Appendix A: Summary of material terms of Mr Woodall’s Appointment
In accordance with ASX Listing Rule 3.16.4, the Company advises the material terms of Mr
Woodall’s employment arrangements are as follows:
Remuneration and Options
Mr Woodall will be paid an annual fee as non-executive director and chairman of the
Company, of $70,000 (Director Fee) paid monthly.
Subject to shareholder approval, Mr Woodall will also be offered the following options
package. Mr Woodall (or his nominee) will be granted 5,000,000 options to acquire a total of
5,000,000 ordinary shares in the Company. The term of each of the options is 5 years.
The vesting conditions and exercise price of the options will be:
Item Number of Options Vesting Conditions Exercise Price
1 1,250,000 Completion of Bankable Feasibility Study $0.80 per option
2 1,250,000 Financial close of the Company’s financing to
enable construction of the Project $1.00 per option
3 1,250,000 Market capitalization of the Company reaches
$1,000,000,000
$1.00 per option
4 1,250,000 First commercial shipment of iron ore product of
the Company $1.20 per option
The options will be issued under the Company’s Share Option Plan following shareholder
approval.
Has it approved yet? I checked ASX there is no option under Mr woodall's name yet, so when will be the approval?
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