“I never like giving performance tickets especially in the...

“I never like giving performance tickets especially in the quantum of >$20 million. What do others think ?”

The announcement is a little cryptic, but on closer reading, the number of shares going to the employees who are actually listed in the notice only adds up to 59,807, which at yesterday’s SP is worth $3.9m.
Your figure of >$20m relates to the total number of shares of that specific class that have ever been issued, (ie 337,618).
The number quoted as issued by the notice is 162,880.
I don’t know if the shares comprising the difference between 162,880 and 59,807 are going to somebody else or are being kept in reserve.

Anyway, let’s step back and taking a longer view of PME’s share issuance.
From the end of FY 2015 to FY2021, the shares on issue has increased from 100.3m to 104.2m.
Prior to that the shares on issue was steady for a number of years.
(50,294 shares were cancelled between 2015 and 2021 as a result of buybacks, which doesn't make material difference.)
Thus, on average over the six years, on average, shares corresponding to 0.65% of company per year have vested with the recipients, presumably as employee benefits.

In that same period, the share price has appreciated from $2.48 to $57.98.
That’s a compound gain of 69.1% per annum.

I don’t know how many people PME employs but I expect it’s not many.
The annual report lists that here are only 42 holders of performance rights.
I expect that there are some folk working for PME who have been vital in making the shed loads of money for shareholders.

As far as I am concerned, if the PME management see fit to try to chain their valued employees to their keyboards with golden handcuffs with this modest scale of issuance, it’s okay with me as shareholder.
Why would I care if they are giving away 0.65% of the company each year to produce a 69.1% return.

The two founders still hold 54% of the company.
I am happy to trust that they are not handing out bits of the company for no reason.

Cheers