Notice of AGM dated 6 March 2023 refers.
It is stated (Page 13 of the Notice document refers) ... "To incentivise Nick Liveris to work towards the long term growth of the company and align his interests with the interests of shareholders..." issuance of Performance rights subject to employment retention (50%) and Revenue targets (50%) have been established. Revenue targets are:-
0-25% Performance Rights- Revenue Target (USD)- 0M- 50M
25-50% Performance Rights- Revenue Target (USD)- 50M- 125M+
So Performance Rights would be receivable by Liveris in the event marginal Revenue streams are achieved. Hardly an incentive hurdle from a performance viewpoint. Revision of the Performance Rights benchmark to say:-
0-25% Performance Rights- Revenue Target (USD)- 50M- 100M
25-50% Performance Rights- Revenue Target (USD)- 100M- 150M+
would appear more aligned to actually positively contributing and being rewarded for that contribution... a reward for "participation" is already on the table through employment retention.
Thoughts...????
Incentivise or Lack of Incentive
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