BRN Discussion Ongoing

[DingoBorat]

Hey DB,

I'd like to take the credit but is DimDims analysis as posted at the other place with his/her broker data.

I thought I'd share it here for those that don't frequent the other place.

I take what I said Back!

How dare you try and take credit, for DimDim's hard work!!

You should thoroughly be ashamed of yourself!!

But hey, I did read that and then it was disregarded upon looking through the information provided..
Quotation marks and italics, would have made it clearer ..

 

[SERA2g]

I don't agree that shares that are issued as part of a remuneration package are isued for free. Just like the cash salary, they are issued for services provided by the recipient. In fact they may be tied to specific performance targets.

Hi Dio

Of course there is an 'effort' component I'm not accounting for here.

I'm purely talking about the financial cost incurred by the director to obtain the shares.

There isn't one, unless you count the opportunity cost of taking a role with brainchip as opposed to NVIDIA or any other company which might pay an equivalent executive position more than $400k to undertake.

Hence why I understand the need for a large portion of their package to be equity based.... The package needs to be competitive or we won't attract talent.

 

[DingoBorat]

Hi Dio

Of course there is an 'effort' component I'm not accounting for here.

I'm purely talking about the financial cost incurred by the director to obtain the shares.

There isn't one, unless you count the opportunity cost of taking a role with brainchip as opposed to NVIDIA or any other company which might pay an equivalent executive position more than $400k to undertake.

Hence why I understand the need for a large portion of their package to be equity based.... The package needs to be competitive or we won't attract talent.

I think you're still off track here a bit Sera..
You're basically saying, that you think there should be a "financial cost" for people, in order to receive part of their salary?..

 

[Fullmoonfever]

I take what I said Back!

How dare you try and take credit, for DimDim's hard work!!

View attachment 75888
You should thoroughly be ashamed of yourself!!

But hey, I did read that and then it was disregarded upon looking through the information provided..
Quotation marks and italics, would have made it clearer ..

Fine....you get one of these then. Geez, damn a guy just trying to share and help....know who your mates are....remind me not to bother next time

 

[SERA2g]

I understand you're just trying to keep it real here Sera and Manny "can" sometimes be a little overzealous, in his praise and promotion of BrainChip (I know "I'm" never guilty of that ..).

But I thought he backed up his argument to Plebby, very well.

And you kind of contradicted yours badly here..

"All of the above aside, we want to attract top talent and it would be fair to say that US based CEO's of tech company's would receive significantly more than $400K for their role, so I do understand the need to include performance shares in the overall salary package. This works well for shareholders as the directors have a long term incentive to increase the value of the company and therefore shareholders capital.

To say they got their shares "for FREE" is basically the same as saying Peter Van der Made and Anil Manker, got "their" shares for free, because they didn't buy on market..

Hi Dingo

Thanks for the feedback, always have enjoyed your posts.

I don't think ive contradicted myself here. I've just tried to show why this topic is difficult. There's two sides to it and there's a need for balance.

There's many reasons why the directors should receive performance shares, some of which I've outlined in my most recent post.

The issue is when the number of performance shares are excessive and the KPI's to obtain them are rudimentary such that they're effectively earned with no effort at all. We can't make judgement on that side of things because we don't know what the KPI's are, but the quantum in my mind is not excessive and seems to align to industry.

To clarify, I have no issue with brainchip's current approach to remuneration.

I just don't agree with Manny's ongoing narrative in convincing shareholders that Sean and co are accumulating in the same sense that us retail shareholders are simply because they haven't sold all of their performance shares lol.

I would love to see the entire board buy a wack of shares on market together to send a collective signal to the market that there's value in brainchip. They've had the chance to do this from $2.34 all the way down to 15c and haven't taken it. I don't think selling 'some' of their performance shares but not all fits the bill in this regard.

Do you?

 

[DingoBorat]

Hi Dingo

Thanks for the feedback, always have enjoyed your posts.

I don't think ive contradicted myself here. I've just tried to show why this topic is difficult. There's two sides to it and there's a need for balance.

There's many reasons why the directors should receive performance shares, some of which I've outlined in my most recent post.

The issue is when the number of performance shares are excessive and the KPI's to obtain them are rudimentary such that they're effectively earned with no effort at all. We can't make judgement on that side of things because we don't know what the KPI's are, but the quantum in my mind is not excessive and seems to align to industry.

To clarify, I have no issue with brainchip's current approach to remuneration.

