Ann: Appointment of Managing Director, page-21

Why would a new MD put his reputation on the line, he would have studied the company data and the area? furthermore the real reward comes from the performance options (see below) and not from an average salary. Any details on the specific performance hurdles ?

Lets give the new MD a fair go before shooting down HLX or the new MD.

Good luck to ALL.


As part of his remuneration package, Mr Rosenstreich will be issued with invitations pursuant to the
Company’s Incentive Plan Rules to apply for Performance Options as below. The Company’s Incentive
Plan and the Performance Options will be put to a Shareholder meeting as soon as practicable following
his start date.

o 10,000,000 (Full Time) unlisted Performance Options (Zero Priced Options) issued in three tranches
(21%, 37% and 42%) with vesting dependent upon the satisfaction of specific performance hurdles,
including increasing the Company’s share price, achieving certain Mineral Resource milestones and
within a two year measurement period ending 11 January 2023.

o During the Initial Engagement, the vesting of the Performance Options will be pro-rata of the Full
Time allocation. This means the base Performance Options issued per hurdle will be 6,000,000 x the
tranche percentage at that hurdle. Performance Options will otherwise be issued on terms and
conditions in accordance with the Incentive Plan Rules (including that the Performance Options will
lapse if the Executive ceases to be an ‘Eligible Participant’ under the Incentive Plan Rules).