RAC - Charts & Price Action, page-9424

I was not involved in the process of granting options to Borje (he was involved with Race before me), but his options were given at a time when Race had little interest from the market (pre FTO) and cash was very short. His options are similar to how I ended up with 2.5 million options from 2019 for taking on the CSO role - the company just didn’t have the cash to pay me for the job so I took options instead. At the time the SP was 11c and the CSO options have a strike price of 19c (well out of the money at the time).

While my options are obviously worth a lot of money today, I would hope most shareholders would recognise they were not freebies and anyone who has held their shares since the 11c days has done very well out of RAC. In my opinion it is better to be generous with rewards and attract great people than be miserly and end up with so-so people just looking for a wage.