The 31st March closing price of 10.5c? Seems to meet the baseline date criteria, as the fifth business day exists before market open, and that is the last price.
So the TSR at year 1 based on 10.5c would be 18.9c, year 2,3,4,5 34c, 51c, 76.5c, $1.15c. Assuming no dividends of course. It seems this is quite a steep incentive plan, Funny thing is I think he can earn all of them too - and get rich.
Catalysts for the inevitable price POP, page-13
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