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PRAEMIUM LIMITED — Remuneration Information 2011
Sep 4, 2011
65606_rns_2011-09-04_1760231f-d0f6-4419-b21c-02cd328369fd.pdf
Remuneration Information
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5 September 2011
CEO – Terms of Appointment
As required by the Listing Rules, Praemium Limited (ASX:PPS) provides the following information to the market regarding the terms of appointment of Mr Ohanessian as Group CEO.
Mr Ohanessian’s appointment commenced 9 August 2011 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 | $400,000 plus statutory superannuation. |
| Short term incentives | Bonus of 30% of base salary on achievement of budget EBIT, andup to a maximum of 50% based on outperformance. |
| Long Term incentives | Options: Mr Ohanessian will be granted 1 million options having a5 year term which will be exercisable over the period spanning 10August 2013 to 9 August 2016. The exercise price shall increaseover the vesting period depending on when the options areexercised: 15 cents in the first year from 10 August 2013 to 9August 2014, 25 cents in the second year from 10 August 2014 to9 August 2015 and 35 cents in the third year from 10 August 2015to 9 August 2016.Performance Rights: Mr Ohanessian will be entitled to participatein the Praemium Directors & Employees Benefits Plan. Under thatplan Mr Ohanessian will be issued 5 million performance rightscapable on vesting of converting into fully paid ordinary shares inthe capital of the company based on the Group’s FY13, FY14 &FY15 results. The performance rights will vest on achievement ofkey performance indicators (KPI) determined by reference to EBITper share, with up to 50% vesting based on FY13 results and 25%vesting based on the results for each of the FY14 and FY 15 years. |
| Notice Period | 9 Months |
About Praemium : Praemium Ltd (ASX:PPS) is one of Australia’s leading suppliers of online financial portfolio administration and Separately Managed Account (SMA) technology, administering in excess of AUD 45billion-FUA* of assets in Australia and with more than £280million-UK FOP* in funds on the platforms it operates in the UK. Praemium currently provides services to approximately 500* financial institutions and intermediaries, including some of the world’s largest financial institutions.
*As at 30 June 2011