On 1 July 2021, Michael Limited granted 210 options to each of its 160 employees. The options have a fair value of $16 at the grant date, and will vest as follows:

On 30 June 2022, if the Michael's earnings have increased by more than 15%.

On 30 June 2023 if the Michael's earnings have increased by more than 14% averaged across the 2-year period.

At 30 June 2022 Michael's earnings have increased by 16.4% and 13 employees have left.

The company expects that earnings will continue to increase at a similar rate during the year to 30 June 2023. It expects that a further 4 employees will leave during the year.

The remuneration expense for the year ended 30 June 2022 for Michael is: