Don't forget Peter Crosby's performancne rights of 3,381,750 which according to his contract will be paid regardless of the fact that his performancne has been so abysmal, he basically wrecked this company. Paid out of what is left of shareholders' money...
Just read this excerpt from his contract and how the remuneration board was duped into approving something they have no understanding of.
Milestone "patients recruited", i.e. not actually implanted!!! Milestone "PMA submitted" not actually approved!!! notwithstanding that he will get paid for milestones/work done by the technical team much of whom has already been sacked... Incompetence and greed at its best (or worst)...
"Vesting Schedule and Performance Hurdles
The performance hurdles are based on the milestones listed in the Rights Prospectus issued on 13 March
2006 and vest according to the following schedule. The Performance Rights may vest in seven different
tranches subject to the achievement of certain performance milestones. The Outperformance Rights will
vest 12 months after all tranches have vested in full.
The vesting conditions for the Performance Rights and the Outperformance Rights are as follows:
• Rights in a tranche related to a milestone will vest when the milestone is achieved.
• 100% of a Relevant Tranche will vest if the milestone is achieved at or before the target date.
• 50% of the Relevant Tranche will lapse if a milestone is not achieved by the target date; the remaining 50%
otherwise vests if the milestone is achieved within six months of the target date.
• All rights in a relevant Tranche will lapse if the milestone is not achieved within six months of the target date.
• Outperformance Rights will be eligible for vesting only if the Board is satisfied that:
– all milestones have been achieved;
– no tranches have lapsed in full, and
– Tranches 5 and 7 are achieved before their respective target dates.
• Outperformance Rights will vest one year after Target Date for Tranche 7 has been achieved.
• The exercise of Outperformance Rights will not be subject to further performance hurdles. However, if the
CEO resigns prior to the vesting date the Outperformance Rights will lapse.
• The Outperformance Rights will be exercisable on a change in control or death of the CEO.
Tranche Vested Target Date Performance Hurdle
Performance
Rights
1 5% 31 December 2006 FDA approval of US BTT Pivotal protocol
2 10% 31 March 2007 CE Mark approval
3 5% 31 March 2007 FDA approval of DT Protocol and agreement to start enrolling once
feasibility trial results accepted
4 15% 31 March 2007 FDA acceptance of feasibility trial results and approval to proceed to
BTT Pivotal trial
5 20% 30 June 2008 50% of patients in DT trial recruited
6 20% 30 September 2008 Recruitment complete in US BTT trial
7 25% 30 September 2009 Pre-market approval submission of US BTT pivotal trial
Outperformance
Rights
1 100% All Performance Rights tranches received in full. Tranches 5 and 7
achieved ahead of target dates."
VCR
ventracor limited
