Ann: Shareholder Update, page-364

you say that but his contract is fairly outrageous.

• $550k a year salary.
• Once he gets to 1 year in the seat, that’s $150k bonus.
• termination notice period of 6 MONTHS!! $275k
• short term incentives ($165k) and long term incentives ($550k) to be paid out “….in the event of change of control.”

That change of control event, I’m still convinced, means if the company is taken over (and/or if they close the doors and pay out escrow?)

~ without the STI / LTI after 12 months he gets: $975k FOR DOING NOTHING.
~ with the STI / LTI after 12 months he gets: $1.69m FOR NOTHING.

He was brought in with inbuilt clauses to somewhat protect FFX holders should funding for Morila not be secured. He would have only walked away with $137.5k in Salary and $150k termination payments, which would be a fair bit for 3 months work and again doing nothing, but somehow the board and the board only, thought they would do a backflip on the initial reasoning of hire and keep him on even though they all failed to secure funding… unbelievable.