Ann: Operational Update Phase 3 Acceleration, page-15

@oxxa23 Cedrics Performance incentives are over a year after completion of Phase 3...

As this mornings announcement stated Q1 2019...

Then i believe it would go into commissioning which could be another couple of months to production..

Cedric gets 40% if delivered by Q1 2019..

Which reads like he is stopping all production to make this happen..

Then 30% and 30% on Performance of feed stock into IO..

Driven by his own incentive i believe not ours.

zetland1

Managing Director Performance Incentive

As part of a renewed Executive Services Agreement, the Board, with the support of institutional investors, proposes the Managing Director, Mr Cedric Goode have long term incentives aligned with the Phase 3 expansion project success, subject to shareholder approval.

The Project Incentives (PI) are milestone based and up to a maximum of 110 million shares (pre-consolidation) on the following basis:

(i). 40% of the maximum PI payable on the Project being completed on time and on budget, with the completion being certified by an independent report;
(ii). 30% of the maximum PI payable 3 months after the Project’s completion if, based on the ROM feed, there is a constant production of iron ore:
1. at 58% Fe or higher averaged over the 3 months; and
2. at an average rate of 33,333 tonnes per month over the 3 months; and
(iii). 30% of the maximum PI payable 12 months after the Project’s completion if, based on the ROM feed, there is a constant production of iron ore:
1. at 58% Fe or higher averaged over the 12 months; and
2. of at least 400,000 tonnes averaged over the 12 months.