Additional Statutory Information (II) Performance based remuneration granted and forfeited during the year The table below shows for each Executive KMP how much of their STI cash bonus and service rights were awarded and how much was forfeited. It also shows the value of performance rights that were granted, vested and forfeited during FY22. The number of performance rights and percentages vested/forfeited for each grant are disclosed in the table on page 80. Executive KMP STI bonus (cash) STI (service rights)2 LTI (performance rights) Target opportunity Awarded1 Awarded3 Forfeited Target opportunity Awarded2 Awarded3 Forfeited Value granted4 Value vested5 Value forfeited5 $ $ % % $ $ % % $ $ $ Peter Bradford 500,000 530,000 106 - 500,000 530,000 106 - 926,619 379,275 94,109 Kate Barker 112,500 118,000 105 - 112,500 118,000 105 - 198,732 97,353 24,156 Matt Dusci 280,000 297,000 106 - 280,000 297,000 106 - 494,615 248,328 61,617 Andrew Eddowes 100,000 105,000 105 - 100,000 105,000 105 - 176,651 106,515 26,429 Joanne McDonald 100,000 105,000 105 - 100,000 105,000 105 - 176,651 97,353 24,156 Sam Retallack 100,000 105,000 105 - 100,000 105,000 105 - 176,651 103,079 25,577 Scott Steinkrug 131,250 139,000 106 - 131,250 139,000 106 - 370,964 187,417 46,503 1. To be paid in August 2022. 2. Service rights will be issued in September 2022 based on the 5-day VWAP following the release of IGO’s 2022 Financial Statements. The service rights will vest in equal parts in September 2023 and September 2024. 3. STIs awarded to Executive KMP for FY22 reflect above target performance for both Company and individual scorecards. 4. The value at grant date for performance rights granted during the year as part of remuneration is calculated in accordance with AASB 2 Share‑based Payment . Refer to note 29 for details of the valuation techniques used for the EIP. 5. The value of performance rights vested and forfeited is based on the value of the performance rights at grant date. (III) Terms and conditions of the share-based payment arrangements Performance Rights under the Company’s EIP Performance rights under the Company’s EIP are granted annually. The performance rights vest after three years from the start of the financial year, subject to meeting certain performance conditions. On vesting, each performance right automatically converts into one ordinary share. The Executive KMP do not receive any dividends and are not entitled to vote in relation to the performance rights during the vesting period. If an Executive KMP ceases employment before the performance rights vest, the performance rights will be forfeited, except in certain circumstances that are approved by the Board. Grant date Vesting date Grant date value Performance achieved Vested $ % 18 November 2021 1 July 2024 8.68 To be determined n/a 22 October 2021 1 July 2024 8.28 To be determined n/a 18 November 2020 1 July 2023 3.43 To be determined n/a 2 October 2020 1 July 2023 2.74 To be determined n/a 20 November 2019 1 July 2022 4.45 To be determined2 n/a 14 October 2019 1 July 2022 4.65 To be determined2 n/a 20 November 2018 1 July 2021 2.17 Refer 1 below 80.1 28 September 2018 1 July 2021 2.81 Refer 1 below 80.1 1. The relative and absolute TSR performance conditions of the share rights granted in FY19 resulted in the Company achieving a TSR of 52.0% for the period 1 July 2018 to 30 June 2021, resulting in the vesting of 78.0% of performance rights subject to relative TSR testing and 82.2% of performance rights subject to absolute TSR testing (with 50% allocation to both relative and absolute TSR). This resulted in an overall vesting of 80.1% of the FY19 series performance rights, with the balance of the performance rights lapsing and subsequently cancelled. 2. The performance conditions of the share rights granted in FY20 (which were due to vest on 1 July 2022) were tested post 30 June 2022. The Company achieved a TSR of 143.1% for the period 1 July 2019 to 30 June 2022, resulting in the vesting of 100% of performance rights subject to relative TSR testing and 100% of performance rights subject to absolute TSR testing (with 25% allocation to both relative and absolute TSR). The Company also achieved greater than 110% reserve growth per share (25% allocation) and greater than 40% average EBITDA margin for the performance period (25% allocation). This resulted in an overall vesting of 100% of the FY20 series performance rights and will be accounted for in the FY23 Remuneration Report. Service Rights under the Company’s EIP Service rights issued under the Company’s EIP are granted following the determination of the final STI performance result for the performance year. The service rights component of the STI vest in two tranches, with the first tranche of 50% vesting on the 12 month anniversary of the award date, and the second tranche of 50% vesting on the 24 month anniversary of the award date. The Executive KMP do not receive any dividends and are not entitled to vote in relation to the service rights during the vesting period. If an Executive KMP ceases employment before the service rights vest, the service rights will be forfeited, except in limited circumstances that are approved by the Board on a case-by-case basis. The fair value of the service rights is determined based on the 5-day VWAP of the Company’s shares after release of IGO’s annual financial statements. Grant date Vesting Vesting date Grant date value % $ 22 October 2021 50 1 September 2022 9.69 50 1 September 2023 9.69 2 October 2020 50 1 September 2021 4.46 50 1 September 2022 4.46 14 October 2019 50 1 September 2020 5.88 50 1 September 2021 5.88 5 October 2018 50 2 September 2019 4.21 50 1 September 2020 4.21 IGO ANNUAL REPORT 2022— 79 78 —IGO ANNUAL REPORT 2022
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