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Here are the renumeration calculations

https://ibb.co/DkRDnMD

D.P and JVL salary + shares + max LTIP award minus exercise price if the share price = 0.25p is €544k.

At todays S.P and only 75% LTIP award then it is around €360k

(€419k&€422k awarded in 2022)

NB same as above = €420k or €275k (€323 in 2022)

YAM = €359k or €231k (€276k in 2022)

The total cost to Eqtec of 4 Exec BOD salaries (based on 2022 salary amounts)

+ pensions, not including dilution = €754k

Including dilution for share awards & given max award prices = €1,227,162*

*This cost to Eqtec would be reduced if a future placing is done at a higher S.P

The Altair loan was a refinance, they took the next £5m to pay off the first £5m and re-negotiated the terms.

"The Lenders have also agreed to reprofile the monthly repayment schedule of the Lenders’ Facility for the period until 31 December 2024, with repayments starting on 30 June 2023. A one-off reprofile fee of 3% of the Lenders’ Facility will be added to the outstanding balance. Following the reprofile, the outstanding balance of the Lenders’ Facility will be £4.25 million and a fixed-interest monthly coupon of £31,875 will be payable when repayments commence.

31st June to 31st december 2024 = 19 payments

£223,684 a month plus £31,875 interest = £255,559/month

June + July now paid

Outstanding balance = £3.8m

Contributions to date = £511,118

On 8 December 2022, the Company entered into a loan facility (USSL) with Altair Group Investment Limited, the Company’s largest shareholder. The USSL will provide the Company with an up to £2.0 million unsecured loan with a term of 24 months from the date of execution. The USSL carries an annual interest rate of 8.0% on funds drawn and outstanding, with interest payable quarterly in advance. Additionally, the Company will pay a 2.5% fee for arrangement of the Facility

Altair interest only loan. £13,333k interest due every month (once fully drawn)

"The Company and Altair have today entered into an agreement through which Altair's participation in the Placing will be applied towards reducing the outstanding amount of £1.8 million under the Altair Facility and to increase the maximum amount of such facility to £3.5 million, with £1.7 million remaining available for drawdown following the Altair Placing and intended repayment (the "Facility Extension"). All other terms of the Altair Facility remain unchanged."

So at the placing in march, there was a £1.7m interest only Altair loan available. Lets assume it is fully drawn now so every month, total for all loan repayments = £268,892 (314k euro)

BOD Salary outgoings per year = 1.1m euro so 91.7k a month

Sources of income - £1.7m from Altair loan, There was £2m from the placing for MDC's, R&D + working capital requirements, 1m euro grant from the French government, ongoing revenue from Italy MDC, technology sales and engineering fees from Northfork and Greece, around 750k euro from Idex for France MDC plus potentially other up front engineering fees from France and possibly other locations too.

David: so what do you do in a moment of crisis you know where you have a bear Market you have unprecedented economic condition you will cut the salary of people that are worth more and being paid as well so you have an excellence of people that you need to hold the boat steady in a critical time is counter-intuitive it does it it doesn't make sense you know all of us here I can speak with the with the CFO, COO or myself in the city as well but particularly us, we have in terms of basic salary a reduction to what we were earning before joining EQTECm, a significant reduction because we will have a share package and we believe this is a multi-billion company to be built in the making you know if you if you think about as well just to continue we I mean as as uh the previous placing, the last time that we put money which we don't have this disposable income like we had before that, we put money into the company Jeff myself it was at 1.5p. At 1.5p so we feel the pain equally like everyone else in addition to that we're putting the 12 15 16 hours required to deliver the plan I understand for you it's particularly difficult as well because you've been in the Journeys in 2008 into this company but as we say I mean we join, I joined the company in September 2019 and we reinvent the strategy of the company you know Jeff joins me the year after and Numan six months after that so I am the longest. I've been in this management for less than four years in a business that when we joined has a 25 million debt on a 10 million market cap so things happen quickly but four years in the middle of the last three years you know you need to attract very good people that can do who know the job.

1:10:08

Chairman: yeah so yeah can I just say one final thing is as a chairman of the company uh on this before we move on to other points and and that and that is yeah over the last year I've seen just how hard these guys work right and these are talented guys that could go elsewhere for more money and less stress but they're actually invested in the company and wanting to make it work and um we have to reflect that and we have to reflect the Flight Risk in our remuneration for policy as as a business and uh and uh they are you know fully aligned and Incredibly committed as Executives and you know I just want to say that and I actually think that I'd like shareholders who recognize that a little bit more I could maybe move on because we've got four minutes left

1:05:29

Chairman:

there was a question on an executive remuneration but uh one of the gentlemen in the rooms are already raised that so

maybe we move on to the next one

1:05:35

Jeff: may I just add to a point of technicality on the remuneration um it's important to know that we are not paid unless we are not paid on our package or anywhere near it unless we perform.

So the numbers that we report in the annual report are a total maximum potential, I think there's a lot of misunderstanding about this - the amount that we are guaranteed of that is much smaller and we go through a rigorous balanced scorecard exercise at the end of every year as part of our business planning going into the next year once we approve that then we weight every one of the measurement points in that balanced scorecard and this is a classic common practice in in most businesses.

We then go through and score those and we are very hard for ourselves I would you know I think in terms of how we've performed that is how the business has performed and our remuneration is directly tagged to that so and that remuneration both in terms of any kind of cash bonus which we will receive zero of for last year's performance zero.

1:06:54

what percent did we get last year? A lot less than the maximum potential a

lot less obviously than what it was but you were better. So and then the second point is that any share options to be released are also tagged to that performance so a significant 60% of our potential share you know receipts are pinned to the company's performance so in no.. - the point I want to make here is and this is again standard practice across companies but going back to Ian's point about benchmarking, we have a higher proportion of our performance Peg

to company performance then most other companies of our size do and when I say our size I mean 150 million uh Market capital or less which is which is the Benchmark that we're using so in no way do I want people here to think that the numbers that are published in the annual report represent what the directors are being paid because it's not true.

David: And just to make a point about attracting the right Talent if you if we think about this company have 27 employees 20 are engineers you know so you need to attract I mean each individual that we attract to the company and the Corporate Center same in the engineers have a market value so if you can't pay the market value that person

that Talent would go elsewhere now to make your point about performance of the share you know we could we could share the data with you after you know this is not different to many companies in the sector

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