Section 3: Implementation report

Our implementation report discloses remuneration outcomes for non-executive directors, executive directors and prescribed officers. It includes total remuneration received and a single figure for remuneration receivable (as per King IV) for the period and all constituent remuneration elements.

This section reflects the remuneration policy’s implementation and details remuneration paid to executive directors and prescribed officers for the year ended 31 December 2025. It details STI and LTI payments and vesting outcomes, with single-figure remuneration.

The approved increases for the CEO and FD are 4.47% and average increases for executive level and management and specialist level employees is 4.22%. The effective date will be 1 April 2026. The increase for bargaining unit employees is 7% effective 1 July 2026. This was in line with the remuneration policy.

Performance contract and rating of the CEO in 2025

Individual key objectives	KPIs		Rating
Stabilise the business and rebuild trust	Rapidly execute a seamless leadership transition to ensure business stability and continuity
	Strengthen quality leadership bench strength across the group to support sustained performance and succession
	Deepen and expand engagement with stakeholders to strengthen trust, transparency and alignment across the business
	Optimise the organisation structure to align with the business strategy to enable clearer accountability and effective execution
	Reset the culture to promote ethical decision making, responsible leadership behaviour and organisational integrity
Operational delivery	Expedite the turnaround of Leeuwpan to improve operational efficiency and performance
	Optimise and manage group cost structures to enhance efficiency, value delivery and financial sustainability
	Establish a Business Performance Management Systems framework that includes standards, operational principles and reporting protocols that drives a high-performance culture
Diversification	Fast track the execution of M&A to support diversification and business growth
	Increase renewable energy capacity through the LSP and Karreebosch project
Performance rating			4.2/5

Performance contract and rating of the FD in 2025

Individual key objectives	KPIs		Rating
Transition at speed and scale	Ensure sufficient funding is available to grow new energy and metals business(es) aligned to the Exxaro capital allocation framework
	Support the metals and energy growth strategy as per the board mandate, corporate finance support for financial modelling, affordability analysis, financial impact, deal structuring, financial due diligence inclusive of funding model/capital raise
Make our coal, metals and energy businesses thrive	Achieve ROCE target of 20% in terms of LTIP sliding scale and TSR performance vs peers
	Maintain Exxaro S&P global rating
	Manage and oversee the group budgeting and forecast process
	Update and drive the implementation of the Exxaro insurance company strategy to secure adequate insurance cover for Exxaro group's insurable risk at reasonable cost
	Identify areas of corporate services department cost reduction and savings across the Exxaro group
Empower people to create impact	Achieve and maintain zero harm
	Accurate, timely and relevant financial reporting within 7 days of month-end-closing (flash reporting)
	Deliver group consolidated financial statements, budgets and forecasting aligned with required timelines, regulations and standards
	Contribute to organisational deliverables as part of the executive committee team
Become a catalyst for economic growth and environmental stewardship	Achieve Mining Charter, DTI and Department of Employment and Labour employment equity targets aligned to the approved departmental plan and achieve gender representation targets for the group in core and in management levels aligned to the approved EE plan and mechanisms
	Ensure project plan is in place for unwind and/or replacement BEE structure
	Consolidate social spend vehicles under the Exxaro Aga Setshaba Trust. Spend on the Aga Setshaba Trust and ESD programme aligned to ensure at least a level 3 dtic rating
Performance rating			4.13/5

STI group scorecard outcomes

The table below discloses business and individual performance outcomes used in determining the STI for each executive director and prescribed officer. All payments are due as per policy, and there were no deviations during the year.

Group scorecard targets and actuals for 2025

							0%	100%	150%
Broad goals				Broad weight	Measurement (KPI)	KPI weight	Threshold	Target	Stretch	Actual	Outcome
Financial + operational + strategic				75%	EBITDA	50%	90%	100%	111.10%	93.80%	38%
					Cash cost per tonne	15%	115%	100%	95%	105.80%	61%
					Saleable tonnes	10%	90%	100%	102%	92.90%	29%
ESG		Safety		25%	LTIFR and zero fatalities	10%	0.050	0.050	0.025	0.0337	133%
		Climate change			Water intensity	7.5%	0.210	0.175	0.125	0.145	130%
					Energy intensity	7.5%	33.403	32.589	30.959	30.788	150%
				100%		100%					69.17%

