agm - performance rights

Has anyone else read the AGM notices and descriptions of theb resolutions?

I'm ok with most of it, but the performance rights look pretty hefty to me. I'm not against performance rights, in fact I think they are a good method of payment to directors, especially for smaller companies with no cashflow, but the performance rights look very heavily weighted in favour of the new directors.

Unfortunately they also don't give an option to vote for Tranche 1 of the shares and not Tranche 2.

Tranche 1 is contingent on the extension of the licence, farmout to Vitol, regulatory approval of the farmout and then first gas delivery from Gazelle. In total this will provide 18.8m performance rights and I actually think this is fair as its completely tied to operational achievements, and we will all benefit once cashflow starts flowing. The cost of this at todays share price is around $800k for all the directos and like I say I'm fairly happy to acceopt this.

Tranche 2 though seems VERY generous. 37.6m shares, of which 25% would vest at 5c (they won't receive them for 4 years however), but 5c doesn't seem like an onerous stretch now (the document was pulled together when the SP was 2.8c!!

A further 25% if the SP hits 7c, and the remaining 50% if it reaches 9c within the 4 year period.

All of Tranche 2 amounts to $1.6m of shares over that 4 year period, which seems a bit on the high side. I don't mind the $ value, but would prefer more stretching targets bearing in mind that the SP is only where it is because of the poor decisions of previous management. Prior to the drilling disaster etc, the SP was well over $100m and I don't think its an onerous stretch to get the company back there, even with only a smaller component of CI-202.

Whats everyone else think?

I'm kind of torn between voting for and against, being as I am for part of the resolution but against the rest of it!!