2016 AGM MIC

[2126]

Here is a bit of a review of the full 184-page 2016 AGM Management Information Circular (which can be found at: www.interoil.com under "Investors and Media" then "Annual and Quarterly Reports" then Line 3 Center "Management Information Circular" [Note: Page #s are given as both the page number on the document itself and the page # of the 184 page PDF):

1. Obviously, the BOD does not support the 'Mulacek proposals' for various well-reasoned arguments stated in great detail in the MIC. (various pages)

2. BOD nominees for 2016 held to 8 [current BOD minus Roger Lewis (former Woodside Financial Controller) and Ms. Katherine Hirschfeld (Former Executive Director of BP Australasia)] (pages 3-4 or 11-12/184)

3. Regarding IOC disclosure policy, the MIC states:"It should also be noted that the Corporation’s recent disclosures reflect the Board and management’s objective of applying a consistent and uniform materiality threshold to its reporting rather than selective disclosure. This was a key factor in shaping the market’s perception of the Corporation as a credible exploration and development company and a consequent reduction in shorting of the Common Shares." (page 10 or 18/184)

4. Shareholder votes must be received by 6/10/16. (page 12 or 20/184)

5. Dr. Hession's IOC shareholding has increased significantly since 2015 MIC: As of this MIC, he holds 136,134 shares outright, and 217,412 RSU [Restricted Stock Units awaiting vesting](equivalent to 1 share each RSU) for a total of 353,546 shares. (page 25 or 32/184)

6. In March 2016, the BOD approved a resolution to allow an additional 2 million shares to be available for future stock option/RSU awards to officers and directors. This item is up for approval by shareholders. (page 29-35 or 36-42/184

7. BOD recommends denying the payment of Phil's expenses in demanding the inclusion of his proposals at the AGM. (pages 34-35 or 42-43/184)

8. The MIC lays out in detail the IOC Executive Compensation Plan that provides cash, short and long-term incentives, and milestone bonuses for Dr. Hession. Cash is based on industry standards; short-term incentives on individual assessments (Dr. Hession earned a rating of 100/200 and received a cash incentive equal to his annual cash salary); long-term incentives provides RSUs based on performance; milestone bonuses are based on achievment of IOC reaching certain goals and a vesting period of one year. (pages 36-38 or 42-56/184)

9. More detail on Hession milestones: the applicable Milestones are as follows:

(1) completion of the Share Purchase Agreement with Total;

(2) date of the owners’ decision in respect of PRL 15 to proceed to prepare a basis of design for any LNG project with a capacity of at least two trains in which InterOil holds an equity interest (or is in receipt of a royalty in lieu of an equity interest) (a “Series 1 LNG Project);

(3) the date of the completion of the basis of design in respect of a 2-train LNG project.

(4) the date the owners decide to commence front end engineering and design in respect of a 2-train LNG Project;

(5) the date of the taking of a final investment decision by the owners in respect of a 2-train LNG Project; and

(6) the date on which the first cargo is loaded on to a vessel in respect of a 2-train LNG Project for delivery to a customer.

In addition, in certain circumstances six additional and similar Milestones will apply to Dr. Hession if the LNG project is a one-train project (a Series 2 LNG Project).

In 2015, Dr. Hession became entitled to the second Milestone Bonus of $1,725,000 in respect of the commencement of the Basis of Design for PRL15, being the second milestone for a Series 1 LNG Project. Dr. Hession was entitled to receive this award as $862,500 in cash and $862,500 in RSUs, however he elected to receive the whole award in RSUs. This award is due to vest on July 1, 2016, a year after the date Dr. Hession become entitled to such Milestone Bonus.

