Ann: Issuance of Milestone Shares Under Vaxinia Acquisition, page-33

Re "voluntary escrow" - I am encouraged to see this discussion.

IMHO - in an ideal world I would much rather that executives be well and appropriately awarded for results in hard cash. There is a misconception such that shareholders tend think of shares, rights, options etc gifted to staff as somehow "free" and at little or no cost to the company. This is not the case. They are paid for by an increase of the number of shares and a resultant dilution across the whole shareholder base.

I have no issue with staff getting options to buy shares at a prearranged price (preferably close to the price at exercise time), but not for a nominal charge.

If we as shareholders have to authorise the board to give cold hard cash for performance attained, it focusses the mind wonderfully and makes our company stronger and more accountable and therefore a better company. An added benefit of giving rewards in cash is that if the staff member truly thinks the company is going places, they will buy shares on market and hence put a further upward pressure on the share price - WIN WIN I think.