Ann: Michael Malone Appointed as Non-Executive Chairman, page-185

You Can take Tranche 2 both ways but I'm pretty sure these don't have to be in order so if he can score a material package of 50million which is the number a lot of you have thrown around and I'm pretty sure a CR with Shareholders would be nearly cheating. AIMO DYOR

SCHEDUL E 1 – TERMS AND CONDITIONS OF PERFORMANCE RIGHT S
(a) (Vesting Conditions): The Performance Rights shall vest as follows:

i. Tranche 1 Performance Rights: the successful launch of the first 50 satellites of its
Pearls constellation, and the satellites to achieve operational success;

ii. Tranche 2 Performance Rights: upon the Company securing a material financing
package totalling A$50,000,000 as currently planned for the Pearl constellation
deployment, and also signing a major telecommunications customer;

iii. Tranche 3 Performance Rights: if the Company is successful in the launch of 100
satellites into its Pearls constellation and the satellites achieve operational
success; and

iv. Tranche 4 Performance Rights: if the Company achieving $100,000,000 in annual
gross revenues.
(b) (Vesting): Upon the relevant Vesting Condition