Company: FMST
Filing Date: 2025-06-20
Form Type: 20-F
Source: 0001171843-25-004004
Chunk: 134

Company: Foremost Clean Energy Ltd.
Filing Date: 2025-06-20
Form: 20-F
Item: Item 6
Chunk 134
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         Nil              29,517              9,200  

*Included option and RSU awards.

110

For the fiscal year ended June March 31, 2025 we paid aggregate cash compensation of $808,550 (approximately US$581,147 based on the average exchange rate of 1.3913) to our directors and executive officers as a group. We did not pay any other cash compensation or benefits in kind to our directors and executive officers. We have not set aside or accrued any amount to provide pension, retirement or other similar benefits to our directors and executive officers. Our board of directors may determine compensation to be paid to the directors and the executive officers. The compensation committee will assist the directors in reviewing and approving the compensation structure for the directors and the executive officers. For information regarding share awards granted to our directors and executive officers, see “ - Stock Option Plan.”

In February 2023 the Company engaged with Global Governance Advisors (“ GGA”) an independent 3rd party compensation review organization. A review from GGA provides the Company a comprehensive compensation program for its non-executive directors, as well as its executive employees based on other Companies similar to in scale project complexity, stock exchanges, mineral development, market capitalizations, and enterprise value, and support governance practice its growth generally alignment with major institutional and retail investor expectations.

The GGA provided recommendations to the Board and Compensation Committee in April 2024. Upon submission of the recommendations, the Compensation Committee began its review of GGA’s recommendation.

Stock Option Plan

On December 12, 2023, our Board of Directors adopted our 2023 Stock Incentive Plan which was ratified by the stockholders of the Company at the Company’s annual general and special meeting of shareholders held on January 25, 2024 The Company follows the policies of the Canadian Securities Exchange under which it is authorized to grant options to executive officers and directors, employees, and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the policies, the exercise price of each option may not be less than the market price of the Company’s stock as calculated on the day before the date of grant. The options can be granted for a maximum term of ten years.

The 2023 Stock Incentive Plan provides flexibility to the Company to grant equity-based incentive awards (each, an “ Award”) in the form of stock options (“ Options”), restricted stock units (“ RSUs”), preferred stock units (“ PSUs”) and deferred stock