Some assumptions in my initial view were that they'd hit $200m...

Some assumptions in my initial view were that they'd hit $200m next year. This is somewhat ambitious but would align to a 3x of revenue from 2023 which is inline with our last few results.

So im asking a few questions. Do we want to incentivize the CEO and Board in such a manner?

What exactly is Peter and Jethro's contributions to DRO?
From DRO there isn't much consensus or comparability. It's effectively up to the board to determine how to run things including remuneration. This differs from say a Mining company where there are many comparable structures and industry norms.

• Jethro is touted for his logistics influence, perhaps this is genuinely beneficial wrt the delivery of product and supply chain mgmt - theres no real meaningful way to tell.
• With Peter he has a number of roles, some of which are dubious in performance. His potential gain has reduced so im less adverse here

Note: Oleg is the easiest to measure and based on this years out-performance i look on this favorably.

I do worry that this is a 3 person board rewarding themselves with big pats on the back. Are ZEPOs appropriate still?

I am in favour of rewarding performance, but this feels a bit too easy, a bit too much like 3 people patting themselves and having a payday. Notwithstanding the payday value is linked to the share price, the values noted in my first post are all as of todays value. Should our SP increase say to 66c - then yes we are seeing a 100% increase in our holdings but equally Oleg get 12x his annual salary, while Peter and Jethro net 20x their salary. This would make Olegs pay comparable to one of the Big 4 CEOs!

The more I think about it the more disappointed I feel. $250m should have been the target. We need to vote no here, to send a clear message. Some things that would have moved my sentiment:

1. Directors and CEO board purchasing additional shares on market (using their incomes) and not just during CR
2. In lieu of ZEPO have a fixed price cost (0.15c would half their gain if SP remains at, but if SP shoots to 48c then it would payday equal to what i've quoted above)
3. An external audit review of REM relative to industry norms

Instead now my view has soured somewhat and it'll take more now for me to feel positive.