In addition, on the announcement of any discovery by InterOil of a quantity 2C (P50) contingent resources in the discovery of at least 1 TCF , Dr. Hession would become entitled to an “exploration bonus” of $500,000 in respect of each whole TCF associated with that certification, payable in RSUs. Dr. Hession’s right to receive an exploration bonus extends for a period of no longer than 12 months after his employed is terminated

In 2015, Dr. Hession received two exploration bonuses in relation to the Bobcat and Raptor discoveries pursuant to the terms of his employment contract totalling $3,024,500. Dr. Hession agreed to accept these bonuses in the form of RSUs in lieu of cash, totaling $3,024,500 in RSUs. If the Milestone Bonus that are expected to be achieved in 2016 are achieved, Dr. Hession would receive Milestone Bonuses of $5,175,000 in RSUs. (pages 42-43 or 50-51/184)

10. Dr. Hession received $10,138,170.00 total compensation in 2015, including $7,103,167.00 in shares or RSUs. (Page 46 or 54/184)

11. Termination or Change of Control Compensation. The details of Dr. Hession's contract regarding 'Change of Control' payments are outlined, including that he receives 50% of all RSUs possible under his Milestone Bonus program IF a takeover bid or merger of IOC is tendered to the BOD AND the BOD recommends such action to the shareholders. Additionally, he will receive twice his salary and incentives, as serverance pay, if the 'termination event' occurs prior to July 10, 2016, and only 1X his annual compensation after that date. (Pages 52-53 or 60-61/184)

12. Appendix A comprises the Dissident Resolutions proposed by Phil M. (Pages A1-3 or 68-71/184)

13. Appendix B comprises the Corporate Governance Disclosure (Form 58-101F1) (Pages B1-13 or 72-84/184)

14. The rest of the document contains various related disclosures and appendices.

Hope this quick overview helps a bit.

[Martinistocks]

So Dr Hession has accepted bonus in lieu of cash took restricted shares because the stock price has been driven so low he knows that even at a sale price he will be well rewarded. Smart guy. I hope he gets $125 or more for the company shares.

[Indoreservoir]

Here is a bit of a review of the full 184-page 2016 AGM Management Information Circular (which can be found at: www.interoil.com under "Investors and Media" then "Annual and Quarterly Reports" then Line 3 Center "Management Information Circular" [Note: Page #s are given as both the page number on the document itself and the page # of the 184 page PDF):

1. Obviously, the BOD does not support the 'Mulacek proposals' for various well-reasoned arguments stated in great detail in the MIC. (various pages)

2. BOD nominees for 2016 held to 8 [current BOD minus Roger Lewis (former Woodside Financial Controller) and Ms. Katherine Hirschfeld (Former Executive Director of BP Australasia)] (pages 3-4 or 11-12/184)

3. Regarding IOC disclosure policy, the MIC states:"It should also be noted that the Corporation’s recent disclosures reflect the Board and management’s objective of applying a consistent and uniform materiality threshold to its reporting rather than selective disclosure. This was a key factor in shaping the market’s perception of the Corporation as a credible exploration and development company and a consequent reduction in shorting of the Common Shares." (page 10 or 18/184)

4. Shareholder votes must be received by 6/10/16. (page 12 or 20/184)

5. Dr. Hession's IOC shareholding has increased significantly since 2015 MIC: As of this MIC, he holds 136,134 shares outright, and 217,412 RSU [Restricted Stock Units awaiting vesting](equivalent to 1 share each RSU) for a total of 353,546 shares. (page 25 or 32/184)

6. In March 2016, the BOD approved a resolution to allow an additional 2 million shares to be available for future stock option/RSU awards to officers and directors. This item is up for approval by shareholders. (page 29-35 or 36-42/184

7. BOD recommends denying the payment of Phil's expenses in demanding the inclusion of his proposals at the AGM. (pages 34-35 or 42-43/184)

8. The MIC lays out in detail the IOC Executive Compensation Plan that provides cash, short and long-term incentives, and milestone bonuses for Dr. Hession. Cash is based on industry standards; short-term incentives on individual assessments (Dr. Hession earned a rating of 100/200 and received a cash incentive equal to his annual cash salary); long-term incentives provides RSUs based on performance; milestone bonuses are based on achievment of IOC reaching certain goals and a vesting period of one year. (pages 36-38 or 42-56/184)

9. More detail on Hession milestones: the applicable Milestones are as follows:

(1) completion of the Share Purchase Agreement with Total;

(2) date of the owners’ decision in respect of PRL 15 to proceed to prepare a basis of design for any LNG project with a capacity of at least two trains in which InterOil holds an equity interest (or is in receipt of a royalty in lieu of an equity interest) (a “Series 1 LNG Project);

(3) the date of the completion of the basis of design in respect of a 2-train LNG project.

