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Extract to table / memo-analysis-hl-redline-term-sheet.docx
memo-analysis-hl-redline-term-sheet.docx
Parties
Northgate Telecommunications PLC
Liddell LLP
Harkness LLP
Whitmore Hobson LLP
UK Corp
Tarrant Partners LLC
Moorfield Bates LLP
Annual Cash Inc
Dates
June 19, 2024
June 17, 2024
June 10, 2024
June 24, 2024
May 28, 2024
June 14, 2024
June 18, 2024
June 3, 2024
May 30, 2024
June 6, 2024
Amounts
$6.8
$2.4
$3.9
$1,750,000
$2,127,000
$3,722,000
$3,062,500
$1,450,000
$1,650,000
$1,850,000
Obligations
Second, H&L added language providing that Harding shall exercise "sole and exclusive" authority as Chief Executive Officer, and that the Board shall not create any co-CEO, office-of-the-CEO, or similar shared-authority arrangement during the employment term without Harding's prior written consent
With respect to PSU performance hurdles, we recommend maintaining that the hurdles must be set by the Remuneration Committee in a manner consistent with the shareholder-approved terms of the 2022 Omnibus Incentive Plan
We should be prepared to discuss this with H&L, but the ultimate determination must rest with the Remuneration Committee
But the early-termination scenario represents the realistic downside exposure that NTP must consider