Mr Hasan Askari (hereinafter, the “Consultant”) entered into a Consultancy Agreement (“CA”) with the Company on 1 April 2015, pursuant to which the Company agreed to pay the Consultant €125,000 per annum in respect of his services to the Company (the “Service Fee”). The Chairman’s Statement in the Interim Report of the Company issued on 30 September 2015 advised shareholders of this appointment.
On 9 December 2015, the Consultant and the Company entered into an Amendment and Restatement Agreement amending and restating the CA, effective from 1 April 2015 (the “Amendment Agreement”). The Amendment Agreement provides for the Consultant to receive an incentive fee of €875,000 (the “Incentive Fee”), subject to satisfying the performance conditions that the winding up of the Company is completed on or before 30 September 2016 and at least €0.60 per share is returned to Shareholders pursuant to the realisation of the Relevant Investments. Should the winding up of the Company occur after 30 September 2016, the Company shall pay the Consultant €875,000 less any Service Fee payments paid to the Consultant after 30 September 2016.