Directors’ Report
5.3.2 Movement of ESP shares under non-recourse loans
Movements of the 3,747,525 ESP shares (2023: 14,271,030 shares) held by executive KMP and former executive KMPs during the reporting period are set out below:
Vested and exercisable at 30 June 2024 2 No.
Held at 30 June 2024 No.
Vested during the year No.
Held at 1 July 2023 No.
Granted No.
Exercised No.
Forfeited No.
Executives A Chiert 1
2,500,000
— —
— —
— 2,500,000 1,000,000 2,500,000
C Blaxland-Walker 1 Former Executives S Swanson 3
1,247,525
— 1,247,525
— 1,247,525
10,000,000
— (2,000,000) (8,000,000)
— —
— —
— —
D Lowe 4
523,505
—
— (523,505)
1 Additional non-recourse loans up to a maximum of $1 per vested ESP share held in May 2017 were granted and is secured by the vested ESP shares. 2 Interest is charged on vested shares as resolved by the Board. 3 Ceased to hold a KMP role on 30 June 2023. The Board approved granting an extension of the loan term to 30 November 2023 relating Mr Swanson’s vested ESP shares. During the year, 2 million shares were exercised and converted to ordinary shares, and the remaining 8 million shares were forfeited. 4 Ceased to hold a KMP role on 30 June 2023. Employment terminated during the year. Unvested ESP shares fully lapsed on cessation of employment and the associated expense was reversed.
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