Good to see the team have earnt the first tranche of performance rights for achieving the resource. they will split 9.6Million DRE shares across the directors and employees with the majority going to employees.
Tranche 1: A Resource of at least the inferred category of 10Mt @ > 1% TREO by 31 December 2022.
Tranche 2: A Resource of at least the inferred category of 20Mt @ > 1% TREO by 31 December 2023.
Tranche 3: A Resource of at least the inferred category of 30Mt @ > 1% TREO by 31 December 2024.
Quantity of Performance Rights: The total number of performance rights proposed to be issued as
LTIs across the three tranches has been determined by the Board as 29,200,000 with 7,700,000 issued
to the directors as follows:
Paul Chapman 900,000 performance rights
Dean Tuck 5,000,000 performance rights
Ian Gordon 900,000 performance rights
Paul Payne 900,000 performance rights
The remaining 21,500,000 performance rights will be issued to employees.
By way of example, if the Tranche 1 LTI vesting condition is achieved, one-third of the above
performance rights would vest. If the Tranche 2 LTI vesting condition is not achieved, one-third of
the performance rights would not vest. If the Tranche 3 LTI vesting condition is achieved, one-third
of the above performance rights would vest.
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