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Concise Annual Report : Concise Annual Report 2012
CONCISE ANNUAL REPORT 2012 43 Since being appointed as Managing Director and Chief Executive Officer, Mr Attenborough has received one grant of Performance Rights under the Tabcorp Long Term Incentive Plan, which was approved by shareholders at the Company's 2011 Annual General Meeting. The details follow: 23 September 2011 447,761 23 September 2014 23 September 2014 Upon termination of employment (other than at the discretion of the Board in special circumstances such as, but not limited to, death and permanent disablement), all unvested Performance Rights or Options will lapse immediately. In all circumstances of termination of employment (other than for serious misconduct, in which case all Performance Rights or Options will lapse immediately), a pro-rata number of Performance Rights or Options based on the time served from Effective date to Test date will be tested. In addition, partial lapse of unvested Performance Rights or Options may occur in circumstances where Mr Attenborough takes parental leave or extended unpaid leave. In the event of a takeover offer for the Company or any other transaction resulting in a change of control of the Company, the Board is required to determine, in its absolute discretion, the appropriate treatment regarding any unvested Performance Rights. Further information relating to these Performance Rights is available in the notice of meeting for the Company's 2011 Annual General Meeting. 18.104.22.168 Other benefits Mr Attenborough's contract includes benefits comprising of: Living away from home expenses -- Mr Attenborough receives reimbursement of up to $3,500 per week for living away from home expenses (such as accommodation) until 9 April 2014. Home leave - Mr Attenborough receives 4 return business class tickets for travel between Australia and South Africa each year until 9 April 2014. FBT -- Tabcorp bears the cost of any fringe benefits tax payable in respect of housing and location assistance until 9 April 2014. 6.6 Executive contracts - KMP 6.6.1 Current contracts The table below contains details of the contracts of the executives who are KMPs, excluding the Managing Director and Chief Executive Officer. The current contracts do not provide for any termination payments, other than payment in lieu of notice. Mohan Jesudason Managing Director, Gaming & Group Marketing Open ended 6 9 Damien Johnston Chief Financial Officer Open ended 6 9 Kerry Willcock Executive General Manager, Corporate, Legal and Regulatory Open ended 6 12 6.6.2 Additional Compensation No new additional compensation arrangements were entered into during the year ended 30 June 2012. Arrangements that were previously put in place are as follows. Managing Director, Gaming & Group Marketing Mr Jesudason's contract includes additional compensation that requires him to be an employee of Tabcorp on 30 September 2012 and satisfy certain business outcomes. The maximum compensation payable is $1,000,000. It was put in place in 2010 and any payment will be made during the financial year ending 30 June 2013.
Concise Annual Report 2013