ANNUAL Report June 2023 Directors’ Report 15 (c) Details of Remuneration Directors are entitled to remuneration out of the funds of the Company, but the remuneration of the Nonexecutive Directors may not exceed in any year the amount fixed by the Company in general meeting for that purpose. The aggregate remuneration of the Non-executive Directors has been fixed at a maximum of $200,000 per annum to be apportioned among the Non-executive Directors in such a manner as they determine. Directors are also entitled to be paid reasonable travelling, accommodation and other expenses incurred in consequence of their attendance at Board Meetings and otherwise in the execution of their duties as Directors. Details of the nature and amount of each element of the remuneration of each of the Key Management Personnel of the Company and the consolidated entity during the year ended 30 June 2023 are set out in the following tables: Short-term benefits Postemployment benefits $ Share-based payments 2023 Salary & fees $ Nonmonetary benefits $ Leave provisions $ Shares $ Performance rights and options1 $ Total $ % Performance based Directors O. Kleinhempel 48,000 - - - - 37,967 85,967 44.2% S. Layton 48,000 - - - - 19,150 67,150 28.5% R. Morrow 48,000 - - - - 19,150 67,150 28.5% Z.P. Yeo 48,000 - - - - 19,150 67,150 28.5% Executives K.B. MacNeill 300,000 15,661 25,991 - - 25,413 367,065 6.9% Total KMP compensation 492,000 15,661 25,991 - - 120,830 654,482 Short-term benefits Postemployment benefits $ Share-based payments 2022 Salary & fees $ Nonmonetary benefits $ Leave provisions $ Shares $ Performance rights and options1 $ Total $ % Performance based Directors O. Kleinhempel 48,000 - - - - 98,280 146,280 67.2% S. Layton 48,000 - - - - 39,312 87,312 45.0% R. Morrow 48,000 - - - - 39,312 87,312 45.0% Z.P. Yeo 48,000 - - - - 39,312 87,312 45.0% Executives K.B. MacNeill 300,000 105,004 23,149 - 76,167 504,320 15.1% Total KMP compensation 492,000 105,004 23,149 - - 292,383 912,536 Performance rights and options do not represent cash payment to Directors or senior executives and performance rights / options granted may or may not be exercised by the Directors or executives. (d) Cash Bonuses No cash bonuses were paid during the period. (e) Equity Instruments The Company rewards Directors and executives for their performance and aligns their remuneration with the creation of shareholder wealth by issuing shares, options or performance rights. Share-based compensation is at the discretion of the Board and no individual has an unconditional contractual right to participate in any share-based plan or receive any guaranteed benefits. EQ Resources Limited Annual Report 2023 57
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