Each director receives $100,000 if the stock hits $4.50 for 10 days ($400M has already been paid).
There is an additional $300,000 EACH on the table for the directors.
Think they will get that $300,000? I do...therefore $4.50 is a lock...that's a 20% gain from here.
Anyone else know of a lock to make 20% in the next year?
Board of Directors Incentive Plan
The eight (8) Directors, plus two (2) independent directors, are eligible for this incentive plan.
This plan would provide for the payment to all eligible Directors of certain amounts, on a pro rata basis, based on the following metrics
occurring at any time through December 31, 2019:
(i) the Company’s common share price maintaining an average of $4.50 over a ten (10) day trading window period
(ii) the Company receiving regulatory approval to make payments on the surplus notes in the amounts described in the table below. This is a one-time award that may be paid as early as the first quarter of 2019 (provided the above metrics are met at the end of 2018).
The plan will expire on December 31, 2019.
Surplus Note Payment / Aggregate Payout in cash for all eligible Directors
Less than $400 million .................................. $ 0
$400 million .......................................... $1,000,000
$500 million .......................................... $2,000,000
$600 million or more .................................... $4,000,000
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