(4) the date the owners decide to commence front end engineering and design in respect of a 2-train LNG Project;

(5) the date of the taking of a final investment decision by the owners in respect of a 2-train LNG Project; and

(6) the date on which the first cargo is loaded on to a vessel in respect of a 2-train LNG Project for delivery to a customer.

In addition, in certain circumstances six additional and similar Milestones will apply to Dr. Hession if the LNG project is a one-train project (a Series 2 LNG Project).

In 2015, Dr. Hession became entitled to the second Milestone Bonus of $1,725,000 in respect of the commencement of the Basis of Design for PRL15, being the second milestone for a Series 1 LNG Project. Dr. Hession was entitled to receive this award as $862,500 in cash and $862,500 in RSUs, however he elected to receive the whole award in RSUs. This award is due to vest on July 1, 2016, a year after the date Dr. Hession become entitled to such Milestone Bonus.

In addition, on the announcement of any discovery by InterOil of a quantity 2C (P50) contingent resources in the discovery of at least 1 TCF , Dr. Hession would become entitled to an “exploration bonus” of $500,000 in respect of each whole TCF associated with that certification, payable in RSUs. Dr. Hession’s right to receive an exploration bonus extends for a period of no longer than 12 months after his employed is terminated

In 2015, Dr. Hession received two exploration bonuses in relation to the Bobcat and Raptor discoveries pursuant to the terms of his employment contract totalling $3,024,500. Dr. Hession agreed to accept these bonuses in the form of RSUs in lieu of cash, totaling $3,024,500 in RSUs. If the Milestone Bonus that are expected to be achieved in 2016 are achieved, Dr. Hession would receive Milestone Bonuses of $5,175,000 in RSUs. (pages 42-43 or 50-51/184)

10. Dr. Hession received $10,138,170.00 total compensation in 2015, including $7,103,167.00 in shares or RSUs. (Page 46 or 54/184)

11. Termination or Change of Control Compensation. The details of Dr. Hession's contract regarding 'Change of Control' payments are outlined, including that he receives 50% of all RSUs possible under his Milestone Bonus program IF a takeover bid or merger of IOC is tendered to the BOD AND the BOD recommends such action to the shareholders. Additionally, he will receive twice his salary and incentives, as serverance pay, if the 'termination event' occurs prior to July 10, 2016, and only 1X his annual compensation after that date. (Pages 52-53 or 60-61/184)

12. Appendix A comprises the Dissident Resolutions proposed by Phil M. (Pages A1-3 or 68-71/184)

13. Appendix B comprises the Corporate Governance Disclosure (Form 58-101F1) (Pages B1-13 or 72-84/184)

14. The rest of the document contains various related disclosures and appendices.

Hope this quick overview helps a bit.

Won't opine on the 'well-reasoned'  comment- let the reader decide - but on the salary quick fact check as follows:

http://www.forbes.com/lists/2006/12/Oil_...ank_1.html

According to the reference, Rex Tillerson salary is US$4.125 million, and XOM's market cap is some 200x IOC (from memory)., yet our $7 million /yr CEO salary is based on 'Industry Standards"????? (Maybe my $7 million/yr compensation is incorrect, but I thought 2126 quoted this in another thread.)

And don't all those Milestones mentioned above comprise the usual goals for a CEO??? Shouldn't he do those things to earn his $7 million?

Wait until the compensation committee gives bonuses to our Execs after cert or buyout. Expect a shodk!

