RE: Not a good signThe Company has agreed to pay certain KMP a cash performance and retention bonus upon achieving full financing ofthe Spinifex Ridge Molybdenum Project or upon the successful takeover of the Company or merger with a third party(whether by takeover or scheme of arrangement). These bonuses recognise the significant effort and past
achievements of the KMP that will have lead to the first significant new molybdenum project being financed in 25 years.
Derek Fisher Chief Executive Officer 22-Dec-09 0 - $600,000
Collis Thorp Chief Operating Officer 30-Nov-07 0 - $450,000
John McEvoy Chief Financial Officer 30-Nov-07 0 - $320,000
Andrew Worland Company Secretary 30-Nov-07 0 - $280,000
Michael Gloyne General Manager Operations 22-Dec-09 0 - $140,000
If the payment triggers are met, the total amount owing by the Company to KMP is $1.79 million. However, no
obligation has been recognised in the financial statements and no portion of the bonuses has vested to date. No
amounts have been forfeited in the current or prior periods.
Options
No options were issued to KMP during the period ended 31 December 2010.
Service Agreements
Remuneration and other terms of employment for Non-Executive Directors are described above. Executive Directors
and specified KMP terms of employment are formalised in service agreements or employment contracts. The major
provisions of the agreements relating to remuneration are as follows:
Executive Directors
Derek Fisher
• Base consultancy fee – $800,000 per annum paid to Trillium Investments Pty Ltd, a company controlled by
Derek Fisher, for services as a Director.
• Payment of a benefit of six months consultancy fee on termination by the Company, other than for gross
misconduct. If Dr Fisher wishes to terminate the contract, he must also give six months notice.
• Consultancy fees reviewed at least annually by the Remuneration Committee.
He's got a good gig going. Consultancy FEE? Hmmmm... SMart man hiding behind his "company". That way they can't take his house, car and dog when it's found out that he and his cronies manipulated the stock price!!!