I just don't agree with Manny's ongoing narrative in convincing shareholders that Sean and co are accumulating in the same sense that us retail shareholders are simply because they haven't sold all of their performance shares lol.

I would love to see the entire board buy a wack of shares on market together to send a collective signal to the market that there's value in brainchip. They've had the chance to do this from $2.34 all the way down to 15c and haven't taken it. I don't think selling 'some' of their performance shares but not all fits the bill in this regard.

Do you?

I agree and I personally (well not "in" person..) voted against the excessive share issues, that were proposed and defeated, a few years ago..

I'd also like to see BrainChip employees buying on market, especially at the lower prices, in support of the Company's retail shareholders "sentiment" in difficult times..

In all probability, there are probably many BrainChip employees, who are not part of the share incentives, who do.
Edit.. On the sly..cough..

But we will never hear about them.
Edit.. Unless they have an affinity for being prosecuted for "insider trading" as Diogenese points out later..

Tony Dawe, bought on market, before he was even a BrainChip employee and we would never know, if he hadn't freely shared the information.

 

[Tothemoon24]

Stolen from the crapper , very nice

Abstract:​

The nondestructive testing (NDT) of aircraft intake structures is an important task to ensure the safety and integrity of the aircraft. Corrosion often appears at rivet locations and at the far-side surface or at hidden layers, presenting a challenge for NDT methods. To tackle this issue, we present a spiking NDT system that includes an electromagnetic testing probe with a spiking convolutional neural network (SCNN). The magnetic image of the rivet and corrosion is captured by a high spatial resolution Hall sensor array while scanning on the surface of the intake’s structure. The SCNN model is developed to analyze the obtained magnetic image and detect the presence of corrosion. The SCNN model, inspired by the principles of biological neurons, utilizes discrete and asynchronous spikes, resulting in remarkable energy efficiency. Our proposed SCNN model demonstrates a remarkable detection accuracy of approximately 93.67%, surpassing the performance of both the prior support vector machine (SVM) model (89.48%) and a conventional convolutional neural network (CNN) model (92.86%) on the same dataset. Importantly, when evaluated on the $\mu $ Brain chip, our SCNN model exhibits power consumption approximately four orders of magnitude lower than that of a conventional CNN model running on an edge device (Jetson Nano). This substantial reduction in power consumption underscores the practicality and efficiency of our approach for concealed corrosion detection within aircraft intake structures, holding promises for enhanced maintenance practices in the aviation industry.

 

[Diogenese]

Hi Dingo

Thanks for the feedback, always have enjoyed your posts.

I don't think ive contradicted myself here. I've just tried to show why this topic is difficult. There's two sides to it and there's a need for balance.

There's many reasons why the directors should receive performance shares, some of which I've outlined in my most recent post.

The issue is when the number of performance shares are excessive and the KPI's to obtain them are rudimentary such that they're effectively earned with no effort at all. We can't make judgement on that side of things because we don't know what the KPI's are, but the quantum in my mind is not excessive and seems to align to industry.

To clarify, I have no issue with brainchip's current approach to remuneration.

I just don't agree with Manny's ongoing narrative in convincing shareholders that Sean and co are accumulating in the same sense that us retail shareholders are simply because they haven't sold all of their performance shares lol.

I would love to see the entire board buy a wack of shares on market together to send a collective signal to the market that there's value in brainchip. They've had the chance to do this from $2.34 all the way down to 15c and haven't taken it. I don't think selling 'some' of their performance shares but not all fits the bill in this regard.

Do you?

Hi Sera,

The opportunity to buy was probably stymied by the prohibition on insider trading.

The eternal bugbear of the BRN shareholder is the ubiquitous and seemingly eternal NDAs. The senior executives and most empyees would be aware of the contents of one or more of these. There would not have been a moment when they were not aware of insider information.

For example, the Raytheon thing seems to have been ongoing since at least mid 2023. Whatever is happening with Mercedes and Valeo goes back even earlier.

The message from management has been unrelentingly enthusiastic, going back to the hockey sticks, which seem to have been on ice for a while now.

 

[SERA2g]

Hi Sera,

The opportunity to buy was probably stymied by the prohibition on insider trading.

The eternal bugbear of the BRN shareholder is the ubiquitous and seemingly eternal NDAs. The senior executives and most empyees would be aware of the contents of one or more of these. There would not have been a moment when they were not aware of insider information.

For examole, the Raytheon thing seems to have been ongoing since at least mid 2023. Whatever is happening with Mercedes and Valeo goes back even earlier.

The message from management has been unrelentingly enthusiastic, going back to the hockey sticks, which seem to have been on ice for a while now.