STI payments and DBS awards for executive directors and prescribed officers in 2025

Executive directors and prescribed officers	NCOE  (R)	Business  performance  score  (80%)	Individual  performance  score/(20%) rating factor  (%)	STI  target (%)	Cash  (R)	DBS   (R)1	Total
B Magara2	9 000 000	69.17	150	100	7 680 067	2 112 018	9 792 085
PA Koppeschaar3	7 609 728	69.17	150	75	4 870 269	1 339 324	6 209 593
Dr N Tsengwa4	1 615 212			100
S Govender5	4 315 356	69.17	150	50/60	2 080 170	572 046	2 652 216
L Groenewald6	5 953 176	125		70	5 438 043	714 015	6 152 058
RE Lilleike	5 149 770	69.17	150	75	3 295 882	906 367	4 202 249
PK Masia4	1 875 968			75
JG Meyer	5 429 892	69.17	115	60	2 552 074	701 820	3 253 894
NM Monareng7	766 668			60
MH Nana	3 525 783	69.17	125	50	1 416 203	389 456	1 805 659
FM Ntlhoro7	701 582			60
TT Ratsheko8	1 198 515	65.37	100	50	433 228		433 228
JA Rock	4 828 446	69.17	125	60	2 327 333	640 016	2 967 349
RC Shirindza7	1 302 267			75
M Veti	5 009 553	69.17	125	60	2 414 627	664 022	3 078 649
Total prescribed officers’ remuneration	58 281 916				32 507 896	8 039 084	40 546 980

1	The DBS is calculated as a percentage of GIS.
2	Appointed as CEO on 1 April 2025.
3	Acting allowance not included in NCOE for STI purposes.
4	STI forfeited due to resignation/separation.
5	Acting to 31 May 2025; acting allowance not included in NCOE for STI purposes; appointed permanently as prescribed officer on 1 June 2025.
6	Participant in BMP; 80% company, 20% individual – weighted scorecard performance outcome. Shares awarded under the BMP scheme (calculated as a percentage of annual incentive) is reflected in the DBS column.
7	Appointed on 1 November 2025 as prescribed officer; does not qualify for STI 2025.
8	Acting to 31 May 2025; acting allowance not included in NCOE for STI purposes; participate in STI as a good leaver.

The remuneration committee retains limited discretion to adjust incentive outcomes in exceptional circumstances. This discretion may be exercised where the committee determines that the formulaic outcomes produced by the incentive scorecards do not appropriately reflect underlying business performance or the broader organisational contribution delivered during the year. In such circumstances, the committee may approve a supplementary discretionary adjustment to incentive outcomes, provided that:

• The adjustment is applied transparently and proportionately
• The overall incentive outcome remains aligned with company performance and shareholder interests
• The rationale for the adjustment is disclosed in the remuneration report

For the 2025 financial year, the remuneration committee considered the application of this discretion in light of exceptional organisational priorities that arose following leadership changes and the resulting need to stabilise the organisation and accelerate the execution of the Sustainable Growth and Impact strategy. These priorities were not contemplated when the STI scorecards were originally designed.

In these circumstances, the committee determined that it was appropriate to consider a once-off adjustment pool to ensure that incentive outcomes appropriately recognised the leadership contribution and organisational delivery achieved during the year.

Awards under the LTIP scheme

The table below discloses the outcomes of the 2023 conditional LTIP awards that vest in 2026.

Of the awards made in 2023, 88.33% vest in 2026. A summary of the vesting percentages by vesting condition is below:

Performance vesting conditions outcome	Weight (%)	2025 (%)
ROCE	33.33	100
TSR	33.33	65
ESG	33.34	100
Overall vesting		88.33

