000 - 17,462,443 - (1,837,342) 15,625,101<br />
35,777,281 17,462,443 - (4,457,231) 48,782,493<br />
The weighted average remaining contractual life of performance rights outstanding at the end of the financial year was<br />
1.30 (2021: 1.97) years.<br />
Subsequent to 30 June <strong>2022</strong>, the performance rights were consolidated at the ratio of 7 performance rights into 1<br />
performance right (refer note 33).<br />
43<br />
ADVANCING AERIS<br />
119
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