Martin Wood took a haircut in salary to join Kogi with the...

• Martin Wood took a haircut in salary to join Kogi with the incentives offered the key to him coming on board along with the dynamics of the project. However he is going to have to get his skates on if he is to achieve all the below goals including having construction starting by no later than 30th June, 2019!
  
  Short Term Incentive – cash bonus of up to $150,000 (inclusive of superannuation) for the year ending 31 December subject to satisfactory achievement of Key Performance Indicators set by the Board
  
  
• Long Term Equity Incentive – Up to 6.5m Kogi shares subject to the following vesting conditions 25% of the Equity Incentive will vest upon the successful completion of a Fund Raising needed to complete a Definitive
  
  Feasibility Study for the Agbaja Cast Steel Project;

o 40% of the Equity Incentive will vest upon the successful completion of a debt and equity raising by no later than 31

December 2018 to fund the Project construction and pre-production phases; ando 35% of the Equity Incentive will vest if the Company announces commencement of Construction of the Project prior to 30

June 2019.

In the event the Project or a Company that owns the Project is sold, the Equity Incentive will vest immediately subject to board approval. For the avoidance of any doubt, vesting of shares for a), b) or c) above can only occur if the Executive is still employed by the Company. The grant of these Kogi securities to Mr Wood is subject to receipt of shareholder approval.