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## dIRECTORS’ REPORT COnTInUEd 

## Remuneration Report (Audited) (continued) 

The options have been granted subject to continued employment with the Company but are not subject to the individual meeting pre-determined performance criteria (for example, profitability and sales targets), given the Company is still in the exploration and evaluation phase of activities. 

Options have vesting periods of zero to four years, dependent upon the tranche of options being granted and the time elapsed between formal approval and issue of options. 

Further information on options is set out in Note 27 of the financial statements. 

The Board has prepared a policy in relation to an individual limiting his or her exposure to risk in relation to securities (including options). 

Amounts disclosed for remuneration of Directors, other key management personnel and other Group executive exclude insurance premiums paid by the Company in respect of directors’ and officers’ liability insurance contracts, as the contracts do not specify premiums paid in respect of individual Directors and officers. Information relating to insurance contracts is set out in this Directors’ Report. 

## C. Service Agreements 

Remuneration and other terms of employment for the Executive Chairman, Executive Director, Chief Financial Officer, other key management personnel and other Group executive are formalised in either service agreements or employment contracts. Each of these agreements provide for the provision of benefits including health insurance, car allowances and participation, when eligible, in the Company’s ESOP or other share options. Other major provisions of the agreements relating to remuneration are set out below. 

Details of existing contracts between the Group and the Executive Directors, other key management personnel and other Group executives are as follows: 

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