For 2025
ROCE	ROCE achievement was 100% based on a calculated result exceeding the 22% stretch target as the arithmetic average of the three-year performance period.
TSR	TSR achievement was 65% based on a result of 5.81% for Exxaro. JSE Capped Resources 10 Index (RESI 10) component (70%) Exxaro was placed fifth (first: Harmony (78.00%); second: AngloGold Ashanti (70.46%), third: Gold Fields (60.70%); fourth: Northam Platinum (16.45%); sixth: Anglo American (3.37%); seventh: Sibanye Stillwater Limited (3.03%); eighth: Impala Platinum Hlds Ltd (2.60%); ninth: Valterra Platinum Ltd (-1.18%); 10th: Glencore (-4.23%); and 11th: Sasol Limited (-29.14%)) Therefore, 50% achieved for the RESI 10 component (35% for the weighted portion) Energy peer group and Thungela component: (30%) Average TSR calculated as -10.05% based on the following results: Energy peer group: Acciona (6.41%); Brookfield (4.10%); Atlantica (-5.75%) Thungela (-21.68%) Therefore 100% achievement for Exxaro versus the energy peer group and Thungela component (30% for the weighted portion).
ESG	The governance component of ESG, as per the FTSE Russell ESG Index, met the lower and higher target which resulted in a 100% achievement for the 2025 portion of the awards.

Total executive management remuneration

The total single-figure remuneration for executive directors and prescribed officers is stated in the table below to align with King IV. LTIP awards made in 2023 will vest in 2026 based on the 2025 performance conditions. The portion of the DBS is included under the STIs. The proceeds from the matched portion of the DBPs are reflected under LTIs.

Single-figure remuneration as per King IV for 2025 and 2024

	2024	2025
	Total Remuneration	NCOE1 (R)	Recognition and other payments1 (R)	STIs (R)	LTIs (R)	Total remuneration (R)
Executive directors
B Magara2		9 000 000		9 792 085		18 792 085
PA Koppeschaar	16 474 590	7 790 382	2 000	6 209 593	8 194 719	22 196 694
Dr N Tsengwa3	9 567 525	1 615 212	1 102 454			2 717 666
Prescribed officers
S Govender4	6 376 947	4 600 465	96 254	2 652 216	2 139 396	9 488 331
L Groenewald5	13 303 510	6 007 866	4 760	6 152 058	14 932 170	27 096 854
RE Lilleike	7 563 010	5 149 770	2 000	4 202 249	6 043 465	15 397 484
PK Masia6	5 706 621	1 875 968	9 900 770			11 776 738
JG Meyer	10 041 453	5 429 892	2 000	3 253 894	4 159 576	12 845 362
NM Monareng7		766 668				766 668
MH Nana8	5 569 724	3 525 783	2 000	1 805 659		5 333 442
FM Ntlhoro9		701 582				701 582
TT Ratsheko10	5 033 888	1 307 934	133 555	433 228	1 595 090	3 469 807
JA Rock	8 070 319	4 828 446	1 385 179	2 967 349	3 941 384	13 122 358
RC Shirindza11		1 302 267	926 836			2 229 103
M Veti	9 197 983	5 009 553	2 000	3 078 649	5 131 675	13 221 877

1	See table below for details on NCOE and recognition and other payments.
2	Appointed as CEO on 1 April 2025 and stepped down as independent non-executive director.
3	Resigned on 5 February 2025.
4	Appointed as acting executive head: coal operations on 15 November 2024 to 31 May 2025. Appointed as executive head: technical services on 1 June 2025. Remuneration information relates to the full year (2024 and 2025).
5	BMP 2025 matching incentive: R714 015 (inclusive of the total STI value) and VARP tranche 1: R14 932 170.
6	Separation on 24 April 2025.
7	Appointed as designate executive head: sustainability on 1 November 2025. Remuneration from November 2025.
8	Appointed as group company secretary, governance and ethics on 1 May 2024. Remuneration from May 2024.
9	Appointed as executive head: commercial on 1 November 2025. Remuneration from November 2025.
10	Appointed as acting chief strategic resilience and governance officer on 25 September 2024. Remuneration information relates to the full year 2024. Retired on 31 May 2025.
11	Appointed as executive head: coal on 1 October and prescribed officer on 1 November 2025.

All incentive schemes are performance-related and approved by the board of directors.

The LTIP reflects 88.33% of the 2023 award that will vest in 2026, based on the prevailing share price of R179 on 31 December 2025.

The committee reviewed whether any trigger events occurred during the year that would warrant the application of malus or clawback provisions. No such events were identified, and therefore no adjustments were made to incentive outcomes.

