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EVZ LIMITED — Board/Management Information 2012
Sep 27, 2012
64889_rns_2012-09-27_0f1a6c9e-5ccf-4a30-b82e-7666b3b5c142.pdf
Board/Management Information
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28 September 2012
The Manager Company Announcements Office Australian Stock Exchange Limited 20 Bridge Street SYDNEY NSW 2000
Dear Sir/Madam
CEO – Terms of Appointment
As required by the Listing Rules, EVZ Limited (ASX: EVZ) provides the following information to the market regarding the terms of appointment of Mr Farthing as Group CEO.
Mr Farthing’s appointment commenced 24 September 2012 and the terms of his employment contract were finalised today.
A summary of the key terms is set out below:
| ITEM | DESCRIPTION | |
|---|---|---|
| Term | Ongoing employment contract | |
| Base Remuneration | $375,000 including statutory superannuation | |
| Short Term Incentives | Bonus of 30% of base salary on achievement of budgetEBIT,anduptoamaximumof50%basedonoutperformance. | |
| Long Term Incentives | Performance Rights:Mr Farthing will be entitled toparticipate in the EVZ Directors’ & Employees’ BenefitsPlan.Under that plan, Mr Farthing will be issued 3millionperformancerightscapable,onvesting,ofconverting into fully paid ordinary shares in the capital ofthe company based on the Group’s FY13, FY14 andFY15 results.The performance rights will vest onachievement of certain agreed performance hurdles (tobe determined by reference to EBIT per share), with upto 50% vesting based on FY13 results and 25% vestingbased on the results for each of the FY14 and FY15years. If the target EBIT per share is not achieved, thenno performance rights will vest. | |
| Share Issue onCompletion ofProbationary Period | At the completion of a three month probationary period,Mr Farthingwill beissued 500,000 shares inthecompany. | |
| Notice Period | 6 months |
About EVZ Limited (ASX: EVZ)
EVZ is an industrial group with a portfolio of specialist businesses in the engineering services sector. EVZ operates in the areas of engineering, power and water through its businesses – Brockman, Syfon Systems, TSF Engineering/Maintenance and EVZ Energy. These businesses have strong positions in their respective markets with attractive growth opportunities. For further information, please visit: www.evz.com.au.