What a F****g scam the performance rights are seriously people get down to the AGM and abuse these guys for the theft of your wealth.
Fancy giving yourself a bonus for these conditions.. seriously think about what they are trying to do to ordinary holders.
They have screwed holder value, wasted millions upon millions of dollar , had an inept CEO talk absolute sh!t for years and delivery Sweet F all... and now they want the directors to get shares for below.
50% fe ... its an absolute joke. An absolute f'ing joke. They are stealing from you!
SCHEDULE 4 – TERMS AND CONDITIONS OF PERFORMANCE RIGHTS
A summary of the terms and conditions of the Performance Rights is set out below:
- (a) (Vesting Condition): The Performance Rights of each holder shall vest as follows:
- (i) 40% upon the Project being completed on time and on budget, with the completion being certified by an independent report;
- (ii) 30% within 3 months of completion of the Project if, based on the ROM Feed, there is a constant production of iron ore:
- (A) at 50% Fe or higher, averaged over the 3 month period; and
- (B) at an average rate of at least 33,333 tonnes per month over the 3 month period; and
- (iii) 30% within 12 months of completion of the Project if, based on the ROM Feed, there is a constant production of iron ore:
- (A) at 58% Fe or higher, averaged over the 12 month period; and
- (B) at least 400,000 tonnes produced over the 12 month period.
- (b) (Vesting): Upon the Vesting Condition being satisfied, the Company shall notify the holder in writing that the relevant Performance Rights have vested (Vested Performance Rights).
- (c) (Consideration): The Performance Rights will be issued for nil cash consideration and no consideration will be payable upon the vesting of the Performance Rights.
- (d) (Automatic Vesting): Upon satisfaction of the Vesting Condition, each Performance Right will automatically vest into one Share.
- (e) (Lapse of a Performance Right): A Performance Right will lapse upon the earlier to occur of:
- (i) 12 months from the date of completion of the Project; or
- (ii) the Performance Right lapsing in accordance with rule (f).
- (f) (Ceasing to be an Eligible Holder): If a holder ceases to be a consultant, contractor or employee of the Company, or a subsidiary of the Company, then:
- (i) the Board must deem any unvested Performance Rights of the holder to have immediately lapsed and be forfeited; and
- (ii) any Performance Rights that have vested will continue in existence in accordance with their terms of issue and any Shares issued on vesting will remain the property of the holder.
- (g) (Other circumstances): The Performance Rights will not lapse and be forfeited where the holder ceases to be a consultant, contractor or employee of the Company for one of the following reasons:
(i) death or total permanent disability (in respect of total permanent disability being that because of a sickness or injury, the holder is unable
