Global pivot towards cleaner, greener steel thrusts magnetite iron ore into spotlight, page-42

I’m not aware of any lock up type period..I too would like to think some portion would only vest after say a year or two has passed from achieving the objective and they actually remain employees, to incentivise them to stick it out and deliver long term.

I was never a fan of the market cap based incentives myself, I’d rather management achieve project progressing objectives which in turn should generally drive market cap increases- the market cap could rise on the back of just being a hot sector (look at lithium co’s lately who have 5 or 10 folded with management doing very little). Similarly, management could be delivering on the project and the market cap falls simply due to the sector cooling. Also it makes for poor investing decisions, people start calculating their profits by certain dates simply because of they expect a performance goal to be reached, but ignore more important DD.

A few other companies I’m invested in have incentive plans where performance shares to be issued represent 5% or less of issued shares. This one is just over 10% of currently issued shares, hence why I feel the amounts should be halved to hit a similar 5% level which seems reasonable to me.

Also I noticed there was approval to issue a total of 51,000,000 shares under an employee incentive plan proposed in July 21 - currently they propose 52,000,000..this seems like it needs explaining? If my reading is correct, short of further approval for another or a revised incentive plan, it also doesn’t seem to leave room for further milestones to have incentives attached, say obtaining financing, binding agreements, reaching construction/first production etc.