Ann: Notification regarding unquoted securities - BTH, page-11

I don't think this $0.38 exercise price has anything to do with the performance requirement to vest these shares.



Vesting of these shares is based on Share price performance compared to the ASX 300 Industrials index commencing from measurement periods 1 July 2023 to 30 June 2026. Since 1 July 2023, the index increased by 15%, whereas BTH has lost 56%. Assuming the index stays the same on 30 June 2026, there is much to catch up, including +10% above the index to fully vest 100% of the performance shares.

Please correct me if I read the document wrong from pages 13 to 21 of the Notice of AGM document.



DYOR