RE:RE:RE:RE:2017 NI 43-101 Technical Study Update - salesPedroPistacio wrote: Thank you for your reply Stan. On the remuneration, just to help clarify in my mind, the base is $420,000. The bonus is up to $420,000, but is this payable in cash or shares? And on the options, is this a one-off long term incentive plan of 750,000 shares at a price of $1.22 to compensate for no bonuses in recent years? Or is it expected that a similar sized options scheme will be in place every year?
Many thanks in advance.
Hello Pedro,
Unlike prior years when shareholders had approved using treasury shares in lieu of cash payments to settle Mr. Veloso's compensation (base and bonuses), as of July 1 all future compensation (base and bonuses) will be settled in cash.
Under the current Stock Option Plan the Board can issue options to Mr. Veloso (and others) at any time up to an including 10% of the current issued and outstanding share float (so just over 5 million share options). In my opinion there has been little logic in the timing and granting of options - some are issued as an incentive to stay with the Company (as if Mr. Veloso was going to quit had they not been awarded) and some seem to be as a reward for having stayed with the company or as a bonus for meeting objectives. This is why I will be voting AGAINST the Stock Option Plan resolution (Resolution 3) on the proxy form for the June 30 2021 AGM.
Have a great week.
Cheers,
S.