The LTIP, currently as stated,

2023-12-27

The LTIP, currently as stated, the equivalent of 15 M shares have been awarded. The new request is for another 15 M, or an equivalent total of 30 M shares in the fund. We know those awards-to-date were and will be awarded at various valuations; for simplicity’s sake using today’s $8/sh valuation the pool’s cost to Shareholders conservatively would be +-$240M when fully awarded. The first 15 M shares, since the plan’s inception 2018-2021 (2022 outstanding), estimated cost +- $120 M or $30 M per year on average ( the avg PPS during this period was +-$11 not $8). Where did it go? What was the headcount in those earlier years, certainly not +-40. How much income did MARA generate during that period? Hmmm, appears some accountability is in order. Vote NO across the board.

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