24th January 2019 ___________________________________________________________________
Amendment to Executive Service Agreement Terms
Birimian Limited (ASX: BGS, "Birimian" or "the Company") refers to Annexure A of the summary terms of Mr Chris Evans' Executive Services Agreement ("Agreement") announced earlier today, and attaches amended terms of the Agreement herein. The reason for the amendment is to correct references to the vesting conditions relating to the Performance Rights.
Yours faithfully,
Mark Hepburn Executive Director & CEO Birimian Limited
ANNEXURE A
A summary of the terms of Mr Evans' Executive Service Agreement (Agreement) is set out below:
Commencement Date | The Agreement commences on February 3rd, 2019 and has no fixed term. |
Duties and responsibilities | Mr Evans will be required to perform such duties as are normally entrusted to the Managing Director of a public listed company by the Board. |
Fixed remuneration | Mr Evans will be entitled to a salary of $350,000 per annum (Base Salary) plus statutory superannuation. This will be subject to annual review. |
Equity incentives | Incentive Options Subject to shareholder approval, Mr Evans will be granted options to acquire fully paid ordinary shares (Incentive Options) as follows:
Each Incentive Option will vest upon the first to occur of:
Any Incentive Option that has not vested before the expiry date will lapse immediately on that date. Performance Rights Subject to shareholder approval, Mr Evans will be granted: (a) 1,000,000 Performance Rights subject to satisfaction of the vesting conditions and with an expiry date 24 months after the date of grant (Tranche 1 Performance Rights); and (b) 1,000,000 Performance Rights subject to satisfaction of the vesting conditions and with an expiry date 30 months after the date of grant (Tranche 2 Performance Rights); and |
(c) 2,000,000 Performance Rights subject to satisfaction of the vesting conditions and with an expiry date of 48 months after the date of grant (Tranche 3 Performance Rights). The vesting conditions relating to the Performance Rights are as follows:
Any Performance Right that has not vested before the expiry date will lapse immediately on that date. Remuneration Shares Subject to shareholder approval, Mr Evans will be granted:
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Termination | The Company may terminate Mr Evans' employment at any time on 6 months' notice, of which at least 3 months must be paid in lieu. Mr Evans may terminate his employment with the Company at any time on 3 months' notice or, at the Company's election, 3 months fixed remuneration package in lieu of notice. The Company can terminate the agreement immediately for cause by giving written notice. |
Restraint | Mr Evans is subject to a 6-month restraint period during which he must not be involved in any business which competes with the business of the Company, entice away the Company's employees or solicit business away from the Company. |
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Birimian Limited published this content on 24 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 24 January 2019 05:58:08 UTC