Ann: Norwood Scales Up Corona Sales with CommSys Agreement, page-58

Like you, I have been well aware of the performance bonuses since I first invested. At the time, obviously I didn't have a problem with them or at least not as big a problem as I have now.

What is the difference between now and then? 3 CR events aka dilution, dilution, dilution.

I always saw that 1st milestone as a "gimme" as at the time, Norwood were talking up big companies using Corona. And here we are, towards the end of the Milestone period and they have not been hit. That is shocking performance. So now you still think Paul should be rewarded? For what exactly? Some small wins into the 3rd year post listing?

You are generous. I am not. Have an understanding of Agency Theory and you may change your mind. The whole executive bonus scheme paid as stock came from the belief that executives were agents of the company and not owners. So rather than have executives take home cash bonuses, the theory was it was better to align executives remuneration with that of SH wealth creation. How best to align? Pay bonuses in stock. If the SP moves, based in part on executive performance, then both SH and the executives are rewarded.

Paul is the major SH. Do you believe Paul's performance is guided by achieving these relatively insignificant milestones? I'd hope not, considering his overall holding and remuneration package.

All the performance share are doing is having the effect of shielding Paul from the dilutionary effect of CR's. And yet, if Paul's performance was good, none of us would have been diluted because we wouldn't have needed the last 3 CR's [including the current].

In another spec stock I own, management had the good grace to give up 150m performance shares. It is possible, if enough people put forth a valid argument.

Which has had/will have the greatest impact on SH wealth creation/destruction:
1. Generating $300k in revenues
2. 3 CR's; the latest of which is towards the lows.

As guidance, father of Brayden, calculate the MC at 15c prior the 3 CR's and compare to now, assuming say 200m @ 2c for the current CR.