For 2025
NCOE	NCOE includes leave days purchased as well as travel and acting allowances
	Recognition and other payments
LTIFR/fatality free	R2 760 for LTIFR and R2 000 for fatality free
Mutual separation and notice pay	Mutual separation package – PK Masia: R9 762 711
Leave encashment	Leave encashment amounts are included for: Dr N Tsengwa: R1 102 454 S Govender: R94 254 PK Masia: R136 059 TT Ratsheko: R131 555
Sign-on bonuses	Sign-on bonus included for RC Shirindza R926 836
Retention allowance	Retention allowance included for: JA Rock: R1 383 179; had to be in service on 30 September 2025 to qualify for payment

Non-executive directors’ remuneration

The actual fees earned by non-executive directors for the financial year, as approved by shareholders at the previous AGM, are detailed below.

		2025			2024
		Fees for  services  (R)	Fees for  services  rendered to  subsidiaries1 (R)	Total  (R)	Fees for  services  (R)	Fees for  services  rendered to  subsidiaries1 (R)	Total  (R)
Non-executive directors
GJ Fraser-Moleketi		1 940 162		1 940 162	1 495 520		1 495 520
KM Ireton		947 951		947 951	891 534		891 534
B Magara2		306 545		306 545	1 100 503		1 100 503
IN Malevu		987 413		987 413	707 165		707 165
B Mawasha		1 273 006		1 273 006	917 671		917 671
N Medupi/Ketwa		1 244 685		1 244 685	1 147 289		1 147 289
Dr P Mnganga		1 215 519		1 215 519	1 121 908		1 121 908
VZ Mntambo3		338 430	231 645	570 075	768 756	218 535	987 291
N Molope4		969 148		969 148	913 632		913 632
MLB Msimang5		625 679		625 679	895 573		895 573
CJ Nxumalo		1 178 957		1 178 957	1 106 079		1 106 079
MG Qhena (chairman)		2 543 129		2 543 129	2 397 450		2 397 450
PCCH Snyders		1 389 021		1 389 021	1 311 845		1 311 845
Total non-executive directors’ remuneration		14 959 645	231 645	15 191 290	14 774 925	218 535	14 993 460

1	Directors’ fees paid by Eyesizwe RF Proprietary Limited.
2	Appointed as CEO on 1 April 2025 and stepped down as independent non-executive director.
3	Retired on 15 May 2025.
4	Appointed on 3 January 2024.
5	Resigned on 15 September 2025.

MSR

MSR applies to all group executive committee members where the dates by which they are required to achieve compliance is based on their appointment dates.

1	Based on the volume-weighted average share price of R179 that prevailed on 31 December 2025.
2	MSR shares held on a pre-tax basis in an MSR account until the determination date.
3	Appointed on 1 April 2025 (for the purposes of the MSR calculation, the NCOE was annualised).
4	Appointed on 1 November 2025 as a prescribed officer (for the purposes of the MSR calculation, the NCOE was annualised).

Table of unvested awards: LTIP

The table below illustrates the rights held by each participant, vested shares and shares forfeited due to performance conditions not being met in the review period and shares forfeited as a result of resignation in the review period.

LTIP details for executive directors and prescribed officers in 2025.

		Award date	Vesting date	Opening  balance  1 Jan 2025  (Number)	Awarded  during the  year  (Number)	Shares  vested  during  the year  (Number)	Shares  forfeited1 (Number)	Closing  balance  31 Dec  2025  (Number)	Sale price/ market  price  (R)	Pre-tax  gain  (R)	Value at  year end2 (R)
Executive directors
B Magara3		13/05/2025	13/05/2028		188 726			188 726			33 781 954
					188 726			188 726			33 781 954
PA Koppeschaar4		01/04/2022	01/04/2025	41 816		(32 757)	(9 059)		146.88	4 811 348
		01/04/2023	01/04/2026	51 829				51 829			9 277 391
		01/04/2024	01/04/2027	61 258				61 258			10 965 182
		13/05/2025	13/05/2028		75 319			75 319			13 482 101
				154 903	75 319	(32 757)	(9 059)	188 406		4 811 348	33 724 674
Dr N Tsengwa1		01/04/2022	01/04/2025	14 224			(14 224)
		01/04/2022	01/04/2025	78 093			(78 093)
		01/04/2023	01/04/2026	112 157			(112 157)
		01/04/2024	01/04/2027	132 640			(132 640)
				337 114			(337 114)
Prescribed officers
S Govender4, 5		01/04/2022	01/04/2025	10 838		(8 490)	(2 348)		146.88	1 247 011
		01/04/2023	01/04/2026	13 531				13 531			2 422 049
		01/04/2024	01/04/2027	15 993				15 993			2 862 747
		13/05/2025	13/05/2028		19 480			19 480			3 486 920
				40 362	19 480	(8 490)	(2 348)	49 004		1 247 011	8 771 716
L Groenewald		01/04/2022	01/04/2025	16 832		(13 186)	(3 646)		149.07	1 965 637
				16 832		(13 186)	(3 646)			1 965 637
RE Lilleike		01/10/2023	01/10/2026	38 223				38 223			6 841 917
		01/04/2024	01/04/2027	41 604				41 604			7 447 116
		13/05/2025	13/05/2028		50 915			50 915			9 113 785
				79 827	50 915			130 742			23 402 818
PK Masia1		01/04/2022	01/04/2025	34 170			(34 170)
		01/04/2022	01/04/2025	34 170			(34 170)
		01/04/2023	01/04/2026	42 264			(42 264)
		01/04/2024	01/04/2027	49 954			(49 954)
				160 558			(160 558)
JG Meyer4		01/04/2022	01/04/2025	21 107		(16 535)	(4 572)		146.88	2 428 661
		01/04/2023	01/04/2026	26 308				26 308			4 709 132
		01/04/2024	01/04/2027	31 094				31 094			5 565 826
		13/05/2025	13/05/2028		37 874			37 874			6 779 446
				78 509	37 874	(16 535)	(4 572)	95 276		2 428 661	17 054 404

