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10/29/15

Daryl Hodges' consultancy agreement with Minera IRL (MIRL.L) (IRL.to)

There have been questions asked about this, so let IKN explain the main points of the deal between Daryl Hodges and Minera IRL.
  • Daryl Hodges gets paid $15,000 per month for his "consultancy agreement", the money paid to his own company "Ladykirk Capital".
  • The contract has no end date. That means if it's not cancelled, Hodges gets $15,000 a month indefinitely.
  • If the contract is cancelled, Hodges gets a windfall payment of $500,000 plus one year's worth of monthly fees, i.e. $680,000. If he's fired, if he resigns, if there's a change of control at the company, he gets this payment whichever way. The terms of the agreement are such that he can claim his cash no matter the way he is separated from IRL.
  • He got $100,000 when the COFIDE bridge loan deal was closed. He'll get another $150,000 when the COFIDE project financing is eventually closed, all that despite not doing a thing for the deal, before or now.
  • It's not tied to performance at all. It's just paid, open-ended, forever.

And here's the best bit: Although the contract between Ladykirk and Minera IRL began in March 2014, a great many terms of the agreement you see that include the "can't lose" windfall payment were altered in March 2015 after Daryl Hodges became executive chair of Minera IRL. In other words, he wrote his own contract and the lackeys he put on the board of directors rubber-stamped it. 

Then he has the brass neck of falsely accusing other people of being corrupt.