Speciality Metals International Limited Annual Report 2020

Speciality Metals International Limited Annual Report 2020 29 Page | 29 DIRECTORS’ REPORT Refer to Subsequent Events Note 20 for information pertaining to the options granted to Chief Commercial Officer, K. Cavallaro, subsequent to the reporting period. (iii) Loans to Key Management Personnel No loans have been made to Key Management Personnel of the consolidated Group, including their personally-related entities. (iv) Other Transactions and Balances Consulting Services Payments made for Key Management Personnel noted in (c) Details of Remuneration above are to Penause Pty Ltd, Bodie Investments Pty Ltd, Specialised Metallurgical Projects (Pty) Limited and Northern Star Nominees Pty Ltd as payments for consulting services. (f) Options and Performance Rights Granted as Remuneration The following options were granted by the Company to the Directors and Executives of the Group during the financial year as part of their remuneration. 30 June 2020 Number of granted Options Grant date Expiry date Fair Value per Option at grant date Total Fair Value of Options Share-Based Payments Expensed in prior years Expensed in the 2020 year 1 AASB 2 Not yet expensed Name K.B. MacNeill 2,000,000 13 May 2020 5 May 2023 0.01747 34,938 - - 34,938 K.B. MacNeill 3,000,000 13 May 2020 5 May 2023 $0.1471 44,122 - - 44,122 5,000,000 79,060 - - 79,060 1 No expense recognised during the 2020 financial year due to vesting conditions attached to the options not being satisfied as at 30 June 2020. (g) Equity Instruments Issued on Exercise of Remuneration Options or Rights Equity instruments were issued during the 2020 financial year to Directors or other Key Management Personnel as a result of options or rights exercised that had previously been granted as remuneration. (h) Service Agreements Remuneration and other terms of employment for the Directors and Executives are formalised in Service/Appointment Agreements. All contracts with Directors and executives may be terminated by either party with regards to the stipulated notice period, subject to any termination payments as detailed below. R.H. Krause There was a written agreement with Mr Krause dated 1 July 2019 in his role as Executive Chairman of the Company. Cash payments and benefits totalling $365,621 were paid to Mr Krause during the 2020 financial year. The payments were made through Penause Pty Ltd, a company in which Mr Krause has a substantial interest. Mr. Krause held this position until 24 April 2020. S. Layton There is a written agreement with Mr Layton dated 9 November 2017 in his role as a Non-executive Director of the Company. Cash payments and benefits totalling $48,000 were paid to Mr Layton during the 2020 financial year. The payments were made through Bodie Investments Pty Ltd, a company in which Mr Layton has a substantial interest. O. Kleinhempel There is a written agreement with Mr Kleinhempel dated 12 August 2019 in his role as a Non-executive Director of the Company and subsequently as Non-Executive Chairman on 24 April 2020. Cash payments and benefits totalling $42,581 were paid to Mr Kleinhempel during the 2020 financial year. Z.P. Yeo There is a written agreement with Mr Yeo dated 12 August 2019 in his role as a Non-executive Director of the Company. Cash payments and benefits totalling $42,581 were paid to Mr Yeo during the 2020 financial year.