SHARE OPTIONS Shares issued as a result of the exercise of options During the financial year the Company issued no new ordinary shares from the exercise of options (2023: Nil). Options issued 6,750,000 options were issued to key management personnel under the terms of the IIQ Incentive Option Plan (IOP) during the financial year as follows: – Mr. David Williams was awarded 6,450,000 options upon his appointment to the role of Non-Executive Chairman which was ratified at the 2023 Annual General Meeting. These options were granted on 29 November 2023. The options are exercisable at $0.89 per option, vest in six equal tranches – 6, 12, 18, 24 30 and 36 months from grant date – and each tranche expires 2 years after vesting. The fair value per option at grant date was calculated using a Binomial option pricing model. Options are forfeited if Mr. Williams leaves the employment of INOVIQ before vesting. There are no performance conditions attached to these options. The options were however issued at an exercise price that represented a 45.90% premium to IIQ’s share price at the time of issue. – Dr. Leearne Hinch was awarded 250,000 options in her role as Chief Executive Officer and Dr. Greg Rice was awarded 50,000 options in his role as Chief Scientific Officer. These options were granted on 28 September 2023. The options are exercisable at $0.845 per option, vest in three equal tranches – 12, 24 and 36 months from grant date – and expire on 28 September 2027. The fair value per option at grant date was $0.2882 (calculated using a Binomial option pricing model). Options are forfeited if the employee leaves the employment of INOVIQ before vesting. There are no performance conditions attached to these options. The options were however issued at an exercise price that represented a 59.4% premium to IIQ’s share price at the time of issue. In the comparative period 650,000 options were issued to staff members under the terms of the IIQ Incentive Option Plan (IOP) in the previous financial year as follows: – Mr. Mark Edwards was awarded 150,000 options upon his appointment to the role of Chief Financial Officer and Company Secretary. These options were granted on 2 November 2022. The options are exercisable at $0.82 per option, vest in three equal tranches – 12, 24 and 36 months from grant date – and expire 2 November 2026. The fair value per option at grant date was $0.2816 (calculated using a Binomial option pricing model). Options are forfeited if Mr. Edwards leaves the employment of INOVIQ before vesting. There are no performance conditions attached to these options. The options were however issued at an exercise price that represented a 57.6% premium to IIQ’s share price at the time of issue. – Dr. Leearne Hinch was awarded 500,000 options in her role as Chief Executive Officer. These options were granted on 15 December 2022. The options are exercisable at $1.08 per option, vest in three equal tranches – 12, 24 and 36 months from grant date – and expire 15 December 2026. The fair value per option at grant date was $0.3734 (calculated using a Binomial option pricing model). Options are forfeited if Dr. Hinch leaves the employment of INOVIQ before vesting. There are no performance conditions attached to these options. The options were however issued at an exercise price that represented a 56.5% premium to IIQ’s share price at the time of issue. KEY MANAGEMENT PERSONNEL SHAREHOLDINGS At 30 June 2024 the interests of the key management personnel in the ordinary shares in the Company were: Balance Ordinary Shares 30 June 2023 Acquired via Capital Raise (Placement) Acquired on Market Balance Ordinary Shares 30 June 2024 Mr David Williams 4,999,337 – – 4,999,337 Dr Geoffrey Cumming 177,414 – – 177,414 Max Johnston 404,310 – – 404,310 Philip Powell 474,630 – – 474,630 Dr Leearne Hinch 74,354 200,000 – 274,354 Dr Gregory Rice 20,000 40,000 – 60,000 Mark Edwards – 40,000 – 40,000 Directors’ Report continued 28 INOVIQ Limited
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