Overpaid and underperforming twit.  Now I know why he used RISC for 2C numbers rather than D&M or NSAI - worth a lot of $ to him. And perhaps explains throwing our cash away on drilling exploration wells for stranded gas rather than asking the government to extend our exploration period. Whose interest was MH protecting?

Go PM!

[kommonsents]

Perhaps our disdain for MH, the PSO, is misplaced. The BOD set the rules, MH, the PSO, is only playing by the rules.

Time for a new BOD? After all, what have they really contributed?

[sageo]

Here is a bit of a review of the full 184-page 2016 AGM Management Information Circular (which can be found at: www.interoil.com under "Investors and Media" then "Annual and Quarterly Reports" then Line 3 Center "Management Information Circular" [Note: Page #s are given as both the page number on the document itself and the page # of the 184 page PDF):

1. Obviously, the BOD does not support the 'Mulacek proposals' for various well-reasoned arguments stated in great detail in the MIC. (various pages)

2. BOD nominees for 2016 held to 8 [current BOD minus Roger Lewis (former Woodside Financial Controller) and Ms. Katherine Hirschfeld (Former Executive Director of BP Australasia)] (pages 3-4 or 11-12/184)

3. Regarding IOC disclosure policy, the MIC states:"It should also be noted that the Corporation’s recent disclosures reflect the Board and management’s objective of applying a consistent and uniform materiality threshold to its reporting rather than selective disclosure. This was a key factor in shaping the market’s perception of the Corporation as a credible exploration and development company and a consequent reduction in shorting of the Common Shares." (page 10 or 18/184)

4. Shareholder votes must be received by 6/10/16. (page 12 or 20/184)

5. Dr. Hession's IOC shareholding has increased significantly since 2015 MIC: As of this MIC, he holds 136,134 shares outright, and 217,412 RSU [Restricted Stock Units awaiting vesting](equivalent to 1 share each RSU) for a total of 353,546 shares. (page 25 or 32/184)

6. In March 2016, the BOD approved a resolution to allow an additional 2 million shares to be available for future stock option/RSU awards to officers and directors. This item is up for approval by shareholders. (page 29-35 or 36-42/184

7. BOD recommends denying the payment of Phil's expenses in demanding the inclusion of his proposals at the AGM. (pages 34-35 or 42-43/184)

8. The MIC lays out in detail the IOC Executive Compensation Plan that provides cash, short and long-term incentives, and milestone bonuses for Dr. Hession. Cash is based on industry standards; short-term incentives on individual assessments (Dr. Hession earned a rating of 100/200 and received a cash incentive equal to his annual cash salary); long-term incentives provides RSUs based on performance; milestone bonuses are based on achievment of IOC reaching certain goals and a vesting period of one year. (pages 36-38 or 42-56/184)

9. More detail on Hession milestones: the applicable Milestones are as follows:

(1) completion of the Share Purchase Agreement with Total;

(2) date of the owners’ decision in respect of PRL 15 to proceed to prepare a basis of design for any LNG project with a capacity of at least two trains in which InterOil holds an equity interest (or is in receipt of a royalty in lieu of an equity interest) (a “Series 1 LNG Project);

(3) the date of the completion of the basis of design in respect of a 2-train LNG project.

(4) the date the owners decide to commence front end engineering and design in respect of a 2-train LNG Project;

(5) the date of the taking of a final investment decision by the owners in respect of a 2-train LNG Project; and

(6) the date on which the first cargo is loaded on to a vessel in respect of a 2-train LNG Project for delivery to a customer.

In addition, in certain circumstances six additional and similar Milestones will apply to Dr. Hession if the LNG project is a one-train project (a Series 2 LNG Project).

In 2015, Dr. Hession became entitled to the second Milestone Bonus of $1,725,000 in respect of the commencement of the Basis of Design for PRL15, being the second milestone for a Series 1 LNG Project. Dr. Hession was entitled to receive this award as $862,500 in cash and $862,500 in RSUs, however he elected to receive the whole award in RSUs. This award is due to vest on July 1, 2016, a year after the date Dr. Hession become entitled to such Milestone Bonus.

