Westgold Resources Limited Annual Report 2021

37 Westgold Resources Limited Annual Report 2021 STI outcomes Performance against those measure is as follows for FY2021: Name Position Achieved STI % STI Awarded (ii) $ Maximum potential award $ PG Cook Executive Chairman 21 123,250 290,000 DA Fullarton Chief Executive Officer 17 71,400 168,000 A Buckingham Chief Operating Officer 17 68,000 160,000 L Smith Company Secretary & General Counsel 12 31,875 75,000 Total 294,525 693,000 (i) Performance is measured based on a combination of the operational segment performance as well as overall Group performance. (ii) The FY2021 STI awards were paid in August 2021. (iii) A zero score was applied against both safety metrics in light of the fatality in December 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 Performance Rights (Rights). In FY2021 Rights were issued, being a right 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 rights. 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 80% (FY2020: 50%) for the Executive Chairman and 40% (FY2020: 40%) for the other executives. The number of Rights granted were determined using the fair value at the date of grant using a Monte Carlo valuation model, taking into account the terms and performance conditions upon which the Rights were granted. How is performance measured? Tranche 4 Rights 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 2020 to 30 June 2023. A performance condition which comprises the following: – Growth in Relative Total Shareholder Return (RTSR) – Growth in Absolute Total Shareholder Return (ATSR) – Growth in Absolute Earnings Per Share – Operational Growth