Let's read what it says
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"... available to the beneficiaries over time."
I read this as the Majority Supporting Lenders basically have full discretion over what to allocate to staff and when the shares will vest. They seem to be in complete control of their own destiny and I'm sure it can't be that hard to align employee share allocation incentives with their future equity conversion plans so the shares don't become worthless. If they didn't that would defeat the point of the whole exercise.
If this is unclear, read the second paragraph. The current directors have committed to not exercise discretion to.... without discussion with the Lenders. When/if the recap is voted through, the same Lenders will also control the Board. They'll be telling themselves what to do.
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And isn't this the same argument you put forward pre-recap? The New Lenders won't dilute existing staff? And they've gone ahead and proposed 96% dilution whilst allocating a pool of equity on a fully diluted basis. Problem solved whilst current shareholders get shafted. Not saying this is a good thing for you Gekko, just trying to shine a light of truth on the reality of things.
(20min delay)