It's great to have his experience but does anyone else think his package is a little too generous...?
- $480,0000 base salary ($2,000/day, assuming 8 hours a day, 5 days a week and 48 weeks a year) + super (=$525,600)
- 35% short term incentive (performance bonus potentially up to $168,000, annually?)
- 9,000,000 options as a sign-on bonus (exercise price of ~30c per share) vesting in 3 tranches at 12, 24, 36 months.
- 12 months salary in event of change of control of company (takeover)
- 12 months salary if we don't want him anymore.
So if his performance indicators are met, it's costing us $693,600 per year in salary/super/bonus...plus the 9 million shares after 36 months... at least he will need to pay ~$2.5M to convert all the options should he elect to do so.
Calderwood gets paid a lot less, and without all of the options? Let's see what Mr Turner can do...
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