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MAXIPARTS LIMITED — Board/Management Information 2021
Sep 9, 2021
65389_rns_2021-09-09_91bc3adb-87ce-4745-89e2-3c4102f98c78.pdf
Board/Management Information
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ASX Announcement 10 September 2021
CHIEF EXECUTIVE OFFICER (CEO) – NEW EMPLOYMENT AGREEMENT
MaxiTRANS Industries Limited (ASX:MXI, MXI or Company ) announces that it has entered into a new employment agreement with the Company’s Managing Director and CEO, Mr Peter Loimaranta.
In accordance with Listing Rule 3.16.4, MXI discloses the following material terms of the employment agreement:
| Position | ManagingDirector & CEO |
|---|---|
| CommencementDate | 6 September 2021Continuity of service is recognised from original start dateof 14 June 2005 |
| Term | Employment to continue until terminated in accordancewith its terms(ongoingcontract) |
| Fixed Remuneration | $422,850 AUD per annum (Base Salary)$465,135 AUD per annum (Total EmploymentCompensation Package) (TEC Package)$774,915 AUD per annum (Total Available RemunerationPackage) (TAR Package) |
| Short TermIncentive | Mr Loimaranta may participate in MaxiPARTS short termincentive plan (STIP) in accordance with the STIP rulesMaximum potential value of any participation in the STIP is33.3% of TEC Package |
| Long TermIncentive | Mr Loimaranta may participate in MaxiPARTS long termincentive plan (LTIP) in accordance with the LTIP rulesMaximum potential value of any participation in the LTIP is33.3% of TEC Package |
| Termination | Either the Company or Mr Loimaranta may terminate MrLoimaranta’s employment by giving six (6) months’ notice.If either party gives notice of termination, the Companymay provide Mr Loimaranta with payment in lieu of all orpart of the noticeperiod. |
| Post-EmploymentRestraint | A restraint period of six (6) months applies after theTermination Date, in relation to any business thatcompetes with MaxiPARTS. |
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MaxiTRANS INDUSTRIES LTD (ABN 58 006 797 173)
The employment agreement is otherwise considered to be on standard terms for an agreement of this nature.
Authorised by: Contact: Rob Wylie Amanda Jones Chairman Company Secretary (03) 8368 1100 (03) 8368 1100 ea @maxitrans.com.au [email protected]
About MaxiTRANS Industries
MaxiTRANS Industries Limited (ASX:MXI) is one of the largest suppliers of truck and trailer parts to the road transport industry in Australia.