I am a big fan of inventive shares - here trying to understand the 91.5m incentive shares on offer for our CEO which I respect a lot
I find below conditions quite revealing and it makes me feel good ! - there is a lot of hidden info in there, good infoMr. Lange could potentially get 91.5 million performance rights under the company's Omnibus Plan.
Earning Those Rights: The rights are split into four chunks, each with its own goal or "hurdle" the company must achieve before Mr. Lange can claim them.He gets each portion only when OncoSil hits these specific targets:First Chunk: When the 50th patient is enrolled in the PANCOSIL clinical trial.
Second Chunk: When the G-BA clinical trial starts, with all necessary approvals and trial management in place.
Third Chunk: When 100 OncoSil™ devices are sold and paid for within a single year. ( at let's say AUD 20k a pop this could be AUD 20,000 x 100 =$2m )
Fourth Chunk: When 200 OncoSil™ devices are sold and paid for within a single year. If 200 devices are sold in a year without first hitting the 100 device target in a previous year, then he gets the third and fourth chunks together. ( perhaps total of $4m)
Time's Running Out: If the company doesn't hit those targets by 30 June 2027, Mr. Lange loses those performance rights and can't turn them into shares.
Free for Mr. Lange: He doesn’t have to pay anything to get these rights. Once the company hits the targets, he can turn the rights into shares at no cost, anytime before they expire.
Use Them or Lose Them:They expire on 30 June 2027.They're gone if the company decides the goals can’t be met.
They're void if Mr. Lange tries to trade them in a way that's not allowed.They disappear if Mr. Lange leaves the company on bad terms or quits.
If the Company Sells:
If OncoSil gets bought out or merges with another company, Mr. Lange automatically gets all his performance rights, as if all goals have been met.(That's what I read out of this :.... All Performance Rights will automatically vest, and all vesting conditions will be deemed to have been satisfied in full if a Liquidity Event occurs. A "Liquidity Event" is defined as:
(a) where a bidder under a takeover offer (as defined in the Corporations Act) has acceptances for more than 50% of the ordinary shares in the Company and there are no unsatisfied conditions (or conditions that not been waived) under the bid, or
(b) on shareholder approval being obtained for a scheme of arrangement (as defined in the Corporations Act) with respect to the assets or securities of the Company; or
(c) completion under a contract of sale with a third-party purchaser of all, or substantially all, of the assets and undertaking of the Company. )
Locked In for a Year: Shares he gets from performance rights can’t be sold for 12 months.
.... and quite a few more conditions.
(20min delay)