In addition, on the announcement of any discovery by InterOil of a quantity 2C (P50) contingent resources in the discovery of at least 1 TCF , Dr. Hession would become entitled to an “exploration bonus” of $500,000 in respect of each whole TCF associated with that certification, payable in RSUs. Dr. Hession’s right to receive an exploration bonus extends for a period of no longer than 12 months after his employed is terminated

In 2015, Dr. Hession received two exploration bonuses in relation to the Bobcat and Raptor discoveries pursuant to the terms of his employment contract totalling $3,024,500. Dr. Hession agreed to accept these bonuses in the form of RSUs in lieu of cash, totaling $3,024,500 in RSUs. If the Milestone Bonus that are expected to be achieved in 2016 are achieved, Dr. Hession would receive Milestone Bonuses of $5,175,000 in RSUs. (pages 42-43 or 50-51/184)

10. Dr. Hession received $10,138,170.00 total compensation in 2015, including $7,103,167.00 in shares or RSUs. (Page 46 or 54/184)

11. Termination or Change of Control Compensation. The details of Dr. Hession's contract regarding 'Change of Control' payments are outlined, including that he receives 50% of all RSUs possible under his Milestone Bonus program IF a takeover bid or merger of IOC is tendered to the BOD AND the BOD recommends such action to the shareholders. Additionally, he will receive twice his salary and incentives, as serverance pay, if the 'termination event' occurs prior to July 10, 2016, and only 1X his annual compensation after that date. (Pages 52-53 or 60-61/184)

12. Appendix A comprises the Dissident Resolutions proposed by Phil M. (Pages A1-3 or 68-71/184)

13. Appendix B comprises the Corporate Governance Disclosure (Form 58-101F1) (Pages B1-13 or 72-84/184)

14. The rest of the document contains various related disclosures and appendices.

Hope this quick overview helps a bit.

Won't opine on the 'well-reasoned'  comment- let the reader decide - but on the salary quick fact check as follows:

http://www.forbes.com/lists/2006/12/Oil_...ank_1.html

According to the reference, Rex Tillerson salary is US$4.125 million, and XOM's market cap is some 200x IOC (from memory)., yet our $7 million /yr CEO salary is based on 'Industry Standards"????? (Maybe my $7 million/yr compensation is incorrect, but I thought 2126 quoted this in another thread.)

And don't all those Milestones mentioned above comprise the usual goals for a CEO??? Shouldn't he do those things to earn his $7 million?

Wait until the compensation committee gives bonuses to our Execs after cert or buyout. Expect a shodk!

Overpaid and underperforming twit.  Now I know why he used RISC for 2C numbers rather than D&M or NSAI - worth a lot of $ to him. And perhaps explains throwing our cash away on drilling exploration wells for stranded gas rather than asking the government to extend our exploration period. Whose interest was MH protecting?

Go PM!

Indo - That "based on industry stndards" also jumped out at me when I was reading the overview. What bullshevocky .I guess it was just what popped into thier heads when they wanted to "blow of" how fast they were eroding our "borrowed" dollars . Sometimes laughable....sometimes just sad. Sure be glad when some of Total's "big money" (like Jeb Clampetts' makes it's way into our stock price. Have a good evening.

[katytrader]

Here is a bit of a review of the full 184-page 2016 AGM Management Information Circular (which can be found at: www.interoil.com under "Investors and Media" then "Annual and Quarterly Reports" then Line 3 Center "Management Information Circular" [Note: Page #s are given as both the page number on the document itself and the page # of the 184 page PDF):

1. Obviously, the BOD does not support the 'Mulacek proposals' for various well-reasoned arguments stated in great detail in the MIC. (various pages)

2. BOD nominees for 2016 held to 8 [current BOD minus Roger Lewis (former Woodside Financial Controller) and Ms. Katherine Hirschfeld (Former Executive Director of BP Australasia)] (pages 3-4 or 11-12/184)

