I have dug up this very interesting part and copied it and pasted it below, so that everyone will be fully aware of RC's remunerations requests:
"1). The appointment of Mr Cottee as CEO and the provision of his services through Freestone will be by way of a secondment and will be conditional on shareholders voting in favour of his director appointment. Mr Cottee’s role as CEO and his secondment by Freestone will be subject to approval of a share option plan, which will be presented to shareholders for approval at a shareholders meeting, which will besubsequent to the shareholders meeting scheduled for 22 June 2012.
2). Central Petroleum has a talented team and outstanding asset potential. These changes will deliver a unified company, sharply focused on unlocking the value of these asset. As a cohesive unit, with additional support from my team at Freestone, the substantial task of delivering shareholder value should be completed more rapidly and expediently than otherwise.”
3). About Freestone:
Freestone supports management and boards of small and mid cap resources companies to accelerate the commercialisation of opportunities and the realisation of shareholder value. Freestone seeks to drive business strategy through the provision of executive expertise and support resources to underpin and expedite the successful implementation of corporate strategy.
4). Summary of terms of employment for Chief Executive Officer
The appointment of Mr Richard Cottee as Chief Executive Officer and the provision of his services through Freestone Energy Partners Pty Ltd (“Freestone”) will be by way of a secondment and will be conditional on, amongst other things, shareholders voting in favour of his director appointment.
5). Commencement and term
? (Commencement) Commence on 22 June 2012 and following the conclusion of the general meeting(s) of Central shareholders scheduled, or to be scheduled, on that date. ? (Term) Employment continues until terminated or for three years, whichever occurs first.
6). Remuneration
? (Base salary) Base salary of $500,000 per annum (plus superannuation at the statutory entitlement level) to be paid quarterly in advance from Commencement.
7). Sign-On Payments
? (Sign-On Payments) $250,000 cash will be payable when all conditions have been met and approved by shareholders.
? (Duties during termination period) During any termination period, Central will have the ability to elect to place the Chief Executive Officer on “gardening leave” whereby the Chief Executive Officer will not be required to perform his actual duties for all or part of this notice period or may be required to carry out more limited or less senior duties, but will continue to receive his usual remuneration and benefits.
? (Change of control) If there is a change of control in Central such that a person or persons acting together, but not associated with the Chief Executive Officer obtain an interest in more than 50% of the voting shares of Central, then the remaining term of the Chief Executive Officer’s contract will become due and payable.
? (Expenses Appropriate travel, accommodation and out-of-pocket expenses to be paid monthly in arrears, subject to appropriate invoicing.
8). Share Option Plan with Freestone
Separate but directly related to the appointment of Mr Cottee as Chief Executive Officer, a capital based value participation package will be payable to Freestone of which Mr Cottee is a director (“Share Option Plan”). This arrangement will link directly to the value created for all Central shareholders. The key terms of the Share Option Plan will be provided to all shareholders shortly for approval at a general meeting. The terms of the Share Option Plan are an integral and conditional component to the appointment of Mr Cottee as Chief Executive Officer in all regards."
End of quotation.
Now rusky et all, if you are to read and absorb properly what has been posted above, and especially all the interesting parts included from point 6 onwards, you would soon realise what we can get ourselves into. GARDENING LEAVE AND ALL OF THAT INCLUDED.
I would have liked to being able to bolden and highlight the parts of interest, but I am don't know what the mods would think about it if I was to do so.
If I can be of any help, please let me know and I'll try my best.
Cheers.
CTP Price at posting:
45.5¢ Sentiment: Hold Disclosure: Held
