Ann: Conversion of Performance Rights, page-9

5389-03/2872909_12 8310.5 Terms and Conditions of the Performance Rights issued to the Directors Set out below are the terms and conditions of the Performance Rights issued to the directors.(a) Performance Milestone Conditions and Expiry DatesThe Performance Rights shall be subject to the following Performance Milestone Conditions (Milestones) and shall have the following Expiry Dates:Class ofPerformanceRightVestingconditionsExpiryDateNumber of Performance Rights BarnabyEgerton-WarburtonPaul Lloyd Chris Swallow Class A PerformanceRights will vestand becomeexercisable onthe later ofa) the 12 -monthanniversaryof theCompany’sIPO; and(b) theCompany’ssharesachieving avolumeweightedaverageprice pershare of25% greaterthan theCompany’sIPOsubscriptionprice,calculatedover any20 consecutive tradingdays onwhich theshares arerecordedon ASX.On orbeforethe datethat is 5yearsfrom thedate ofissue.1,700,000 1,300,000 800,000Total 3,800,000
This would be the easiest performance shares ever to get achieved in history. IPO 20 cents / performance shares 25cents to achieve 3'800'000 shares