Speciality Metals International Limited Annual Report 2019

Page | 27 DIRECTORS’ REPORT (i) Shareholdings The trading of shares issued pursuant to the Company’s Equity Incentive Plan are subject to the Company’s Securities Trading Policy; further, Directors, Key Management Personnel and employees are encouraged not to trade shares granted in order to align Director, Key Management Personnel and employee interests with those of all shareholders. Details of equity instruments (other than options and rights) held directly, indirectly or beneficially by Directors and Key Management Personnel and their related parties are as follows: There were no shares granted to Key Management Personnel as remuneration in the 2019 Financial Year. 1 Deemed disposal upon resignation from the Board or Company. (ii) Options and Performance Rights Holdings Details of options and performance rights held directly, indirectly or beneficially by Directors and Key Management Personnel and their related parties are as follows: 30 June 2019 Balance at 1 July 2018 Granted as compensa tion Rights exercised Other changes Balance at 30 June 2019 Total vested at 30 June 2018 Total vested and exercisable at 30 June 2018 Total unvested and unexercisable at 30 June 2019 Name R.H. Krause 15,000,000 - - - 15,000,000 - - 15,000,000 S. Layton 5,000,000 - - - 5,000,000 - - 5,000,000 R.W. Nice 5,000,000 - - - 5,000,000 - - 5,000,000 25,000,000 - - - 25,000,000 - - 25,000,000 The key terms of the performance rights are as follows: Type of Performance Right: Each Right entitles the holder to 1 fully paid ordinary share in Speciality Metals International Limited upon exercise. Expiry Date: 22 June 2020 (2 years after the issue date). Vesting: The Rights vest upon satisfaction of the following conditions: (a) the Company completes the acquisition of the Mt Carbine Quarry and associated mining leases; or (b) the Company share price on ASX trades on at least 3 consecutive business days above $0.05. As the vesting condition relating to the completion of the acquisition of the Mt Carbine Quarry and associated mining leases was satisfied on 28 June 2019 the Performance Rights were expensed in full during the 2018-2019 financial year. The shares were issued to Directors on 2 August 2019. (iii) Loans to Key Management Personnel No loans have been made to Directors of the Company or the Key Management Personnel of the consolidated Group, including their personally-related entities. 30 June 2019 Balance at 1 July 2018 Granted as compensation Received on exercise of Performance Rights Other changes Balance at 30 June 2019 Balance held nominally Name R.H. Krause 1,000,000 - - - 1,000,000 - S. Layton 29,000,000 - - - 29,000,000 - R.W. Nice 1,375,000 - - - 1,375,000 - D.W. Clark 1 1,250,000 - - (1,250,000) - - 32,625,000 - - (1,250,000) 31,375,000 -