Ann: Variation to CEO Contract, page-7

What a disgrace.
Start drafting your letters of complaint to ASIC shareholders.  This board are operating outside of their corporate duties and responsibilities in my opinion.

The board need to revert back to their own corporate governance charter and consider exactly how they  measure the CEO's performance.  This arrangement is preposterous.

On the below basis - since the failure to achieve original success fee achievement period of 31st December 2019, the CEO has been paid/ will be paid an additional minimum $156,000 of contracting fees through to 31 March 2020.

The success fee is however pointless as there will not be any successful agreement under the current proposal, so it doesn't even matter if the date is extended to June 30....
What is more pertinent is that with the fees the CEO is drawing, it make more sense to stay in the role and take the daily fee - the gravy train continues....

The big pay day for McAdam comes when Todd reward him with a plum gig within BBI Group.... don't think for a minute the $200k success fee is any motivation......

Consultant Fee: $3,250 per day plus GST for a minimum of 4 days per week; Term: Minimum 6-month term commencing on 17 June 2019, with 3 months’ notice by either Mr McAdam or the Company, applicable after 3 months. Any part of the notice that is paid out by the Company is calculated at 4 days per week; and Short Term

Incentive: Mr McAdam will be entitled to a once off payment of $200,000 plus GST in the event the Company has a binding agreement approved by the Company’s shareholders for an infrastructure solution for the PIOP before 31 December 2019.