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.
FFX Price at posting:
20.0¢ Sentiment: Hold Disclosure: Held
