Ann: Performance Options Update, page-35

Your point being that Peter and Jethro voted in favour of Olegs ZEPO and vice versa? That's a valid point. Can't argue.
The previous ZEPOs had a similar duration (maybe only 3 years) and lapsed. The board then tabled to simply refresh them and they were subsequently hit within 12 months.

In small caps the conversation about Executive REM is an important one and, without big and influential shareholders, often abused. I've spoken to friends who trade and a big turn-off for them is when CEO's and Chairmen massively overpay themselves. Oleg admitted in a recent interview that mistakes were made with hiring and office culture leading into 2021 and a reshuffle was required starting with Matt McCrann in the US. What i find slightly unique about DRO is the initial founders are well and truely gone, with all of the initial shareholding dispersed into mostly retail hands. This means our CEO/Chairman have very small stake in the businesses success. I dislike this, as prefer to see as much skin in the game as possible hence ive never really had issue with the ZEPOs. The $33m landmark sale was genuinely big, though unclear how much was linked to donations to Ukraine.

Your comment about virtual certainty isnt quite correct. $50m wasn't within 60months, rather $50m within a 12 month period was. This was 2.94x our last best years revenues. Im also unclear where you got 25m shares from? was 16m by my count. ZEPOs are options, its in the name. I take your point they don't work as traditional options but their value is still derived by the performance of the SP. Of all people, the executive is now deeply invested in the SP performing.

Your reference to SP over 7 years is a bit bizarre. Yes Oleg has held the role since then, and yes they've failed to deliver on expectations multiple times. But these ZEPOs relate to performance subsequent to the issuance in 2022. They hit the $50m revenue target. There's really not much more to it - I think they've done a fine job since mid 2022.