Proposed 2024 Incentive Awards
Released
Released
Announcement PDF
11 December 2023
By e-lodgement
Proposed 2024 Incentive Awards
Talisman Mining Ltd (ASX:TLM, Talisman or Company) advises that the Company has made offers
in respect of 7,822,400 proposed new incentive options to Directors and Staff (Incentive Options).
The Incentive Options will have an exercise price of $0.264 per share, will expire 4 years from issue,
are subject to a vesting period (3 years from grant) and are otherwise to be governed by the terms
of the Employee Securities Incentive Plan approved by Shareholders at the Company’s 2023 AGM
(ESIP).
4,981,700 of the Incentive Options are proposed to be issued under the ESIP to eligible participants
under Listing Rule 7.2 Exception 13. The remaining 2,840,700 Incentive Options are proposed to
be issued to Directors (and / or their nominees) and the issue will therefore be subject to shareholder
approval. The number of options proposed to be issued to each Director are as follows:
Director
Number of Director Options
Andrew Munckton 1,618,500
Kerry Harmanis
425,100
Peter Benjamin
265,700
Brian Dawes
265,700
Jeremy Kirkwood
265,700
ASX Appendices 3B in respect of the proposed grants are being lodged together with this
announcement.
Authorised for release by:
Alex Neuling
Company Secretary
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APPENDIX 1 - ADDITIONAL INFORMATION:
Terms and Conditions of Options
(a)
Entitlement
Subject to paragraph (k), each Option entitles the holder to subscribe for one Share upon
exercise of the Option.
(b)
Exercise Price and Expiry Date
Subject to paragraphs (i) and (k), the amount payable upon exercise of each Option will be
$0.264 (Exercise Price).
(c)
Expiry Date
Each Option will expire at 5:00 pm (WST) on 15 December 2027 (Expiry Date). An Option not
exercised before the Expiry Date will automatically lapse on the Expiry Date.
(d)
Exercise Period
The Options are exercisable at any time on and from 15 December 2026 until the Expiry Date
(Exercise Period).
(e)
Notice of Exercise
The Options may be exercised during the Exercise Period by notice in writing to the Company
in the manner specified on the Option certificate (Notice of Exercise) and payment of the
Exercise Price for each Option being exercised in Australian currency by electronic funds
transfer or other means of payment acceptable to the Company.
(f)
Exercise Date
A Notice of Exercise is only effective on and from the later of the date of receipt of the Notice of
Exercise and the date of receipt of the payment of the Exercise Price for each Option being
exercised in cleared funds (Exercise Date).
(g)
Timing of issue of Shares on exercise
Within five Business Days after the Exercise Date, the Company will:
(i)
issue the number of Shares required under these terms and conditions in respect of
the number of Options specified in the Notice of Exercise and for which cleared funds
have been received by the Company;
(ii)
if required, give ASX a notice that complies with section 708A(5)(e) of the Corporations
Act, or, if the Company is unable to issue such a notice, lodge with ASIC a prospectus
prepared in accordance with the Corporations Act and do all such things necessary to
satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the
Shares does not require disclosure to investors; and
(iii)
if admitted to the official list of ASX at the time, apply for official quotation on ASX of
Shares issued pursuant to the exercise of the Options.
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If a notice delivered under (g)(ii) for any reason is not effective to ensure that an offer for sale of
the Shares does not require disclosure to investors, the Company must no later than 20
Business Days after becoming aware of such notice being ineffective, lodge with ASIC a
prospectus prepared in accordance with the Corporations Act and do all such things necessary
to satisfy section 708A(11) of the Corporations Act to ensure that an offer for sale of the Shares
does not require disclosure to investors.
(h)
Shares issued on exercise
Shares issued on exercise of the Options rank equally with the then issued shares of the
Company.
(i)
Reconstruction of capital
If at any time the issued capital of the Company is reconstructed, all rights of an Optionholder
are to be changed in a manner consistent with the Corporations Act and the ASX Listing Rules
at the time of the reconstruction.
(j)
Participation in new issues
There are no participation rights or entitlements inherent in the Options and holders will not be
entitled to participate in new issues of capital offered to Shareholders during the currency of the
Options without exercising the Options.
(k)
Adjustments
There is no right to a change in the exercise price or in number of underlying Shares over which
an Option can be exercised, except:
(l)
(i)
in the event the Company proceeds with a pro rata issue (except a bonus issue) of
securities to Shareholders (other than an issue in lieu or in satisfaction of dividends or
by way of dividend reinvestment) after the date of issue of the Options, the exercise
price of the Options will be reduced in accordance with the formula in respect of
Options set out in ASX Listing Rules;
(ii)
in the event of a bonus issue of Shares being made pro rata to Shareholders, (other
than an issue in lieu of dividends), the number of Shares issued on exercise of each
Option or Performance Right will include the number of bonus Shares that would have
been issued if the Option or Performance Right had been exercised prior to the record
date for the bonus issue. No adjustment will be made to the exercise price per Share
of an Option.
Transferability
The Options are transferable subject to any restriction or escrow arrangements imposed by ASX
or under applicable Australian securities laws.
(m)
Employee Incentive Securities Plan
The Options are otherwise governed by the terms of the Employee Incentive Securities Plan.
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