24 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 ALLUP SILICA LIMITED DIRECTORS’ REPORT Value of Options issued to Key Management Personnel: During the financial year, the following share based payment arrangements were in existence for Key Management Personnel: Options Grant Date Expiry Date Grant Date Fair Value Vesting Date Performance rights issued to Non-Executive Director (John) Campbell Smyth 29/11/2022 29/11/2027 $77,333 29/11/2025 There were 1,000,000 performance rights issued to Key Management Personnel during the year. The Board reviews the remuneration packages of all key management personnel on an annual basis. The maximum remuneration of non-executive Directors is to be determined by Shareholders at a general meeting in accordance with the Constitution, the Corporations Act and the ASX Listing Rules, as applicable. At present the maximum aggregate remuneration of non-executive Directors is $500,000 per annum. The apportionment of non-executive Directors' remuneration within that maximum will be made by the Board having regard to the inputs and value to the Company of the respective contributions by each Director. Remuneration is not linked to a specific service or performance criteria. Remuneration levels, shares and options granted are not dependent upon any performance criteria as the nature of the Company's operations are exploration, and they are not generating profits. The Company did not use a remuneration consultant during the year or prior year.
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