Ann: Security Purchase Plan, page-24

@The0Investor - you have thrown the "lifestyle company" comment around a few times since selling your shares.

To me, a "lifestyle company" is one where the directors take higher than average director fees and do not contribute to capital raises.

That is not the case with our current directors.

As I have posted before:

In the previous capital raise 12 months ago, Jeremy Kirkwood contributed $100k, Anthony McGrady contributed $75k and Paul Cholakos contributed $75k, being our three directors.

I note that the the director fees are $50k for a non-executive director and $70k for the chairman and I don't think that has increased since May 2022.

Therefore, our directors would have contributed approximately two years of after tax salary in the last capital raise - hardly what I would call a lifestyle company if our directors are contributing more than what they are getting paid and not giving themselves pay rises. And the announcement indicated that they will contribute again in this SPP. Another indication that our current directors are not using their director fees to fund their lifestyle.

Another indication that this is not a lifestyle company for our directors is that their fees are substantially less than comparable companies. There is one similar company to Hawsons that until recently had five directors where the chair was paid $150k (double our chair) and the non executive directors were paid $90k plus $5k and $10K allowances for being on additional committees (that would form part of what I would consider a normal director role), so probably $100k for most non executive directors, double that of Hawsons non-executive directors.

So if our directors are taking below market director fees, not giving themselves pay rises and contributing more than their after tax director fees to capital raises, then I don't think Hawsons fits the definition of a "lifestyle company".

Perhaps its time to say thanks to our directors for maintaining a tight budget whilst continuing to advance and de-risk Hawsons.