Ann: Change of Director's Interest Notice - Clayton Howes, page-4

thanks for posting Dan

Saw the 11.8m shares and thought wtf, but if I read this correctly (in the notice to the AGM released on 27/10/2023):
- this is for 2 years (so FY2024 & FY2025) and ~5.9m shares for each period
- they vest when FY2026 results are presented (so ~Aug2026)

And at least there are internal cash NPAT targets as well as shareholder targets.

At the end of the day the shareholder returns are pretty ordinary if you held from $2, but arguably, as a CEO we can't go back in time and the board have to access performance based on the company as it stands at the moment.

The hope is that the board have some stretch targets on NPAT and strategic initiatives, but I can't see him taking too much risk if below 80% nothing on that side vests......arguably he already has ~51m shares so he would be motivated to increase the value of that more so than most