Langton Nicholas John 4

What Happened

• CEO Langton Nicholas John was granted 1,000,000 Performance Rights on May 8, 2026. The award is reported as a derivative grant with an acquisition price of $0 and a reported value of $0 on the Form 4.

Key Details

• Transaction date: 2026-05-08; Form 4 filed: 2026-05-11 (filed within the required window).
• Award: 1,000,000 Performance Rights; conversion ratio: 1 Performance Right → 1 fully paid ordinary share upon vesting.
• Vesting condition: MMA group revenue must exceed US$10,000,000 in any financial year ending on or before 30 June 2029. There is no tenure/service requirement; rights vest immediately once the revenue condition is met and lapse in full if not satisfied by 30 June 2029.
• Considered a derivative grant (reported as code A — award/grant); reported as held indirectly and solely via Snowflower Holdings Pty Ltd.
• Shares owned after the transaction are not specified in the filing.

Context

• This is a conditional equity award (not a cash purchase or sale). The rights only convert to ordinary shares if the specific revenue milestone is met by the deadline, so they do not immediately increase share count or involve an outlay by the insider.
• Such milestone-based grants align executive pay with company revenue targets but do not by themselves signal buying or selling sentiment until/if the rights vest and are converted.