Icon Energy Limited - page 40

40 ICON ENERGY LIMITED 2015 Annual Report ABN 61 058 454 569
REMUNERATION REPORT – AUDITED
The Icon Energy Limited Performance Rights Plan (“Plan”) was presented and approved by shareholders at the Annual
General Meeting held on 22 April 2010, under which the Company is able to grant appropriately structured short and
long-term incentives to employees (including Executive Directors) in addition to their fixed remuneration. The structure
of the STI and LTI plans and achievement of predefined STI and LTI targets is reviewed by the Board, and modified
where appropriate, on an annual basis. In accordance with ASX listing rule 7.2 Exception 9 the Plan was resubmitted to
shareholders for approval and was approved at the 2014 AGM.
Table 2: Relative Proportions of Remuneration Packages
Fixed
FR%
50
56
67
91
STI%
25
22
20
9
LTI%
25
22
13
-
At Risk Position
Managing Director
Executive Managers
Senior Managers
Other Employees
4. FIXED REMUNERATION
Fixed remuneration consists of the base remuneration calculated on a total cost basis and including FBT charges on employee
benefits, as well as contributions to superannuation funds. Remuneration levels are reviewed annually. Senior executives
were restricted to CPI increases over the financial year.
5. SHORT-TERM INCENTIVES
The Company did not issue Short-term Incentive (STI) for the 2014-15.
6. LONG-TERM INCENTIVES
The Company did not issue Long-term Incentives (LTI) for the 2014-15. The only LTI plan awards in operation during the year
were the 2012-13 LTIs and 2013-14 LTIs.
NOTES ON 2014 LTI Performance Rights:
(i) At 30 June 2014, the total fair value of the LTI rights granted during the year was $368,552 of which $122,851 was
expensed in the 2013/14 and 2014/15 financial year, with the remainder to be expensed in 2015/16.
Table 3: Details of LTI Performance Rights on Issue
Total
1,800,310
1,192,658
1,041,175
689,751
410,604
5,134,498
-
-
-
-
-
-
147,625
226,605
85,376
131,053
33,670
624,329
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,800,310
1,192,658
1,041,175
689,751
410,604
5,134,498
30-Jun-16
30-Jun-15
30-Jun-16
30-Jun-15
30-Jun-16
Name Rights on
issue at 30
June 2014
(number)
Issued
during
the year
(number)
FairValue
at Grant
Date
$ (i)
Exercised
during
the year
(number)
Exercise
Price
$
Vested
during
the year
(number)
Lapsed
during
the year
(number)
Rights on
issue at 30
June 2015
(number)
DateRights
FirstVest
&CanBe
Exercised
Date of
Grant
Ray
James
Kevin
Jih
Martin
Berry
4-Mar-14
14-Dec-12
4-Mar-14
14-Dec-12
4-Mar-14