37 Westgold Resources Limited Annual Report 2022 How is performance measured? Operational Growth Performance Conditions The Operation Growth Performance 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 FY2022 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 5 The measurement date is 31 March 2024 unless otherwise determined by the Board. 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 Performance 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 Performance Rights based on achievement of the performance measures over the performance period up to the date of cessation of employment; – unless the Board determines otherwise.
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