Aeris Annual Report 2022

LONG TERM INCENTIVES (LTI)
Previous LTI Plan – Options
In FY2022 the last options were exercised in relation the LTI plan from FY2016. For reference, details of the
FY2016 LTI plan is described below.
Timing and Delivery
Executive Management Options (Options) were approved by shareholders
at an Extraordinary General Meeting (EGM) held on 15 December 2015
and was introduced to incentivise the KMP at that time to implement
the Company’s turnaround strategy. Upon vesting, the shares are
subject to a period of voluntary escrow, with the shares being released
from escrow in progressive tranches from 31 December 2018.
The Options vested in five tranches as follows:
• Tranche 1 - 30.0% on 31 December 2016;
• Tranche 2 - 17.5% on 31 December 2017;
• Tranche 3 - 17.5% on 31 December 2018;
• Tranche 4 - 17.5% on 31 December 2019; and
• Tranche 5 - 17.5% on 31 December 2020.
Exercise price
When exercised, each Option is convertible into one ordinary
share for a $nil exercise price and will be issued within 10 business
days after the Company receives an exercise notice.
Termination/expiry
Options that have not been exercised will expire 6 years after the issue date
(15 December 2021), or termination date, whichever is earlier. To the extent
that the options have not previously vested, they will be deemed to have
been immediately vested upon a Change of Control Event.
ADVANCING AERIS
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