Cellmid 2017 Annual Report 27
Tranche Vesting date Shares Vesting Conditions
1 25/11/2016 4,000,000 Shares will vest at any time before the vesting date when the Group’s
operating revenue reaches a total of $4,000,000 over any consecutive 12
months. The fair value at the date of grant was $73,200.
The conditions in relation to this tranche have been met.
2 25/11/2016 4,000,000 Shares will vest at any time before the vesting date subject to the first
patient being recruited into the Group’s planned midkine antibody trial.
The fair value at the date of grant was $73,200.
3 25/11/2016 4,000,000 Shares will vest at any time before the vesting date subject to the signing
of one of the following agreements for the Group’s consumer health
products in a territory outside of Australia and Japan:
(a) a diagnostic or therapeutic licence; or
(b) a distribution agreement.
The fair value at the date of grant was $73,200.
The conditions in relation to this tranche have been met.
The effect of the arrangement is akin to an option. The value of the shares at the date of grant was $0.0183 per share.
During the year, vesting conditions 1 and 3 were met and as such the shares relating to tranches 1 and 3 were vested on 25
November 2016. The 8,000,000 shares are still held under escrow. Vesting condition 2 was not met at 25 November 2016.
Loans to directors and other members of key management personnel
There were no loans to directors or other members of key management personnel during or since the end of the financial year.
This concludes the remuneration report which has been audited.
Auditor’s independence declaration
The auditor’s independence declaration in accordance with section 307C of the Corporations Act 2001 for the year ended
30 June 2017 has been received and can be found on page 69 of the financial report.
This director’s report, incorporating the remuneration report, is signed in accordance with a resolution of the Board of
Directors.
David King
Director
Dated this 30th day of August 2017