Ann: Notice of General Meeting/Proxy Form, page-48

Laz,

As far as i see it.. it is (using 2.1cent base start) very clearly saying that only 6.3cent sp level needs to be maintained over each yr (60day period in those yrs etcetc).. for the maximum 6.4mill share lots (by 3 times) over the next 3yrs..

Just look at when exactly the performance determination occurs.. vest date which is first and second and third anniversary of performance rights issue date.. so the actual performance rights issue date looks to be one off moment.. so the initial base level sp is maintained throughout thr 3yrs and not revised each yr so that the triple sp growth is cumulative..

It is the "maintenance" version which i think you described... i only briefly and very quickly read your post (as am in a rush)..

In general.
Getting above 6.3cent levels in first yr is OK..
CASH payments on unknown dates so for potentially uncapped amounts is NOT good..
6.3cent level for 2nd and 3rd yr is NOT good, nor the CASH payments potential..

The reserves and resources elements are minor elements in the program...
They do not look to be realistically possible seeing that icewine will see no drilling until 2020.. ie; halfway thru the 3yr incentive program.. for the reserves, multi wells flowing oil will be needed.. for the resources 3 projects with successful drill discoveries tied into 3d seismics.. hence the resources element is possible but seems very tight when seeing the current drill timelines which are or are not fully funded...

I am most incencsed by the low 2nd and 3rd yr levels of sp maintenance..
I wouldve thought that if the assets are really what 88e is telling us.. as longterm holders.. that the levels in the program are a bit of a joke.. unfortunately.. and they provide the bulk of the potential uncapped CASH payments that can be made..

I would be delighted for DW to take 6.4mill shares after yr two in CASH equivalent even based on an intraday spike up level if it sp was above say 10c or 15c for 60day period in previous yr.. then after 3rd yr if it was above 20 or 25c for 60days in previous yr..
Something that gives him potential for million dollar cash payments while our sp is at levels to make us rich as well...