3. Regarding IOC disclosure policy, the MIC states:"It should also be noted that the Corporation’s recent disclosures reflect the Board and management’s objective of applying a consistent and uniform materiality threshold to its reporting rather than selective disclosure. This was a key factor in shaping the market’s perception of the Corporation as a credible exploration and development company and a consequent reduction in shorting of the Common Shares." (page 10 or 18/184)

4. Shareholder votes must be received by 6/10/16. (page 12 or 20/184)

5. Dr. Hession's IOC shareholding has increased significantly since 2015 MIC: As of this MIC, he holds 136,134 shares outright, and 217,412 RSU [Restricted Stock Units awaiting vesting](equivalent to 1 share each RSU) for a total of 353,546 shares. (page 25 or 32/184)

6. In March 2016, the BOD approved a resolution to allow an additional 2 million shares to be available for future stock option/RSU awards to officers and directors. This item is up for approval by shareholders. (page 29-35 or 36-42/184

7. BOD recommends denying the payment of Phil's expenses in demanding the inclusion of his proposals at the AGM. (pages 34-35 or 42-43/184)

8. The MIC lays out in detail the IOC Executive Compensation Plan that provides cash, short and long-term incentives, and milestone bonuses for Dr. Hession. Cash is based on industry standards; short-term incentives on individual assessments (Dr. Hession earned a rating of 100/200 and received a cash incentive equal to his annual cash salary); long-term incentives provides RSUs based on performance; milestone bonuses are based on achievment of IOC reaching certain goals and a vesting period of one year. (pages 36-38 or 42-56/184)

9. More detail on Hession milestones: the applicable Milestones are as follows:

(1) completion of the Share Purchase Agreement with Total;

(2) date of the owners’ decision in respect of PRL 15 to proceed to prepare a basis of design for any LNG project with a capacity of at least two trains in which InterOil holds an equity interest (or is in receipt of a royalty in lieu of an equity interest) (a “Series 1 LNG Project);

(3) the date of the completion of the basis of design in respect of a 2-train LNG project.

(4) the date the owners decide to commence front end engineering and design in respect of a 2-train LNG Project;

(5) the date of the taking of a final investment decision by the owners in respect of a 2-train LNG Project; and

(6) the date on which the first cargo is loaded on to a vessel in respect of a 2-train LNG Project for delivery to a customer.

In addition, in certain circumstances six additional and similar Milestones will apply to Dr. Hession if the LNG project is a one-train project (a Series 2 LNG Project).

In 2015, Dr. Hession became entitled to the second Milestone Bonus of $1,725,000 in respect of the commencement of the Basis of Design for PRL15, being the second milestone for a Series 1 LNG Project. Dr. Hession was entitled to receive this award as $862,500 in cash and $862,500 in RSUs, however he elected to receive the whole award in RSUs. This award is due to vest on July 1, 2016, a year after the date Dr. Hession become entitled to such Milestone Bonus.

In addition, on the announcement of any discovery by InterOil of a quantity 2C (P50) contingent resources in the discovery of at least 1 TCF , Dr. Hession would become entitled to an “exploration bonus” of $500,000 in respect of each whole TCF associated with that certification, payable in RSUs. Dr. Hession’s right to receive an exploration bonus extends for a period of no longer than 12 months after his employed is terminated

In 2015, Dr. Hession received two exploration bonuses in relation to the Bobcat and Raptor discoveries pursuant to the terms of his employment contract totalling $3,024,500. Dr. Hession agreed to accept these bonuses in the form of RSUs in lieu of cash, totaling $3,024,500 in RSUs. If the Milestone Bonus that are expected to be achieved in 2016 are achieved, Dr. Hession would receive Milestone Bonuses of $5,175,000 in RSUs. (pages 42-43 or 50-51/184)

10. Dr. Hession received $10,138,170.00 total compensation in 2015, including $7,103,167.00 in shares or RSUs. (Page 46 or 54/184)

