Redbubble Annual Report 2020

62 Redbubble 7.4 Details of equity awards granted 7.5 Other Transactions with KMP Richard Cawsey, Redbubble’s former Board Chair, is a Director and shareholder of Denali Holdings Pty Ltd, which is the owner of the ‘Bondle’ messaging application. Redbubble engaged Denali Holdings Pty Ltd in respect of a licence of the Bondle application in May 2019 and paid $4,788 at that time for a two year licence period. No further fees were paid for the Bondle application in FY2020. The engagement is on an arm’s length basis and the fees charged are comparable to similar application licensors in the market. At the year end, there were no balances outstanding in relation to this engagement (also nil in 2019). Grant date # of options / rights granted Type of equity Vest date (1) Expiry date (2) Exercise price Unit value at grant date Total Value at grant date (3) Non-executive directors Jenny Macdonald 01-Nov-19 27,798 Options 01-Nov-20 01-Nov-29 $0.00 $1.89 $52,497 Anne Ward 01-Nov-19 27,798 Options 01-Nov-20 01-Nov-29 $0.00 $1.89 $52,497 Executive director Martin Hosking 01-Nov-19 23,910 (4) Options 01-Nov-20 01-Nov-29 $0.00 $1.89 $45,154 Former Executive director Barry Newstead 23-Oct-19 232,937 (5) Options 01-Oct-20 23-Oct-29 $0.00 $1.42 $330,072 23-Oct-19 1,424,755 SARs 01-Oct-20 01-Oct-24 $0.00 $0.62 $883,348 Other key management personnel Emma Clark 24-Jun-20 233,097 Options 01-Oct-20 24-Jun-30 $0.00 $1.42 $330,298 24-Jun-20 1,069,298 SARs 01-Oct-20 01-Oct-24 $0.00 $0.62 $662,965 Other related parties Denali Venture Partners (Aust) - (Beneficiary - Richard Cawsey) 01-Nov-19 47,820 (6) Options 01-Nov-20 01-Nov-29 $0.00 $1.89 $90,308 Total 3,087,413 $2,447,139 (1) The vesting of equity is subject to the director or KMP (as applicable) remaining in service with Redbubble as at the vest date and, in relation to the SARs, the minimum health conditions being satisfied. (2) If the director or KMP (as applicable) leaves Redbubble service then the expiry date is brought forward to be 90 days after the employment end date. (3) The value at grant date for options has been determined using the Black-Scholes method. The value for share appreciation rights has been determined using the Monte Carlo method. For presentation purposes, share price has been rounded to two decimal places, however the value at grant date has been calculated based on unrounded numbers. (4) The options granted to Mr Hosking were for his services as a non-executive director (NED). Mr Hosking was appointed as CEO on 18 February 2020 and ceased as a NED on this date. The amount of options he will receive at the vest date will be subject to adjustment based on what proportion of the NED remuneration year that Mr Hosking was a NED for. (5) The options and SARs granted to Mr Newstead during the year were subsequently forfeited on 14 August 2020 as he did not meet the service period vesting requirements. (6) Richard Cawsey resigned effective 30 March 2020. Under the terms of the NED remuneration policy he received a pro-rata portion of this grant to reflect his service period. Consolidated Financial Statements