Wed, 10 Aug 2005
The Chairman of TOWER Limited Olaf O’Duill today confirmed the employment details for TOWER Limited’s Group Chief Executive Officer, Jim Minto.
Mr Minto’s term of employment is for an indefinite period, as was the case while he was Chief Executive Officer for TOWER Australia Limited.
Mr Minto’s employment package comprises salary plus short and medium term components. His annual salary effective 1 March 2005 is NZ$750,000 plus a NZ$100,000 dual location allowance. The Short Term incentive component is a target bonus of 60% which is paid on the achievement of various quantitative and qualitative targets. The medium term incentive component comprises 778,500 Options which vest in April 2007 and a further 721,500 Options which have been granted effective 9 August 2005 (subject to acceptance by 31 August 2005) and vest on 10 August 2008. These further Options are granted at the average price of TOWER Limited shares traded on the NZX on the five business days preceding the 9 August 2005.
TOWER may at any time terminate Mr Minto’s employment. Upon termination of employment for other than cause, Mr Minto will receive six months’ notice plus 12 months’ salary.
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