RE:Really?That is horrible governance. This policy actually incentivized the director to profit from a share price collapse so they could pick up 5x-10x the number of rights and profit on the recovery. That means the stock could recover to a more reasonable level which would still provide little to no value for long term shareholders (the price ends up where it was) but the director would profit handsomely.
Jonathan Ladd better be negotiating and finalizing a takeout of the company at $1.00 or higher (I suspect not) otherwise there is no way to justify this grant of rights. Directors and management should never profit from the destruction of shareholder value! IMO if Jonathan had a strong moral compass he’d refuse the grant and reverse this transaction.