Speciality Metals International Limited Annual Report 2020

28 Speciality Metals International Limited Annual Report 2020 Directors’ Report continued Page | 28 DIRECTORS’ REPORT (d) Cash Bonuses No cash bonuses were paid during the period. (e) Equity Instruments The Company rewards Directors and executives for their performance and aligns their remuneration with the creation of shareholder wealth by issuing shares, options or performance rights. Share-based compensation is at the discretion of the Board and no individual has an unconditional contractual right to participate in any share-based plan or receive any guaranteed benefits. (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, 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 Key Management Personnel and their related parties are as follows: There were no shares granted to Key Management Personnel as remuneration in the 2020 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 Key Management Personnel and their related parties are as follows: 30 June 2020 Balance at 1 July 2019 Granted as compen- sation Rights exercised Other changes Balance at 30 June 2020 Total vested at 30 June 2020 Total vested and exercisable at 30 June 2020 Total unvested and unexercisable at 30 June 2020 Name K.B. MacNeill - - - 5,000,000 5,000,000 - - 5,000,000 - - - 5,000,000 5,000,000 - - 5,000,000 The key terms options are as follows: Type of Option: Each Option entitles the holder to 1 fully paid ordinary share in the Company upon exercise price, 2,000,000 options at $0.04 and 3,000,000 options at $0.06. Expiry Date: 5 May 2023 Vesting: The Options vest upon satisfaction of the following conditions: (a) 2,000,000 options on the completion of the 6 months’ service; and (b) 3,000,000 options on the completion of the 12 months’ service. 30 June 2020 Balance at 1 July 2019 Granted as compensation Received on exercise of Performance Rights Other Changes Balance at 30 June 2020 Balance held nominally Directors O. Kleinhempel - - 15,333,600 15,333,600 - S. Layton 29,000,000 - 5,000,000 9,000,000 43,000,000 - Z.P. Yeo - - 64,919,810 64,919,810 - R.H. Krause 1 1,000,000 - 15,000,000 (16,000,000) - - R.W. Nice 1 1,375,000 - 5,000,000 (6,375,000) - - Executives C.P. Godfrey 1 - - - 6,443,231 6,443,231 - A.M. Wing 1 - - - 11,999,166 11,999,166 - 31,375,000 - 25,000,000 85,320,807 141,695,807 -