I have downloaded and read part of the prospectus, but stopped when I read the directors benefits.
None of the rewards are performance based. There really is no risk to the Directors whatsoever.
I feel that they are being much too generous to themselves, I would welcome others thoughts ?
(d)What are the Directors’ interests in the Company?Each Director’s relevant interest in the Company is as follows:Mr Glenn Davis: 750,000 SharesMr Michael Schwarz: 2,750,000 Shares and 2,000,000 Founder OptionsMr Gary Ferris: 750,000 SharesSection
10.6(e)What benefits are to be paid to the Directors?Each of Messrs Davis and Ferris has entered into a non-executive Director appointment letter with the Company pursuant to which, upon the Company being admitted to the Official List, Mr Davis will be paid a director’s fee of $60,000per annum, and Mr Ferris will be paid a director’s fee of $30,000 per annum (all fees inclusive of superannuation).Mr Schwarz has entered into an Employment Agreement with the Company whereby he will be paid $250,000 per annum (inclusive of superannuation) upon the Company being admitted to the Official List. Mr Schwarz will also be paid $5,000 per month (inclusive of superannuation), commencing in May 2021 (for a maximum period of 5 months) for services related to assisting the IPO.Section 9.5 Section 9.3
AXE Price at posting:
$1.82 Sentiment: None Disclosure: Not Held
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