Originally Posted by
axe
On 23 June 2016 the Company entered into an amendment to an employment contract with ScottBradley (Chief Executive Officer and Director), with such employment contract constituting a MaterialTransaction with a Related Party pursuant to NZX Listing Rule 9.2.1. Under the terms of thisamendment to employment contract Scott Bradley is entitled to receive a base annual salaryNZ$500,000 up until 31 December 2016, when remuneration will be reviewed with reference toprevailing market conditions. The Company also entered into an agreement with respect to ScottBradley’s secondment to work in the US during the year ended 31 March 2016. The terms of thesecondment, acknowledging market conditions in this key strategic market and the increased costs ofliving, provide for a base salary of US$262,000 for the 9 months to 30 June 2016, an anticipatedperformance based bonus of up to US$139,000, and expatriate allowances to compensate for theincreased costs of living of approximately US$246,200 per annum whilst residing in the US for the 9months to 30 June 2016. The requirement to obtain approval by Ordinary Resolution to enter into aMaterial Transaction with a Related Party under NZX Listing Rule 9.2.1 did not apply to thisarrangement as the Company made use of the exception under NZX Listing Rule 9.2.4(d). The terms ofthe employment contract were set on an arm’s length, commercial basis and were approved by theIndependent Directors of the Company and (as required by the NZX Listing Rules) the IndependentDirectors approving the contract signed and delivered to NZX a certificate stating that Rule 9.2.4(d)(i)had been complied with.
""expatriate allowances to compensate for the increased costs of living of approximately US$246,200 per annum whilst residing in the US for the 9 months to 30 June 2016.""