I was actually drafting a follow up response to dingo to raise this very problem as an additional issue that would need to be considered.

In any case, every dog has its day and I am positive the brainchip shareholder base dog will have its day in the not too distant future.

It'll then have its day again and again and again over the next 30 years as the company grows and fast becomes the world's leading provider of edge AI technology.... unless of course NVIDIA throw a few billion at us before we get there.

 

[FJ-215]

All the talk on RSU's had me revisit the last Annual Report.

BRN Annual Report 2023

Page 15 (ish)

"REMUNERATION REPORT

Pay for Performance. The Group instituted short term and long-term incentive programmes for all
executives in 2023. The 2023 short term bonus programme is based on the achievement of company
and individual performance targets, with payouts focused on the achievement of target bookings,
product development milestones and adherence to budget. The LTIP performance metrics are all three-
year company goals and are focused on bookings, the conversion of bookings to revenue and the
company share price as of the last day of the year."


Feel a bit shit now!!

 

[Space Cadet]

Hi Sera,

The opportunity to buy was probably stymied by the prohibition on insider trading.

The eternal bugbear of the BRN shareholder is the ubiquitous and seemingly eternal NDAs. The senior executives and most empyees would be aware of the contents of one or more of these. There would not have been a moment when they were not aware of insider information.

For example, the Raytheon thing seems to have been ongoing since at least mid 2023. Whatever is happening with Mercedes and Valeo goes back even earlier.

The message from management has been unrelentingly enthusiastic, going back to the hockey sticks, which seem to have been on ice for a while now.

NDAs have been holding back the SP, sure. The company have said, and I am paraphrasing here, timeframes to deals and market are longer than anticipated.
Anyway my point is that IMO Brainchip have been staunch believers and pushed NDAs as hard, if not harder than other companies. I believe that they have been walking a fine line as they do not want a big player coming in and taking us at a low ball price. They want to build a company and get best value. Sure we will probably be taken over at some point but this way we can get decent returns. I would love to be able to go the whole way but probably unrealistic. What I do want after 10 years as a shareholder is a decent return. 2 or 3 deals such as TCS, Raytheon would make this company. I also don't have a problem with access to more money and timing is interesting. We must have strong financials to deal with the big boys. Interesting times. RTX is very interesting and full of promise. After doing a bit of research I find that they are looking into neuromorphic in a number of areas. Just hope it is us. JIMO and my rambling thoughts.

SC

 

[DingoBorat]

All the talk on RSU's had me revisit the last Annual Report.

BRN Annual Report 2023

Page 15 (ish)

"REMUNERATION REPORT

Pay for Performance. The Group instituted short term and long-term incentive programmes for all
executives in 2023. The 2023 short term bonus programme is based on the achievement of company
and individual performance targets, with payouts focused on the achievement of target bookings,
product development milestones and adherence to budget. The LTIP performance metrics are all three-
year company goals and are focused on bookings, the conversion of bookings to revenue and the
company share price as of the last day of the year."


Feel a bit shit now!!

More shares will be issued, if the share price, or "value" of them is lower..

 

[FJ-215]

More shares will be issued, if the share price, or "value" of them is lower..

No,

I would have thought you don't get your 'performance shares' if the SP has tanked at year end.

Nice Santa Claus Rally!!

 

[DingoBorat]

No,

I would have thought you don't get your 'performance shares' if the SP has tanked at year end.

Nice Santa Claus Rally!!

The fact is you don't know and you're jumping to negative conclusions FJ..

Don't be a wet sock

 

[jrp173]

Hi Dingo

Thanks for the feedback, always have enjoyed your posts.

I don't think ive contradicted myself here. I've just tried to show why this topic is difficult. There's two sides to it and there's a need for balance.

There's many reasons why the directors should receive performance shares, some of which I've outlined in my most recent post.

The issue is when the number of performance shares are excessive and the KPI's to obtain them are rudimentary such that they're effectively earned with no effort at all. We can't make judgement on that side of things because we don't know what the KPI's are, but the quantum in my mind is not excessive and seems to align to industry.

To clarify, I have no issue with brainchip's current approach to remuneration.

I just don't agree with Manny's ongoing narrative in convincing shareholders that Sean and co are accumulating in the same sense that us retail shareholders are simply because they haven't sold all of their performance shares lol.

I would love to see the entire board buy a wack of shares on market together to send a collective signal to the market that there's value in brainchip. They've had the chance to do this from $2.34 all the way down to 15c and haven't taken it. I don't think selling 'some' of their performance shares but not all fits the bill in this regard.

