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Question for Hession Watchers
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05-08-2015, 05:56 AM
Several posters have written at various times that Michael Hession has "no skin in the game." Proxy docs in today's post show Dr Hession as beneficial owner of 46,244 common shares and 5215 RSUs (page 6.) Did he acquire shares via option awards or open market or both? Thanks. katytrader
05-08-2015, 07:07 AM
'katytrader' pid='57740' datel Wrote: Perhaps you found this one of interest also. Payments upon termination of employment and upon change of control of InterOil: (Estamate 2014) Total Incremental Obligation $ 37,015,000 USD Yep... that's two comma's Page 32 see notes also. 
05-08-2015, 07:12 AM
Hession received the shares as compensation for putting the deal with TOT together. Once OSH lost in arbitration the shares and cash were granted.
"And maybe someday we will find , that it wasn't really wasted time"
In 2014 Dr. Hession became provisionally entitled to receive a Milestone Bonus of $2,760,000 in cash and $1,840,000 in RSUs in respect of the SPA Completion, the payment and grant of which were deferred pending the outcome of the arbitration proceedings in respect of PRL15. Those proceedings were resolved on February 10, 2015, after which this Milestone Bonus was paid and granted. In addition, on the announcement of any discovery by InterOil (jointly or in combination with other parties) of hydrocarbons within any exploration licence, which is estimated to contain at least 1 trillion cubic feet of hydrocarbon gas equivalent (“Tcfe”) (or oil equivalent), Dr. Hession would become entitled to an “exploration bonus” of $500,000 payable in RSUs. Such exploration bonus would be grossed up pro rata to the extent of a discovery in excess of 1 Tcfe but less than 2 Tcfes. If all Milestones that are expected to be achieved in 2015 are achieved, Dr. Hession would receive Milestone Bonuses equal to $1,035,000 in cash and $690,000 in RSUs
"And maybe someday we will find , that it wasn't really wasted time"
05-08-2015, 11:11 AM
'Tusker' pid='57742' datel Wrote: If the 37,015,000 USD on change of control is reasonably correct then is it accurate to suggest Hession's real payday is on sale of the company and not long term corporate profitability or finding large volumes of hydrocarbons?
05-08-2015, 12:01 PM
'ArtM72' pid='57746' datel Wrote: As one may expect, after the first blush, it gets a bit more complicated. There are three year provisions, mile markers,and a 50% reductions, years of exploration bonuses such and so forth. So, all tossed into a five year contract would push the estamte out to the edge of first gas. What it takes to move from the county fair to the Broadway lights of world LNG I suppose.
05-08-2015, 12:01 PM
'ArtM72' pid='57746' datel Wrote: If the 37,015,000 USD on change of control is reasonably correct then is it accurate to suggest Hession's real payday is on sale of the company and not long term corporate profitability or finding large volumes of hydrocarbons? __________________________________ YES, YES, YES... You are correct Sir. Mama Hession raised no dummy. He knows IOC is the creamy center of an Oreo cookie squished between two bad arss wafers... How do you eat an Oreo? Even my daughter knows that... BTW, The same goes for his mgmt team, which receives RSUs for achieving goals related to advancing the LNG project. Do you think if IOC is bought out, that those RSUs don't vest immediately? Its all about the insurance policy in a change of control situation. 
05-08-2015, 05:52 PM
A $37 Million payout won't prevent an $8 Billion acquisition.
I'll gladly let him have the bonanza if I get 2 shares of XOM stock for each share of IOC stock I hold under water.
Drivel Maven with Personality
05-08-2015, 08:58 PM
'Stavros' pid='57752' dateline='<a href="tel:1431071 Wrote:A $37 Million payout won't prevent an $8 Billion acquisition. I'll gladly let him have the bonanza if I get 2 shares of XOM stock for each share of IOC stock I hold under water. And that is the point. Sell out the company for $150 per share because it's in Hession's personal interest and the interests of those without patience even though the geology says there is an exceptional chance IOC sits on top of over 40 TCF of gas. Quick money rules. 
05-08-2015, 09:07 PM
'Dr. Wu' pid='57749' datel Wrote: It's a good thing there is more than 1 Oreo in a package. PRL15 is the first out. Is the eater a nibbler or a piggy-wiggy? Nabisco can always bake a few. "InterOil Won’t Exclude Takeover Offers" |
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