37 Westgold Resources Limited Annual Report 2023 STI outcomes Performance against those measure is as follows for FY2023: Name Position STI Achieved % STI Awarded1 $ Maximum potential award $ WC Bramwell Managing Director 71 209,680 293,626 SH Heng Chief Financial Officer 84 142,464 170,170 PW Wilding Chief Operating Officer 92 172,030 187,408 Total 524,174 651,204 1. Performance is measured based on a combination of the operational segment performance as well as overall Group performance. The FY2023 STI awards were paid in August 2023. Long Term Incentive (LTI) arrangements Under the LTI plan, annual grants of performance rights are made to executives to align remuneration with the creation of shareholder value over the long-term. How is it paid? Executives are eligible to receive Performance Rights (Performance Rights). In FY2023 Performance Rights were issued, being a conditional right issued to receive a share subject to the terms of the offer. Are rights 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% (FY2022: 80%) for the Managing Director, 80% (FY2022: 60%) for the senior executives and 60% (FY2022: 60%) 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 6 Performance 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 2022 to 30 June 2025. A performance condition which comprises the following: – Growth in Relative Total Shareholder Return – Growth in Absolute Total Shareholder Return – Growth in Absolute Earnings Per Share – Ore Reserve Growth
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