Whilst I agree the issue is overly generous to Wayne, after a lot of umming and ahhing, I've decided not to vote against the options (not voting at all) for the following reasons:
1. TAW had to offer Wayne an attractive deal to get him on the board but did not have the 'cash' firepower to offer an adequate salary for someone of his appeal, therefore a generous equity arrangement was required instead. I understand they were in competition with another higher profile company for his services. IMO, Wayne given his background is of the calibre that he could attract a $1M+ salary from bigger companies, however TAW will only be paying him $310K I think (incl super)
2. The 0.001c ex price options are performance based with staggered expiry dates and importantly, they only vest (other than if TKO) to the individual once all these perf criteria are met and only if met before the expiry dates (of course). In my view the performance criteria are adequately arduous.
3. If these performance criteria are met, I expect the SP will be much higher than current so not too fussed about what one individual makes...given how many shares already on issue, they are not that dilutionary imo
To be honest, I'm more annoyed about the 25M incentive options issued to Wayne which, given they are long dated for expiry, should have had an exercise price higher than the SP at the date it was organised, though again, this was probably done to make the remuneration package as attractive as possible.
Cdchi1
TAW Price at posting:
3.0¢ Sentiment: LT Buy Disclosure: Held
