Bonus Plan was Lodged on the SECURITIES AND EXCHANGE COMMISSION on the 28th June.
Need to be Cash Flow positive by 31st December. 1000 Barrels of oil by Dec could do it.
Hmmm.... 13 Million land sale. The plan does include all revenue. I wonder????
Looking at it now, it may have been better for the Bonus to be related to the barrels per day.
101
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On June 26, 2013, the Board of Directors of Samson Oil & Gas Limited (the “Board”) approved the implementation of an Employee Bonus Plan for the 2013 calendar year (the “2013 Bonus Plan”). The terms of the 2013 Bonus Plan, as approved by the Board, are as follows:
- The 2013 Bonus Plan will be payable only in cash; and
- Payment of the 2013 Bonus Plan, including the size and distribution of bonuses, will be at the discretion of the Board of Directors. Bonuses will only be payable if Samson’s operations are cash flow positive for the quarter ending December 31, 2013. Cash flow for this purpose is defined as all revenue, including interest, less all costs, including interest. Costs for this purpose will exclude exploration and development expenditures for the period but will include all administrative costs associated with these expenditures.
While the ultimate size of the 2013 Bonus Plan will be within the discretion of the Board of Directors, the Board resolved that it will not be larger than 20% of the net cash balance after debt servicing as of December 31, 2013, and in no event will it be greater than AUS $1.2 million.
SSN Price at posting:
2.4¢ Sentiment: None Disclosure: Held