NM Monareng6		01/11/2025	01/11/2028		33 060			33 060			5 917 740
					33 060			33 060			5 917 740
MH Nana		01/05/2024	01/05/2027	12 417				12 417			2 222 643
		13/05/2025	13/05/2028		18 547			18 547			3 319 913
				12 417	18 547			30 964			5 542 556
TT Ratsheko4, 7		01/04/2022	01/04/2025	8 583		(6 724)	(1 859)		146.88	987 621
		01/04/2023	01/04/2026	10 708		(5 929)	(4 779)		147.04	871 800
		01/04/2024	01/04/2027	12 649		(4 919)	(7 730)		147.04	723 290
		13/05/2025	13/05/2028		15 407		(15 407)
				31 940	15 407	(17 572)	(29 775)			2 582 711
JA Rock		16/10/2023	16/10/2026	24 928				24 928			4 462 112
		01/04/2024	01/04/2027	27 591				27 591			4 938 789
		13/05/2025	13/05/2028		33 702			33 702			6 032 658
				52 519	33 702			86 221			15 433
RC Shirindza6		01/10/2025	01/10/2028		7 662			7 662			1 371 498
					7 662			7 662			1 371 498
M Veti4		01/04/2022	01/04/2025	19 623		(15 372)	(4 251)		146.88	2 257 839
		01/04/2023	01/04/2026	24 271				24 271			4 344 509
		01/04/2024	01/04/2027	28 687				28 687			5 134 973
		13/05/2025	13/05/2028		34 942			34 942			6 254 618
				72 581	34 942	(15 372)	(4 251)	87 900		2 257 839	15 734

1	Shares forfeited due to performance conditions not being fully met and/or shares forfeited due to resignation/separation during the year.
2	Based on the prevailing share price of R179 on 31 December 2025 and assumes 100% vesting.
3	Appointed as CEO on 1 April 2025.
4	April 2022 awards vested on 1 April 2025 but due to participants being on the insider register, they could only exercise on 13 May 2025.
5	Acting up to 31 May 2025; appointed permanently as a prescribed officer on 1 June 2025.
6	Appointed 1 November 2025 as prescribed officer.
7	Acting up to 31 May 2025; shares vested as a good leaver.

VARP details for Leon Groenewald in 2025

Leon Groenewald’s employment contract stipulates a term of four years. Therefore, his award multiple is four. The VARP multiple for all other permanent employees is limited to five. The executive head: energy VARP will vest in two equal tranches of 50% each on 1 April 2026 and 1 April 2027, subject to achieving the performance milestones. After vesting, his awards will continue as usual with exercise windows of four years. Awards will not be accelerated.

The table below illustrates the rights held by the participant in terms of VARP tranches and vesting dates.

		Tranche	Value at  grant date  (R)	Vesting date	Exercisable  date	Portion of VARP  forfeited during  the year	Fair value of  award at year end  (R)
Prescribed officer (L Groenewald)		Tranche 11	6 354 115	01/04/2026	01/04/2030	(14 932 170)	14 932 170
		Tranche 22	6 354 115	01/04/2027	01/04/2031		29 864 341
			12 708 230			(14 932 170)	44 796 511

1	The fair value for tranche 1 at year end is determined as award value x milestones outcome x value multiple at year end.
2	The fair value for tranche 2 at year end is determined as award value x likelihood of milestones being met x value multiple at year end (assumes 100% vesting).

Table of unvested awards: BMP

The table below illustrates the rights held by the participant. BMP details for Leon Groenewald in 2025:

		Award date	Vesting date	Opening  balance  1 Jan  2025  (Number)	Awarded  during the  year  (Number)	Shares  vested  during the  year  (Number)	Shares  forfeited  (Number)	Closing  balance  31 Dec  2025  (Number)	Sale  price/ market  price  (R)	Pre-tax  gain  (R)	Value at  year end1 (R)
Prescribed officer (L Groenewald)
		01/04/2024	01/04/2025	1 149		(1 149)			149.07	171 281
		01/04/2024	01/04/2026	1 149				1 149			205 671
		01/04/2025	01/04/2026		1 988			1 988			355 852
		01/04/2025	01/04/2027		1 988			1 988			355 852
				2 298	3 976	(1 149)		5 125		171 281	917 375

1	Based on the prevailing share price of R179.00 on 31 December 2025.

Table of unvested awards: DBP

The table below illustrates the rights held by each participant and the movements in these rights during the year. DBP details for executive directors and prescribed officers in 2025:

		Award  date	Vesting  date	Opening  balance  1 Jan  2025  (Number)	Awarded  during  the year  (Number)	Shares  vested  during  the year  (Number)	Shares  forfeited1 (Number)	Closing  balance  31 Dec  2025  (Number)	Sale  price/ market  price  (R)	Pre-tax  gain  (R)	Value at   year end2 (R)
Executive
PA Koppeschaar3		21/09/2021	21/09/2024	750		(750)			146.88	110 160
		04/03/2022	04/03/2025	1 024		(1 024)			146.88	150 405
		31/03/2024	31/03/2027	6 249				6 249			1 118 571
		13/05/2025	13/05/2028		13 369			13 369			2 393 051
				8 023	13 369	(1 774)		19 618		260 565	3 511 622
Dr N Tsengwa1		31/03/2024	31/03/2027	6 401			(6 401)
				6 401			(6 401)
Prescribed
S Govender3, 4		31/03/2022	31/03/2025	735		(735)			146.88	107 957
				735		(735)				107 957
L Groenewald5		04/03/2022	04/03/2025	1 004		(1 004)			156.19	156 815
		31/03/2022	31/03/2025	1 845		(1 845)			153.04	282 359
				2 849		(2 849)				439 174
PK Masia1		31/03/2024	31/03/2027	5 098			(5 098)
				5 098			(5 098)
JG Meyer3		21/09/2021	21/09/2024	301		(301)			146.88	44 211
				301		(301)				44 211
TT Ratsheko3		04/03/2022	04/03/2025	391		(391)			146.88	57 430
		31/03/2022	31/03/2025	583		(583)			146.88	85 631
				974		(974)				143 061
JA Rock		13/05/2025	13/05/2028		6 922			6 922			1 239 038
					6 922			6 922			1 239 038
M Veti3		21/09/2021	21/09/2024	278		(278)			146.88	40 833
		31/03/2023	31/03/2026	7 230				7 230			1 294 170
		31/03/2024	31/03/2027	3 316				3 316			593 564
		13/05/2025	13/05/2028		6 808			6 808			1 218 632
				10 824	6 808	(278)		17 354		40 833	3 106 366

1	Matching shares forfeited due to resignation/separation during the year.
2	Based on the prevailing share price of R179 on 31 December 2025.
3	The awards granted on 21 September 2021, 4 March 2022, and 31 March 2022 vested on 21 September 2024, 4 March 2025, and 31 March 2025, respectively. However, due to participants being on the insider register, they were only able to exercise the awards on 13 May 2025.
4	Acting up to 31 May 2025; appointed permanently as a prescribed officer on 1 June 2025.
5	The award granted on 4 March 2022 vested on 4 March 2025, however due to a closed period the participant could only exercise the award on 14 March 2025.