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IMMUTEP LIMITED — Board/Management Information 2014
Jul 21, 2014
65122_rns_2014-07-21_b854f129-4ef4-4020-979b-b234d8417788.pdf
Board/Management Information
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ASX/Media Release (Code: ASX: PRR; NASDAQ: PBMD)
22 July 2014
SUMMARY OF KEY EMPLOYMENT TERMS FOR PRIMA BIOMED’S NEW CHIEF EXECUTIVE OFFICER
SYDNEY, AUSTRALIA - As previously announced, the Board of Prima BioMed Ltd (ASX: PRR; NASDAQ: PBMD) (“Prima”, “the Company”) appointed Mr Marc Voigt as CEO and Executive Director of the Company with effect from 9 July 2014.
In accordance with ASX listing rule 3.16.4, the material terms of Mr Voigt’s employment as CEO and Executive Director of Prima are provided below.
| Appointment | Mr Voigt’s employment as CEO and Executive Director of Prima commencedon 9 July 2014.The initial term is for a period of 3 years. Each party is to provide at least 6months’ notice of its intention to extend the term of the contract. |
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| BaseRemuneration | EUR 195,000 per annum, exclusive of statutory superannuationcontributions. The base salary may be reviewed by the Chairman ofRemuneration Committee or her nominee. |
| PerformanceIncentives | Subject to obtaining any required or appropriate shareholder approvals, MrVoigt will receive an LTI entitlement of up to AUD 500,000 in equity and anadditional STI entitlement in the form of equity.He may also be offered an annual cash bonus of up to EUR 15,000. |
Prima BioMed Ltd , Level 7, 151 Macquarie Street, Sydney NSW 2000 Phone: +61 2 9276 1224 Fax: +61 2 9276 1284 www.primabiomed.com.au ABN: 90 009 237 889
| Termination | The contract can be terminated by either party upon at least 3 months’notice if notice is provided within the first 6 months’ of the commencementdate. Thereafter it can be terminated by either party upon 6 months’ notice.Mr Voigt may also be terminated immediately by Prima for cause incircumstances such as where he is grossly negligent or for wilfulmisconduct.If within 12 months immediately following a change in control, Mr Voigt isterminated without cause by the Prima (or the successor company) or MrVoigt terminates his employment with the Company (or the successorcompany) for good reason (such as due to a reduction in his benefits or anadverse alteration in the nature or status of his responsibilities), Mr Voigtshall be entitled to 9 months of his annual gross salary, payable either as alump sum or on the same basis and the same time as previously paid, at thediscretion of the Prima (or the successor company).Where Mr Voigt’s employment is terminated, Prima may make payments inlieu of the period of notice, or for any unexpired part of that notice period. |
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About Prima BioMed
Prima BioMed is a globally active leader in the development of personalized immunocellular therapeutic products for the treatment of cancer. Prima is dedicated to leveraging its technology and expertise to bring innovative treatment options to market for patients and to maximize value to shareholders. Prima's lead product is CVac™, an autologous dendritic cellbased product currently in clinical trials. www.primabiomed.com.au
For further information please contact:
USA Investor/Media:
Adam Holdsworth, ProActive Capital +1 (646) 862 4607; [email protected]
Australia Investor/Media:
Mr Matthew Gregorowski, Citadel Communications +61 (0) 422 534 755; [email protected]
Europe Investor/Media:
Mr. Axel Mühlhaus, edicto GmbH +49 (0) 69 905505-52; [email protected]
Prima BioMed Ltd , Level 7, 151 Macquarie Street, Sydney NSW 2000 Phone: +61 2 9276 1224 Fax: +61 2 9276 1284 www.primabiomed.com.au ABN: 90 009 237 889