Arafura Rare Earth, page-96

Yep disgraceful and shame on the Chairman for awarding this.

The real problem here is not just the 'eyewatering' $ value ($8.3M package in 4 years), but:

1. his performance remuneration shares awarded have a protective fixed $ value ($5.5M) regardless of (ironically) performance;
2. it has been engineered to reward him for a lower share price in the pre production stages (at current shareholder cost);
3. it has been engineered to protect him from share price downside, yet benefit from share price upside (conveniently aligned to the stages where both are likely).

In other words, it is not aligned to increasing shareholder value from the moment he was appointed

Why are we awarding the CEO/MD $8.3M in a package that rewards him for a short term drop in the share price and a dilution of current shareholders! And then rewards him after he has benefiitted from this drop.

It baffles that a fixed amount of Options was not used instead, or a fixed amount of shares locked in now, and then awarded when the milestones are met (most of which are a done deal lined up prior to him being appointed).

One could be forgiven for thinking it reward for scapegoating the previous CEO/MD in order to hide poor Board performance and oversight (of which both the Chairman and current CEO/MD were part of).

Whoever awarded this remuneration must be held accountable. I believe page 28 of the annual report shows this to be the Chairman.