Page 32 - Sun Resources Annual Report 2013

DIRECTORS’ REPORT
Mr M A Battrick (continued)
Term of agreement: Three years commencing on the 20 March 2013.
Base Salary: $375,000 per annum, inclusive of statutory superannuation.
Director fees: None.
Incentives: Share based incentives as determined.
Mr M A Battrick was appointed as Executive Director, Technical on 20 March 2013.
Dr P Linsley
Term of agreement: Retires as determined by director rotation, consulting on an ad-hoc basis as agreed.
Director fees: $50,000 plus consultancy fees as determined.
Incentives: Share based incentives as determined.
Dr P Linsley retired as a Director effective 30 June 2013.
Mr J D Kenny
Term of agreement: Retires as determined by director rotation.
Director fees: $50,000.
Incentives: Share based incentives as determined.
Mr D Kestel
Term of agreement: Retires as determined by director rotation.
Director fees: $50,000.
Incentives: Share based incentives as determined.
Mr C Basson
Term of agreement: Two years commencing 1 July 2011.
Base consultancy: $132,780 plus necessary expenses to be reimbursed.
Incentives: Share based incentives as determined.
Mr S Bayford
Term of agreement: Three years commencing on the 8 August 2011.
Base Salary: $275,000 plus statutory superannuation and car benefit.
Incentives: Tranche 1 1,000,000 options issued 14 August 2011.
Tranche 2 1,000,000 options issued 14 August 2012.
Mr S Bayford ceased employment effective 1 July 2013.
D Share-based compensation (audited)
The Board does not have any specific criteria when deciding on the terms of option incentives, but will look at
conditions prevailing in the market for executives in other companies.
Whilst the Consolidated Entity does not have a formal ownership-based compensation scheme for Directors and
employees of the Company, certain share options may be granted to Directors and employees as part of their
remuneration at the discretion of the Board. Each option converts into one ordinary share of the Company on exercise.
No amounts have been paid for any options by the recipient upon receipt of the options. The options neither carry rights
to dividends or voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry.
During the current and previous financial year the following options were granted to Directors and Key
Management Personnel.
Name Date Granted No. Granted No. Vested Expiry Date Exercise Price
per Option
Fair Value
of Options
$ (i)
2013
Dr G van Ek 3 May 2013 10,000,000 10,000,000 3 May 2016 5.7 cents 143,608
Dr G van Ek (i) 3 May 2013 10,000,000 - 3 May 2016 6.7 cents 129,977
Dr G van Ek (ii) 3 May 2013 10,000,000 - 3 May 2016 7.6 cents 119,587
Mr M A Battrick 3 May 2013 5,000,000 5,000,000 3 May 2016 5.7 cents 71,804
Mr M A Battrick (i) 3 May 2013 5,000,000 - 3 May 2016 6.7 cents 64,988
Mr M A Battrick (ii) 3 May 2013 5,000,000 - 3 May 2016 7.6 cents 59,794
Mr D Kestel 12 September 2012 5,000,000 5,000,000 12 September 2015 10.5 cents 171,676
Mr S Bayford 8 August 2012 1,000,000 1,000,000 8 August 2015 9.4 cents 30,263
(i) Vesting date is 3 May 2014.
(ii) Vesting date is 3 May 2015.
SUN RESOURCES ANNUAL REPORT 2013 30