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32
AXIOM MINING LIMITED
ANNUAL REPORT 2015
Directors’ report
continued
GROUP FINANCIAL REPORT
Remuneration report (continued)
d. Service agreements (continued)
Key management personnel employed during the current financial year but not at the date of this report:
Hans Vulker, Human Resources Manager (until 5 October 2015)
–
Terms of agreement: Appointed with no fixed term commencing 4 August 2014.
–
Total Remuneration Package of $160,000 plus superannuation per annum.
–
Bonus scheme at the Board’s discretion. Invitation to earn in 25,000 Performance Rights under the Employee
Performance Rights Scheme.
–
No bonus was issued in 2015.
–
Notice period of one month.
John Donald Macansh, Manager Exploration – Oceania (until 18 February 2015)
–
Terms of agreement: Appointed with no fixed term commencing 8 August 2014.
–
Total Remuneration Package of $205,000 plus superannuation per annum.
–
Bonus scheme at the Board’s discretion includes invitation to participate in the Employee Performance Rights Scheme.
–
No bonus was issued in 2015.
–
Notice period three months.
e. Remuneration of specified Directors and specified executives
Short-term benefits
Post-employment
benefits
Share-based
Payment
S300A(1)
(e)(i)
Proportion of
remuneration
performance
related
%
S300A(1)
(e)(vi)
Value of share
rights as
proportion of
remuneration
%
Twelve
months to
30 September
Directors’
Fees
$
Non-
monetary
benefits
$
Super-
annuation
$
Retirement
benefits
$
Performance
Rights*
$
Total
$
Non-executive
Directors:
Stephen Ray Williams
2015
50,000**
– 4,750
–
27,205 81,955
–
33
2014
50,000
– 4,656
–
39,205 93,681
–
42
Jeremy Robin Gray
2015
10,806
–
–
–
– 10,806
–
–
2014
–
–
–
–
–
–
–
–
Total Remuneration
2015
60,806
– 4,750
–
27,205 92,761
–
29
2014
50,000
– 4,656
–
39,205 93,861
–
42
* Performance rights were granted in April 2013 following approval by shareholders at the Annual General Meeting held on 22 April 2013. The
performance rights are charged to expense over the life of the rights. The expense in relation to the performance rights is calculated as fair
value using the Black-Scholes model. For further disclosure in respect of the share-based payment see part (c) Performance Rights Plan of the
remuneration report.
Performance rights issued will vest into fully paid ordinary shares upon speci c conditions being achieved. The performance condition is a market
hurdle as disclosed in part (c) Performance Rights Plan of the remuneration report. The amounts that appear are amounts required under Australian
Accounting Standards to be expensed by the Company in respect of the allocation of long term incentives. Whether or not these performance
rights are received will depend on achieving appropriate vesting conditions as discussed above. No performance rights were exercised during
the year.
** Fees were set at $80,000 effective from 1 March 2015, and paid subsequent to the year-end.