“The commercial objective was to compensate Mr Sheehy for his contribution to the company, and to ensure that he supported the company going forward with an orderly transition in the business,” Standen said.Fellow Macquarie executive and current Nuix board member, Dan Phillips, later told the court that some of the options acquired by Macquarie had lapsed and agreed that the payment had been made to reward Sheehy for his work and smooth the transition to a new CEO.https://www.s m h.com.au/business/companies/macquarie-admits-10m-nuix-payment-was-golden-handshake-for-founder-20220629-p5axqa.html
Standen signed documents showing Sheehy had 570,000 options over shares when Macquarie invested in the business in 2011 and 2016, but he argued that the options had been granted but were not exercisable because there had not been a sale of the business. They had effectively expired, or lapsed.When
Macquarie paid Sheehy $10.3 million for 20 per cent of these options in 2016, it was not in recognition of the commercial value of these options, it reflected an ex gratia payment, according to Standen. That is, the payment reflected a commercial objective rather than the legal transaction taking place.
I sense a thumping victory for Nuix and a humiliating loss for Sheehy
DNIOMO
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Last
$2.17 |
Change
-0.040(1.81%) |
Mkt cap ! $719.0M | |||
| Open | High | Low | Value | Volume |
| $2.20 | $2.24 | $2.14 | $2.353M | 1.081M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 4669 | $2.15 |
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| Price($) | Vol. | No. |
|---|---|---|
| $2.25 | 9100 | 3 |
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| Last trade - 16.11pm 22/08/2025 (20 minute delay) ? |
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