2021 Annual Report

Directors’ Report — Remuneration report 30 June 2021 ADDITIONAL STATUTORY INFORMATION (II) Performance based remuneration granted and forfeited during the year The table below shows for each Executive KMP how much of their STI cash bonus and service rights were awarded and how much was forfeited. It also shows the value of performance rights that were granted, vested and forfeited during FY21. The number of performance rights and percentages vested/forfeited for each grant are disclosed in the table on page 68. Executive KMP STI bonus (cash) STI (service rights) LTI (performance rights) Total opportunity $ Awarded 1 $ Awarded % Forfeited % Total opportunity $ Awarded 2 $ Awarded % Forfeited % Value granted 3 $ Value vested 4 $ Value forfeited 4 $ Peter Bradford 435,000 435,000 100 - 435,000 435,000 100 - 626,115 713,536 123,751 Keith Ashby 5 - - - - - - - - - 103,286 17,913 Kate Barker 100,000 100,000 100 - 100,000 100,000 100 - 115,132 33,832 5,689 Matt Dusci 252,000 252,000 100 - 252,000 252,000 100 - 290,137 236,082 40,944 Andrew Eddowes 95,000 92,150 97 3 95,000 92,150 97 3 109,375 43,104 7,476 Joanne McDonald 87,500 85,750 98 2 87,500 85,750 98 2 100,740 34,705 6,019 Sam Retallack 92,500 90,650 98 2 92,500 90,650 98 2 106,498 103,286 17,913 Ian Sandl 100,000 94,000 94 6 100,000 94,000 94 6 115,132 43,203 7,493 Scott Steinkrug 115,000 115,000 100 - 115,000 115,000 100 - 211,844 212,472 36,850 1. To be paid in August 2021. 2. Service rights will be issued in September 2021 based on the 5-day VWAP following the release of IGO’s 2021 Financial Statements. The service rights will vest in equal parts in September 2022 and September 2023. 3. The value at grant date for performance rights granted during the year as part of remuneration is calculated in accordance with AASB 2 Share-based Payment . Refer to note 28 for details of the valuation techniques used for the EIP. 4. The value of performance rights vested and forfeited is based on the value of the performance rights at grant date. 5. Mr Ashby resigned effective 27 November 2020, therefore was not entitled to FY21 STI cash, STI service rights or STI performance rights. (III) Terms and conditions of the share-based payment arrangements Performance rights under the Company’s EIP Performance rights under the Company’s EIP are granted annually. The performance rights vest after three years from the start of the financial year, subject to meeting certain performance conditions. On vesting, each performance right automatically converts into one ordinary share. The Executive KMP do not receive any dividends and are not entitled to vote in relation to the performance rights during the vesting period. If an Executive KMP ceases employment before the performance rights vest, the performance rights will be forfeited, except in certain circumstances that are approved by the Board. The value at grant date for performance rights granted during the year as part of remuneration is calculated in accordance with AASB 2 Share-based Payment . Refer to note 28 for details of the valuation techniques used for the EIP. Grant date Vesting date Grant date value $ Performance achieved Vested % 18 November 2020 1 July 2023 3.43 To be determined n/a 2 October 2020 1 July 2023 2.74 To be determined n/a 20 November 2019 1 July 2022 4.45 To be determined n/a 14 October 2019 1 July 2022 4.65 To be determined n/a 20 November 2018 1 July 2021 2.17 To be determined 2 n/a 28 September 2018 1 July 2021 2.81 To be determined 2 n/a 24 November 2017 1 July 2020 3.14 Refer 1 below 85.2 29 September 2017 1 July 2020 2.29 Refer 1 below 85.2 1. The relative and absolute TSR performance conditions of the share rights granted in FY18 resulted in the Company achieving a TSR of 56.0% for the period 1 July 2017 to 30 June 2020, resulting in the vesting of 72.6% of performance rights subject to relative TSR testing and 97.9% of performance rights subject to absolute TSR testing (with 50% allocation to both relative and absolute TSR). This resulted in an overall vesting of 85.2% of the FY18 Series Performance Rights, with the balance of the performance rights lapsing and subsequently cancelled. 2. The relative and absolute TSR performance conditions of the share rights granted in FY19 (which were due to vest on 1 July 2021) were tested post 30 June 2021. The Company achieved a TSR of 52.0% for the period 1 July 2018 to 30 June 2021, resulting in the vesting of 78.0% of performance rights subject to relative TSR testing and 82.2% of performance rights subject to absolute TSR testing (with 50% allocation to both relative and absolute TSR). This resulted in an overall vesting of 80.1% of the FY19 Series Performance Rights, with the balance of the performance rights lapsing and subsequently cancelled. This will be accounted for in the FY22 Remuneration Report. 66 —IGO ANNUAL REPORT 2021