Some history or explanation:
The objective of the plan is to attract, motivate and retain key employees and it is considered by the company that the adoption of the future issue of options and performance rights under the plans will provide selected employees with the opportunity to participate in future growth of the company.
1st milestone - 250,00 @1.5% Li maiden JORC - class A performance rights/class A options
K.Joyce 750,000/1,050,000, Winton Willisee 500,000/700,000 and H.Bresser 250,000/350,000
2nd milestone - announcement of completed scoping study that has the potential to be a profitable project - class B performance rights/class B options
K.Joyce 875,000/1,225,000, Winton Willisee 625,000/875,000 and Hugh Bresser 250,000/350,000
Milestone 3 - publish a further study towards development (pre-feasibility or higher) - class C performance rights/class C options
K.Joyce 875,000/1,225,000, Winton Willisee 850,000/875,000 and H.Bresser 250,000/350,000
Vesting conditions of the options:
Options will not vest and be exercisable unless the vesting conditions have been satisfied.
Performance rights:
Performance rights will not vest and be exercisable unless the vesting conditions have been satisfied.
There is vesting condition exceptions, "the Board may in its absolute discretion resolve to waive any of the vesting conditions due to special circumstances arising, a change of control event occurring or the Company passing a resolution for voluntary wind up"
Resolutions 9 & 10 (AGM) - amendments to the vesting conditions of performance rights/options by including a 4th milestone, which allows for the vesting conditions changes to allow for the disposal or divestment of the Bougouni Lithium Project.
As you can see, not too bad a bonus if the Lithium Project gets sold, my questions are and will aways be "in whose interest are the board working for with their insistence of changes to the vesting conditions and did they really negotiate to the best of their abilities considering that milestone 1 wasn't achieved but there will be a windfall if the Li project is sold? all for doing basically not much work!!!?
cheers
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