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ORA BANDA MINING LTD — Remuneration Information 2020
Oct 22, 2020
65475_rns_2020-10-22_20e70a10-c0b0-4e48-9438-fcd316e72cfa.pdf
Remuneration Information
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ASX Announcement (ASX: OBM)
23 October 2020
CHANGE TO MANAGING DIRECTOR’S REMUNERATION PACKAGE
Ora Banda Mining Limited (“OBM” or “Company”) wishes to advise changes to the remuneration package of the Company’s Managing Director, Mr David Quinlivan.
In accordance with ASX Listing Rule 3.16.4, the new terms of Mr Quinlivan’s remuneration package are as follows:
Total Fixed Remuneration
Effective 1 July 2020 Mr Quinlivan’s total fixed remuneration (“ TFR ”) has been adjusted to $416,100 per annum, comprising a base salary of $380,000 and 9.5% superannuation.
Short Term Incentive (1 July 2020 – 30 June 2021)
Mr Quinlivan’s FY 2021 remuneration package includes participation in the Company’s short term incentive (“ STI ”) programme which provides a maximum annual incentive up to 75% of TFR.
Conversion of FY 2021 short term performance rights to fully paid ordinary shares will be dependent on the achievement by the Company of a range of key performance indicators (“ KPIs ”) and performance objectives determined by the Board for the twelve month period from 1 July 2020 to 30 June 2021. Accordingly, 100% of the STI is at risk.
Grant of the FY 2021 short term performance rights is subject to shareholder approval.
Long Term Incentive (1 July 2020 – 30 June 2023)
Mr Quinlivan’s FY 2021 remuneration package includes participation in the Company’s long term incentive (“ LTI ”) programme which provides a maximum annual incentive up to 100% of TFR.
Conversion of FY 2021 long term Performance Rights into fully paid ordinary shares will be dependent on the total shareholder return (“ TSR ”) achieved by the Company during the three year period from 1 July 2020 to 30 June 2023 when benchmarked against the peer group determined by the Board.
Grant of the FY 2021 long term performance rights is subject to shareholder approval.
Retention Bonus
Mr Quinlivan has committed to continue as Managing Director until 30 June 2021 or until such time as the Board is satisfied that operations have stabilised and appoints a new person for this role. In recognition of this commitment Mr Quinlivan will receive an additional payment of $150,000 on 1 July 2021.
All other terms of Mr Quinlivan’s consulting contract with the Company remain unchanged.
This announcement was authorised for release to ASX by the OBM Board.
For further information about Ora Banda Mining Ltd and its projects please visit the Company’s website at www.orabandamining.com.au.
Investor & Media Queries:
Peter Mansell Chairman +61 8 6365 4548 [email protected]
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ADDRESS Level 1, 2 Kings Park Rd, Perth WA 6005 POST PO Box 464, West Perth WA 6872 ABN 69 100 038 266 PHONE +61 8 6365 4548 PHONE (TOLL FREE) 1300 035 592 WEBSITE www.orabandamining.com.au ENQUIRES [email protected]