Kens total remuneration:
Started Jan 2016
2015/16 - $1.95M
2016/17 - $3.31M
2017/18 - $1.70M
2018/19 - $1.37M
So in 3 and a half years he was given $8.33M of which $2.3M was cash and the balance was shares and options.
That means on average his effective annual remuneration has been $2.4M
After converting 15M options and selling 8.2M shares to pay for them he still has 7.9M shares and 5.5M options (4.2M Dec22@ .4149 and 1.3m Dec21 @.884).
I totally agree that the 43.51 cents strike price on the proposed options expiring 2023 is too low and should be nearer at least 80 cents.
He still has quite a few shares and options which should be incentive enough to improve things in the company (but I do agree with issuing more options just not at that price).
My suggestion is that if the board what to give him 3.13M options at .4351 then also hold him to account if the share price drops by making him write 3.13M put options at 25 cents expiring 2023.
That way if the share price goes up both the shareholders and Ken benefit and if the share price drops both the shareholders and Ken lose (as Ken would have to pay the difference between 25 cents and whatever the share price is x 3.1M).
I guess the main question to ask is what is Ken worth per year when deciding how to vote.
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Price($) | Vol. | No. |
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