I don't think it is excessive (that was the max they were...

I don't think it is excessive (that was the max they were entitled to) if you factor in the EBITDA growth and share price performance....if you look at 2013 CEO and CFO got practically nothing so unless the criteria has changed it does seem that a certain level of performance is required to get the bono.

Definitely not paying senior management excessively.

NTC could easily pay dividends if it wants given its generating enough FCF. I would be a little worried if they started paying dividends now though as it would be inconsistent with what they are saying regarding big potential deal pipeline. Happy for them to be investing heavily now and gaining a good foothole in the industry and set themselves up for much bigger returns and distributions in the future.

If possible you want them to avoid a capital raising. So you don't want them to pay a dividend then a few months later announce a big smart metering deal or something and then have to do a capital raising to finance the inventory build.

Im confident a lot of hard work is being done in the background building relationships and showcasing their products that FY15 is going to see a stack of newsflow with more deals announced.

IF you want to see excessive pay you should look at the remuneration of Australian Vintage a couple of years ago. the share price halved and they all paid themselves $1m+ CFO included from memory.