FINANCIAL REPORT NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS for the year ended 30 June 2025 112 WESTGOLD RESOURCES LIMITED 27. SHARE-BASED PAYMENTS (a) Recognised share-based payment expense The expense recognised for services received during the year is shown in the table below: 2025 $000 2024 $000 Expense arising from equity-settled share-based payments 4,496 3,367 The share-based payment plan is described below. There have been no cancellations or modifications to the plan during 2025, 2024, 2023 and 2022. (b) Transactions settled using shares There were no transactions settled using shares in the year ending 30 June 2025. (c) Employee share and option plan Under the Employee Share and Option Plan (ESOP), grants are made to senior executives and other staff members who have made an impact on the Group’s performance. ESOP grants are delivered in the form of share options or performance rights which vest over periods as determined by the Board of Directors. (d) Performance rights (Rights) Unlisted Employee Performance Rights are issued to senior management under the Employee Share Option Plan, the principal terms being: – The Performance Rights have been issued for nil consideration. – Exercise Price of a Performance Right is nil. – The Performance Rights measurement date for Tranche 6 is 31 March 2025, Tranche 7 is 30 June 2026 and Tranche 8 is 30 June 2027. – The Performance Rights are subject to defined Performance Conditions as below: Tranche 8 Tranche 7 Tranche 6 – Growth in Relative Total Shareholder Return (RTSR) 25% 25% 30% – Growth in Absolute Total Shareholder Return (ATSR) 25% 25% 30% – Growth in Absolute Earnings Per Share (EPS) 25% 25% 30% – Ore Reserve Growth 25% 25% 10% – Subject to the terms contained in this Offer, the Performance Rights will not be transferable in whole or in part (except, in the case of the Performance Right holder’s death, by his or her legal personal representative). – The Company will issue fully paid ordinary Shares ranking pari passu with the issued ordinary shares once the Performance Rights have vested. – The Company will apply for listing on the ASX of the resultant Shares of the Company issued upon vesting of any Performance Rights. – A Performance Rights holder cannot participate in dividends or bonus issues, with respect to those Performance Rights, unless those Performance Rights are vested. – A Performance Rights holder does not have any right to participate in new issues of securities in the Company made to shareholders with respect to those Performance Rights. – The Board has the right to vary the entitlements of Participants to take account of the effect of capital reorganisations, bonus issues or rights issues.
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