Ann: Change of leadership, page-11

Is this guy worth around $3m for the first 12 months and $2.5m after that? Seems like snouts in the trough to me. They don't even list his long term incentive.

$750k TFR + $500k One-off + $750k*1.5 STI + ? LTI


Total Fixed Remuneration (TFR)
A$750,000 reviewed annually, inclusive of superannuation and salary sacrifice benefits.

One-off on boarding payment
Mr Lougher is entitled to receive a one-off on boarding payment in the form of 800,000 fully paid
ordinary shares in the Company (Shares). The one-off on boarding payment will be issued in
accordance with the following conditions:
• 500,000 Shares within 10 Business Days of the Commencement Date with a 12 month
escrow period; and
• 300,000 Shares on 30 June 2023 with a 12 month escrow period subject to Mr Lougher
remaining employed by the Company and subject to the achievement of strategic initiatives
determined by the Board.

Short Term Incentive (STI)
For the financial year ending 30 June 2023, Mr Lougher’s maximum opportunity will be 100% of TFR
for stretch performance and 50% of TFR for target performance and pro-rated for the period from the
Commencement Date to 30 June 2023.

Long Term Incentive (LTI)
Mr Lougher will be eligible to participate in the Company's LTI, as may be varied, replaced or removed
from time to time from 1 July 2023.