Ann: Notice of Annual General Meeting/Proxy Form, page-6

This is poor form from the company.

I will translate this into simple terms for those who it might help:

• In Nov 2022 at the AGM the company and shareholders approved 2 x 750,000 shares to the CEO to encourage performance (i.e. incentive to see the share price go up)
• The share price was around 30c at the time
• Since then, the first 750,000 were given to him
• On the CEO's watch since, during 2023 the shares have dropped to 11c
• The 2nd lot of 750,000 shares are now worth about 1/3rd of what they were 12 months ago
• So, they have schemed to ditch the 2nd lot of the performance arrangement previsouly agreed at the 2022 AGM
• Instead, they have devised a way to issue a fixed $ amount regardless of the share price performance, retrospectively I might add, which will grant the CEO around 3,000,000 shares now instead
• This effectively insulates the CEO's 2nd lot of performance shares from the poor performance of the shares since they were awarded...... ironically for performance.

TL/DR
CEO was supposed to get 750,000 shares for performance. Shares have performed poorly, so they schemed a way to give him more shares (circa 3,000,000)

In summary, it stinks. Shame on you Board.