2012 extraordinary general meeting of cobar co, page-6

Apparently we voted last year to give Ian Lawrence $333,000 in equity representing 90% of his fixed salary.
Now more by 30th June.

"The Board has determined that the total value of the Performance Rights be
$222,000 representing 60% of Ian Lawrence’s Total Fixed Remuneration. The
maximum number of Performance Rights he may receive is 300,000 and has been
determined by dividing the total value of Performance Rights by the market value of
one of the Company’s shares determined by the Board as $0.74 being the 30 day
value weighted average price of the Company’s shares up to 16 February 2012.
The Board has determined that the total value of the Options be $111,000
representing 30% of Ian Lawrence’s Total Fixed Remuneration. The maximum
number of Options he may receive is 264,286 which has been determined by dividing
$111,000 by the market value of one Option using the Black and Scholes model,
determined by the Board as $0.42 and being based on a exercise price at a 30%
premium to the 30 day value weighted average price of the Shares up to 16 February
2012.
Mr Lawrence may elect to receive 100% of his incentive either as Performance
Rights or Options or he may elect to receive his incentive as a combination of
Performance Rights and Options. If so, the aggregate value of the Performance
Rights will be reduced by the proportion of the incentive he elects to receive as
Options. For example, if he elects to receive 50% of his incentive as Performance
rights and 50% as Options, then the value of Performance Rights will be $111,000
and the value of Options will be $55,500.
The Performance Rights and Options comprise both his short and long term incentive
for the 2011 year.
A further tranche of Performance Rights and Options are expected Cobar Consolidated Resources Limited 10
to be offer prior to 30 June 2012, which will require Shareholder approval at the 2012
Annual General Meeting."