Westgold Resources Limited Annual Report 2021

39 Westgold Resources Limited Annual Report 2021 How is performance measured? Operational Growth Performance Conditions The Operation Growth Rights (25% of total Rights) will be measured by a combination of Ore Reserve Growth (10%) and Production Growth (15%). Ore Reserves will be measured based on the Reserve Statement as reported at the end of the FY2021 financial year under JORC guidelines. Production Growth will be measured as the cumulative annual growth rate over the service period. The vesting schedule for the Ore Reserves measure is as follows: Ore Reserve Performance % Contribution to the Number of Employee Rights to Vest Negative Growth 0% Depletion Replaced 50% Between depletion replaced and 10% increase Pro-rata from 50% to 100% Depletion replaced and 10% increase or greater 100% The vesting schedule for the Production Growth measure is as follows: Production Growth Performance % Contribution to the Number of Employee Rights to Vest Negative Growth 0% 5% growth 50% Above 5% per annum growth and below 10% per annum growth Pro-rata from 50% to 100% 10% per annum growth or greater 100% When is performance measured? Tranche 4 The measurement date is 31 March 2023 unless otherwise determined by the Board. Executives must exercise the Rights on the vesting date. What happens if an executive leaves? Where executives cease to be an employee of the Group: – due to resignation or termination for cause, then any unvested Rights will automatically lapse on the date of the cessation of employment; or – due to redundancy, ill health, death or other circumstances approved by the Board, the executive will generally be entitled to a pro-rata number of unvested Rights based on achievement of the performance measures over the performance period up to the date of cessation of employment; and – where an employee ceases employment after the vesting of their Rights, the Rights automatically lapse after three months of cessation of employment. unless the Board determines otherwise on compassionate grounds. What happens if there is a change of control? In the event of a change of control, the performance-period end date will be brought forward to the date of the change of control and rights will vest based on performance over the shortened period (subject to Board discretion).