Whats Happening, page-11

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:

1. (a) (Vesting Condition): The Performance Rights of each holder shall vest as follows:
   1. (i) 40% upon the Project being completed on time and on budget, with the completion being certified by an independent report;
   2. (ii) 30% within 3 months of completion of the Project if, based on the ROM Feed, there is a constant production of iron ore:
      1. (A) at 50% Fe or higher, averaged over the 3 month period; and
      2. (B) at an average rate of at least 33,333 tonnes per month over the 3 month period; and
   3. (iii) 30% within 12 months of completion of the Project if, based on the ROM Feed, there is a constant production of iron ore:
      1. (A) at 58% Fe or higher, averaged over the 12 month period; and
      2. (B) at least 400,000 tonnes produced over the 12 month period.
2. (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).
3. (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.
4. (d) (Automatic Vesting): Upon satisfaction of the Vesting Condition, each Performance Right will automatically vest into one Share.
5. (e) (Lapse of a Performance Right): A Performance Right will lapse upon the earlier to occur of:
   1. (i) 12 months from the date of completion of the Project; or
   2. (ii) the Performance Right lapsing in accordance with rule (f).
6. (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:
   1. (i) the Board must deem any unvested Performance Rights of the holder to have immediately lapsed and be forfeited; and
   2. (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.
7. (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