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GREENVALE ENERGY LTD — Remuneration Information 2021
Jul 21, 2021
65015_rns_2021-07-21_7b017019-199f-4c4f-98f6-54c8c1f3abbc.pdf
Remuneration Information
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ASX ANNOUNCEMENT
22 July 2021
Proposed Issue of Performance Rights
Greenvale Mining Limited ( ASX: GRV, Greenvale or the Company ) advises that the Board has resolved to issue a total of 18,000,000 Performance Rights to Directors, executives and employees of the Company under the terms of the Performance Rights and Option Plan approved by shareholders in March 2021.
The issue of Performance Rights to Directors, as set out below, is subject to the approval of Greenvale Shareholders at the next General Meeting or Annual General Meeting of Shareholders.
The Performance Rights will not vest, nor any underlying shares be issued unless, the vesting conditions, as set out in the attached Annexure A have been achieved. Performance Rights issued under the plan form the at-risk remuneration for Directors, management and staff.
The Company provides the following information in relation to the proposed issue:-
| Unlisted Performance Rights | Class 2 | Class 3 | Class 4 |
|---|---|---|---|
| Number proposed to be issued to Non- Executive Directors (subject to shareholder approval) |
- | 8,000,000 | 2,000,000 |
| Number Proposed to be issued to Executives & Staff |
5,000,000 | 3,000,000 | - |
| Total | 5,000,000 | 11,000,000 | 2,000,000 |
| Issue Price | Nil |
The Class 2 Performance Rights above are those proposed to be granted to our new CEO, Matt Healy, that was announced to the market on 16 July 2021.
R E G I S T E R E D O F F I C E : 130 Stirling Hwy, NORTH FREMANTLE, WA 6159 | Locked Bag 4, North Fremantle, WA Australia, 6159 t:+61 8 6215 0372 | e: [email protected] | www.greenvalemining.com
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ANNEXURE A
The Performance Rights shown below will not vest (and the underlying shares will not be issued) unless the vesting conditions set out below have been satisfied.
| Class 2 | 2A | 2B | 2C |
|---|---|---|---|
| Number | 1,666,666 | 1,666,667 | 1,666,667 |
| Share Price Target1 | $0.50 | $0.60 | $0.70 |
| Service Period2 | 1 year | 2 years | 3 years |
| Vesting Period | Four Years | ||
| Class 3 | 3A | 3B | |
| Number | 5,500,000 | 5,500,000 | |
| Share Price Target1 | $0.50 | $0.60 | |
| Service Period2 | 1 year | 1 Year | |
| Vesting Period | Three Years | ||
| Class 4 | 4A | 4B | |
| Number | 1,000,000 | 1,000,000 | |
| Share Price Target1 | $0.50 | $0.60 | |
| Service Period2 | 1 Year | 2 Years | |
| Vesting Period | Three Years |
Note 1: The 30-day VWAP of Greenvale Shares to be greater than the share price target
Note 2: Other than for reasons outside the control of the Holder (such as invalidity, bona fide redundancy or death) the Holder has been employed or engaged by the Company for this period.
Authorised for Release
This announcement has been approved by the Board for release.
Alan Boys Company Secretary
Contact
For further details, contact: Neil Biddle Managing Director 0418 915 752
Media Inquiries
For further details, contact: Nicholas Read – Read Corporate [email protected] Mobile: 0419 929 046
G R E E N V A L E M I N I N G L I M I T E D
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