PharmAust provides the material terms of the executive services agreement with CEO Michael
Thurn
Material terms of employment agreement with Michael Thurn
Appointment As Chief Executive Officer (CEO)
Commencement and Term The appointment of the CEO commences with effect on 1 September 2023 and
continues until terminated in accordance with the agreement.
Base Salary $270,270 per annum (plus statutory superannuation)
Probation Period Employment as CEO will begin with a three (3) month probationary period
concluding on 30 November 2023
Sign on Bonus Upon appointment the CEO will be issued with 150,000 Performance Rights which
vest after the CEO is engaged as an employee for a continuous period of 3
months from the Commencement Date.
Possible Bonus The Board will consider, at its absolute discretion, the payment of a cash bonus to
the Executive of up to 20% of the Base Salary which may be measured against
milestones set by the Board.
Short Term Incentives Subject to the terms and conditions set out below, each Performance Right, once
vested, entitles the holder, on conversion, to the issue of one fully paid ordinary
share in the capital of the Company
The Performance Rights (PRs) have the following Milestones:
(1) 500,000 PRs - Prior to 31 August 2025, the Company achieves a market
capitalisation (Share price x Shares on issue) of at least $50,000,000 for a
continuous period of 20 Trading Days on which Shares have actually traded
(2) 750,000 PRs - Prior to 31 August 2025, the Company achieves a market
capitalisation (Share price x Shares on issue) of at least $75,000,000 for a
continuous period of 20 Trading Days on which Shares have actually traded
(3) 1,000,000 PRs - Prior to 31 August 2025, the Company achieves a market
capitalisation (Share price x Shares on issue) of at least $100,000,000 for a
continuous period of 20 Trading Days on which Shares have actually traded
Expiry Date: 5:00pm (AWST) on the date that is 2 years from the date of issue
Vesting: Subject to the CEO remaining employed by PharmAust at the date of
achievement of the relevant Milestone, the Performance Rights will vest on the
date the relevant Milestone has been satisfied.
Long Term Incentives
PharmAust will issue 500,000 Options to the CEO
The Options vest and are only capable of exercise upon the Executive being
engaged as an employee for a continuous period of 12 months from the
Commencement Date.
Each Option entitles the CEO to one Share upon exercise of the Option.
The exercise price of the Options is 15 cents.
The Options are exercisable at any time prior to 5.00 pm WST on 30 April 2026
(Expiry Date).
Termination
After the probation period, either party may terminate without cause on 4 months
written notice. PharmAust may elect to pay 4 months base salary and
superannuation in lieu of notice.
Expand
(20min delay)