Consistent with statement in Debt Process Update thatthe Company continues to target first production from Module 1 in 2025.
SCHEDULE 4 – TERMS & CONDITIONS OF INCENTIVE RIGHTS
page 39 Hurdle for Incentive rights for John de Vries
Performance Test Completed and Passed 100% by 30-Jun-26 Safe, performing to quality
specifications and Product to customer is within guidance. Performance tested against loan documents
page 40 Hurdles to Tranche B Incentive Rightsfor John de Vries
Hurdle KPI and Measure Weighting Target (100%) Comments
Milestone 1 Final Investment Decision 40% 30-Jun-25. Binary outcome - All financing, permitting and planning completed
to a BoD approved decision point
Milestone 2 First debt draw down 40% 30-Jun-25 Technical and E&S action plan (approx 1 year after FID) and
meets criteria to enable debt draw down
Milestone 3 Start Structural Mechanical Piping SMP) 20% 30-Jun-25 Binary outcome - SMP contract
award on detailed design and engineering complete; and
mobilised on site (assuming current schedule and January 2024 commencement this
would be April 2025) .
Milestone 4 BKT performance against Peer Group 100% 30-Jun-25
Total shareholder return based measure - peer group and quarter
I have a bid in, but not executed.
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