Note 24. Earnings per share Consolidated 2025 2024 $ $ Loss after income tax attributable to the owners of Noxopharm Limited (4,884,170) (3,578,117) Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 292,237,950 292,237,950 Weighted average number of ordinary shares used in calculating diluted earnings per share 292,237,950 292,237,950 Cents Cents Basic earnings per share (1.67) (1.22) Diluted earnings per share (1.67) (1.22 The 2,520,000 (2024: 2,947,500) options on issue could potentially dilute basic earnings per share in the future, but were not included in the calculation of diluted earnings per share because they are anti-dilutive for the periods presented. Note 25. Share-based payments During the reporting period the Company granted 2,200,000 Loan Funded Shares under the Company’s Employee Loan Funded Share plan, split as follows: 1. 1,850,000 Loan Funded Shares granted to employees on 12 July 2024; and. 2. 350,000 Loan Funded Shares granted to Gisela Mautner on 19 November 2024. The material terms of these Loan Funded Shares are as follows: 1. The employees have the opportunity to purchase the Loan Funded Shares at a market price of $0.071 per Loan Funded Share, being the closing share price at 31 December 2023. 2. The Loan is interest free, limited recourse loan for a period of up to seven years. The limited recourse nature of the Loan means that if the employees Loan Funded Shares do not vest for any reason, or their market value is less than the outstanding loan value when they are required to repay the Loan, the employees liability will be limited to the value of the Shares. That is, the Company cannot require the employees to repay an amount greater than the market value of the Loan Funded Shares. 3. In order to benefit from the Incentive Plan, employees must remain employed or continue to provide services to the Company and satisfy the Vesting Conditions. 4. To the extent that the Vesting Conditions are met, employees will be able to repay the Loan and dispose of the Shares. Employees can choose to repay the Loan at any time the employees Loan Funded Shares have vested up until the Loan becomes repayable being up to 7 years. 5. The Vesting Conditions are as follows: A share Price Hurdle of $0.088 being a 25% premium to the 5 day VWAP ending 31 December 2023 by 31 December 2024 (this hurdle must be reached on at least 20 trading days, not necessarily consecutive, by 31 December 2024). Vesting period commences on the grant date, being 1 July 2024 and ends on 31 December 2024. As at 31 December 2024, the vesting condition has been met for all 2,200,000 Loan Funded Shares. The issues of the Loan Funded Shares have been accounted for under AASB2 Share Based Payments, and the expense recognised over the vesting period. The total expense booked to profit and loss in the current reporting period was $63,990. The Loan Funded Shares entitle the holder the same voting and dividend rights as are attached to the ordinary shares in Noxopharm Limited. For the employee loan funded shares granted during the current financial year, the valuation model inputs used to determine the fair value at the grant date, are as follows: Annual Report 2025 43
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