Do you?

I agree with your thoughts here. I don't have an issue with employees receiving shares in exchange for performance, but for me, it's hard to accept when we have no insight into what the KPIs even are, and it's a particularly hard pill to swallow when we have still not signed on deals that have resulted in significant revenue (and a shift in the share price).. I'm more than happy for Sean and others to be rewarded exceptionally well if significant deals are actually being signed, but hard to accept his salary and share package when this is not happening.

IMO, there's also an enormous difference between shares that you've purchased with your own hard cash, and shares that you have received through an employee share/reward programme. If thing's don't work out, an employee hasn't "lost" cash, unlike shareholders who have purchased on market. Easier to have a move relaxed attitude when you've received them via your employer (even if you have had to pay tax on them).

I also get a little tired of the old "we have to pay big $$$ to attract the best, but I'm yet to see Sean prove he is". Either Sean is not as good as we were lead to believe, or even worse, our product is the problem. People in the industry can scream about Brainchip as loud as they want (and we are seeing this), but if deals are not being signed, have we created a solution/product that is not required?

I've been holding since Aziana days, and am finding it hard to keep faith (as much as I want to). I've heard the same thing for so many years.
Our eco system (partners) may be growing, but I can't understand why this has not resulted in (significant/game changing) deals....... I truly hope this is our year.

I will happily eat the entire humble pie if Sean proves me wrong (and I hope he does!). My spoon is ready and waiting.....

 

[FJ-215]

The fact is you don't know and you're jumping to negative conclusions FJ..

Don't be a wet sock

 

[DingoBorat]

Don't let the Black Dog get ya FJ

Awesome song!

 

[manny100]

All the talk on RSU's had me revisit the last Annual Report.

BRN Annual Report 2023

Page 15 (ish)

"REMUNERATION REPORT

Pay for Performance. The Group instituted short term and long-term incentive programmes for all
executives in 2023. The 2023 short term bonus programme is based on the achievement of company
and individual performance targets, with payouts focused on the achievement of target bookings,
product development milestones and adherence to budget. The LTIP performance metrics are all three-
year company goals and are focused on bookings, the conversion of bookings to revenue and the
company share price as of the last day of the year."


Feel a bit shit now!!

Table 7 page 22 of the 2023 report shows the % of performance related pay for the following KMPs.
HEHIR 13%
PVM 48%
Mankar 45%
Scarince 36%
No other KMPs received performance pay including T Viana.
We see deals as performance but the BOD in a business building phase in 2023 would not see as the key criterion.
For example PVM and Mankar may have played a significant role in GEN 2 etc development.
Non key staff may have also met their Department targets.
2024 Annual report will be interesting remuneration reading.
The Frontgrade and USAF deals were completed late and no doubt there was performance pay hurdles on those.
BRN is the sort of Company where when the dam bursts and deals and revenue start flowing in as a matter of course we could see Sean on huge US $$$$ plus pa..
Pay will be in accordance with US standards which will likely see Aussie holders jaws drop.
As an aside Simply Wall Strxxt shows the BRN employee Long term incentive plans holds 8,923,728 shares so we are big on incentives for staff.

 

[FJ-215]

Don't let the Black Dog get ya FJ

Awesome song!

No Dogs here DB. Which reminds me.......

One of my fav bands.....

 

[FJ-215]

Table 7 page 22 of the 2023 report shows the % of performance related pay for the following KMPs.
HEHIR 13%
PVM 48%
Mankar 45%
Scarince 36%
No other KMPs received performance pay including T Viana.
We see deals as performance but the BOD in a business building phase in 2023 would not see as the key criterion.
For example PVM and Mankar may have played a significant role in GEN 2 etc development.
Non key staff may have also met their Department targets.
2024 Annual report will be interesting remuneration reading.
The Frontgrade and USAF deals were completed late and no doubt there was performance pay hurdles on those.
BRN is the sort of Company where when the dam bursts and deals and revenue start flowing in as a matter of course we could see Sean on huge US $$$$ plus pa..
Pay will be in accordance with US standards which will likely see Aussie holders jaws drop.
As an aside Simply Wall Strxxt shows the BRN employee Long term incentive plans holds 8,923,728 shares so we are big on incentives for staff.

Read it again Manny!!!
How many years of service had each of these people given to the company at that point......

And Who is this........T Viana?????

I don't see him listed in any company accounts..

Edit.....

My bad.......I forgot you can't spell Antonio