Page 54 - Sundance Resources 2014 Annual Report

52 SUNDANCE RESOURCES LIMITED ANNUAL REPORT 2014
12. Remuneration Report (continued)
12.7 Long Term Incentives and Share Based Payments (continued)
Employee Share Option Plan
An Employee Share Option Plan (‘ESOP’) has been approved by the shareholders of the Company. A copy of the ESOP is
available on the Company website.
Share-based grants were made to Executive KMP in prior financial years pursuant to the ESOP arrangements. All options
have expired or were exercised. The Company does not intend to make any future awards under the ESOP.
Share Options
Share-based grants, not made pursuant to the ESOP arrangements, were made to Non-Executive Directors in 2010. These
options were approved by shareholders at the Company’s AGM held on 24 November 2010. All options have expired and
were unexercised.
12.8 Key Terms of KMP Agreements
Remuneration and other terms of employment for the Executives disclosed in this Remuneration Report are contained in
contracts of employment or consultancy agreements. The remuneration and other terms are reviewed at least annually and
generally relate to a calendar year. As such the current terms are effective January 2014.
Executive
Date of
Agreement
Commencement
Term of
Agreement
Base salary/
fees and
Superannuation
Others (i)
Variable
Remuneration
– STI (% of
Base Salary) (ii)
Variable
Remuneration
- LTI (% of
Base Salary) (iii)
Notice of
Termination
required
by the
Company
(other than
dismissal
for cause)
(iv)&(v)
Notice
required
on
resignation
of
Executive
Mr G
Casello
8/11/2010 Ongoing $682,500 Car parking 25% 75%(vi) 12 months 3 months
Managing Director & Chief Executive Officer
Mr D
Meehan
1/01/2012 3 years $663,775 Accommodation
Home leave
flights
20% 60% 12 weeks 12 weeks
Chief Operating Officer /
Project Director
Mr A
Rule
1/07/2014 Ongoing $502,500 Car Parking 20% 60% 24 weeks 12 Weeks
Chief Financial Officer
Mr R
Longley
31/01/2013 2 years $450,000 Car Parking 20% 40% 8 weeks 8 weeks
General Manager - Geology
(i) The value of benefits to the employee or consultant is determined by the market value of such benefit and is detailed further in Section 12.5.
(ii) Entitlement to Short Term Incentive payment on termination is subject to the terms and conditions of the STI plan.
(iii) Entitlement to Performance Rights is subject to the terms and conditions of the Performance Rights Plan.
(iv) Payment of any termination benefit to Mr Casello is to be made pursuant to section 200 of the Corporations Act 2001
(v) All agreements include provision to make payment in lieu of notice period if deemed appropriate
(vi) Subject to shareholder approval
DIRECTORS’ REPORT
FOR THE YEAR ENDED 30 JUNE 2014