21 SEPTEMBER 2018
SUMMARY OF MATERIAL TERMS OF EMPLOYMENT FOR MANAGING DIRECTOR / CEO
Ausdrill Limited (ASX: ASL) (Company) is pleased to announce that it has agreed the terms on which Mr Mark Norwell has been appointed as Managing Director and Chief Executive Officer of the Company, as announced to ASX on 18 June 2018.
In accordance with ASX Listing Rule 3.16.4, the material terms of the employment agreement are as follows:
1. Commencement Date:
17 September 2018
2. Term:
No fixed term
3. Total Fixed Remuneration (TFR):
$750,000 per annum including superannuation, reviewed annually.
4.
STI:
Annual STI of up to 70% of TFR subject to the achievement of KPl's, as determined by the Board.
5.
LTI:
A review of the Company's LTI arrangements is being undertaken. Mr Norwell will participate in the LTI arrangements to be established by the Board upon completion of the review through an annual LTI of up to 80% of TFR.
6. Notice Period:
6 months' notice by either party with the Company having the right to terminate Mr Norwell's employment without notice in certain circumstances.
7. Termination:
On termination of employment by either Mr Norwell or the Company, the Company will pay all fixed remuneration and any statutory entitlements owing to Mr Norwell.
About Ausdrill
Ausdrill (ASX: ASL) is a diversified mining services company. Since its formation in Kalgoorlie in 1987, Ausdrill has grown significantly and now has operations across Australia, Africa and the United Kingdom. Ausdrill is a leader in providing services in contract mining, grade control, drill & blast, exploration, mineral analysis, procurement and logistics. The Ausdrill Group employs over 5,000 staff worldwide.
For further information, please contact:
Ian Cochrane | Mark Norwell |
Chairman | Managing Director |
Ausdrill Limited | Ausdrill Limited |
Tel: +618-9311 5666 | Tel: +618-9311 5666 |
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Disclaimer
Ausdrill Limited published this content on 21 September 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 21 September 2018 06:28:04 UTC