Westgold Resources Limited Annual Report 2020

42 Westgold Resources Limited Annual Report 2020 Financial Report Remuneration Report (Audited) continued STI outcomes Performance against those measure is as follows for FY2020: Name Position Achieved STI % STI Awarded (ii) $ Maximum potential award $ PG Cook Executive Chairman 33 94,250 290,000 DA Fullarton Chief Financial Officer 28 20,625 75,000 A Buckingham Chief Operating Officer 28 30,921 112,438 PM Storey General Manager (MGO) (i) 43 38,250 90,000 PW Wilding General Manager (CGO) (i) 28 24,750 90,000 L Smith Company Secretary & General Counsel 28 11,132 40,479 Total 219,928 697,917 (i) Performance is measured based on a combination of the operational segment performance as well as overall Group performance. (ii) The FY2020 STI awards were paid in August 2020. Long Term Incentive (LTI) arrangements Under the LTI plan, annual grants of options are made to executives to align remuneration with the creation of shareholder value over the long-term. The following structures will be reviewed during FY2021. How is it paid? Executives are eligible to receive options. In FY2020 Zero Exercise Price Options (ZEPOs) were issued, being an option to acquire an ordinary share in Westgold for a zero exercise price. Are options eligible for dividends? Executives are not eligible to receive dividends on unvested options. How much can executives earn? The LTI dollar values that executives are entitled to receive as a percentage of their fixed remuneration would not exceed 50% (FY2019: 100%) for the Executive Chairman and 40% (FY2019: 80%) for the other executives. The number of options granted were determined using the fair value at the date of grant using a Black and Scholes or Monte Carlo valuation model as appropriate, taking into account the terms and conditions upon which the options were granted. How is performance measured? Tranche 3 options will vest and become exercisable subject to the following conditions: A service condition which requires: – Continued employment for the three-year period from 1 July 2019 to 30 June 2022. A performance condition which comprises the following: – Relative Total Shareholder Returns (50%); and – Return on Capital Employed (50%).