11. Termination or Change of Control Compensation. The details of Dr. Hession's contract regarding 'Change of Control' payments are outlined, including that he receives 50% of all RSUs possible under his Milestone Bonus program IF a takeover bid or merger of IOC is tendered to the BOD AND the BOD recommends such action to the shareholders. Additionally, he will receive twice his salary and incentives, as serverance pay, if the 'termination event' occurs prior to July 10, 2016, and only 1X his annual compensation after that date. (Pages 52-53 or 60-61/184)

12. Appendix A comprises the Dissident Resolutions proposed by Phil M. (Pages A1-3 or 68-71/184)

13. Appendix B comprises the Corporate Governance Disclosure (Form 58-101F1) (Pages B1-13 or 72-84/184)

14. The rest of the document contains various related disclosures and appendices.

Hope this quick overview helps a bit.

Won't opine on the 'well-reasoned'  comment- let the reader decide - but on the salary quick fact check as follows:

http://www.forbes.com/lists/2006/12/Oil_...ank_1.html

According to the reference, Rex Tillerson salary is US$4.125 million, and XOM's market cap is some 200x IOC (from memory)., yet our $7 million /yr CEO salary is based on 'Industry Standards"????? (Maybe my $7 million/yr compensation is incorrect, but I thought 2126 quoted this in another thread.)

And don't all those Milestones mentioned above comprise the usual goals for a CEO??? Shouldn't he do those things to earn his $7 million?

Wait until the compensation committee gives bonuses to our Execs after cert or buyout. Expect a shodk!

Overpaid and underperforming twit.  Now I know why he used RISC for 2C numbers rather than D&M or NSAI - worth a lot of $ to him. And perhaps explains throwing our cash away on drilling exploration wells for stranded gas rather than asking the government to extend our exploration period. Whose interest was MH protecting?

Go PM!

Indo, some of your comments here are indeed worthy of a Philippe award.  Did you not notice that the Forbes data you cite was published in 2006?   Are you aware that the $7m number you like to cite for Hession is both cash and calculated value of RSUs, the latter having vesting periods?  Do you not think that the whole milestone scheme is a direct result of Philippe's inability to reach discernible milestones on any particular timeline?  Or that the need for nailing things down in an employment agreement might flow from Philippe and his brother-in-law signing their first-ever employment contracts with IOC in 2012?  It was Byker's Board (remember Byker?) which negotiated Hession's contract------the same Board that felt Philippe and his brother-in-law had to go.  You are entitled to your opinions and speculations, but please don't suggest that they are anchored in facts.

[2126]

Tillerson made $40.3 million in 2012; $28 million in 2013; and $33  million in 2014. Average a bit over $33 million/year.

[ArtM72]

I liked the part of #3 which says: "This [disclosure policy] was a key factor in shaping the market’s perception of the Corporation as a credible exploration and development company and a consequent reduction in shorting of the Common Shares."

Yep. Shut down drilling and now you're a credible E&D company? Turn off the lights, halve the market price and you're a hero for reducing the short interest? OMG. Who's writing this stuff, anyway?

[Stavros]

I love it! Get paid bonuses for what Mother Nature put under the shale deposits of PNG millions of years ago.

Then drive the share price down as Low as you possibly can before you collect your shares!

In Singapore, you pay taxes on CA$H salary but not when you sell your shares at a gain.

If he took salary, he pays tax, then would use what's left to buy shares in the open market. Buying those shares would have driven up the PPS.

You can't make this stuff up if you tried.

[MartiniStocks9756]

You cannot make it up and the BOD allowed it to happen? He is just getting the contract he negotiated and they rolled over and gave it to him. He absolutely does better now that the pps has been lower which he did nothing to promote and prop up and he will be able to obtain his restricted shares and make millions more even if the price only gets to $40 - $50. Congrats to him he outsmarted the BOD who negotiated a bad deal as our representatives. At the AGM you can jump up and down and point fingers but its just one day of abuse and the BOD will be rubber stamped in control and he will continue on as the CEO. Only the large shareholder group can make changes happen. Maybe he will not sell us out for a low price but what truly is his incentive.