Salt Lake Potash Limited Appointment of CEO (4813L)
13 Septembre 2021 - 8:00AM
UK Regulatory
TIDMSO4
RNS Number : 4813L
Salt Lake Potash Limited
13 September 2021
13 September 2021 AIM/ASX Code: SO4
SALT LAKE POTASH LIMITED
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Appointment of CEO
Salt Lake Potash (SO4 or the Company) is pleased to advise that
Isak Buitendag has been appointed as Chief Executive Officer (CEO)
of the Company, subject to requotation of the Company's securities
on the Australian Securities Exchange (ASX). It is a non-board
appointment
-- Mr Buitendag will be joining from his position as General Manager
of Transformation at Kazzinc (69.7% owned by Glencore).
-- Prior to Kazzinc, he was Vice President of Operations and Vice
President of Development at Kazchrome, the largest ferrochrome
producer in the world.
-- Mr Buitendag has significant experience in Executive roles
within the mining industry in Australia, Kazakhstan and Africa,
including at BHP and Fortescue.
-- In an Executive capacity he has led teams in project development
and minerals processing and has a track record of delivering
business turnarounds.
-- The SO4 board believes Mr Buitendag's skills and reputation
as a disciplined operator and manager will serve shareholders
well and look forward to his leadership bringing the Lake Way
Project into a sustainable, profitable operation.
"I'm excited to be joining SO4 at such a critical stage of its
development and look forward to working with the team to deliver
Lake Way and grow the business into a meaningful player in the
global SOP market"
Isak Buitendag
Appendix A: Terms and Conditions of employment for Mr
Buitendag
1. Appointment
The company anticipate that the Executive will be appointed as
CEO of the Company by no later than 15 November 2021. The
Executive's employment pursuant to his Executive Services Agreement
is subject to requotation of the Company's securities on the
ASX.
2. Term
The Executive's employment will commence on the Commencement
Date and will continue for a 12 month period (Initial Term) unless
terminated by the company or Mr Buitendag.
3. Probation Period
The employment is subject to satisfactory completion of a 3
month probationary period.
4. Remuneration
The remuneration package offered to Mr Buitendag is designed to
link reward to both Company and individual performance, and to
align his interests with the interests of shareholders. The
remuneration package comprises the following components:
-- Cash Salary Component of A$400,000 (exclusive of superannuation)
-- Short Term Incentive (STI) Component to be determined
by the Board after consultation with the Executive
for FY23 taking into account comparable market information.
-- Long Term Incentive (LTI) Component to be determined
by the Board after consultation with the Executive
for FY23 taking into account comparable market information.
-- Sign on Bonus Component, performance rights to be issued
under and in accordance with the Performance Right
Plan.
Number Milestone
2.5 million Upon completion of 3 months employment
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2.5 million Upon successful production and sale of budgeted SOP by 30 June 2022
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2.5 million Upon successful production and sale of budgeted SOP for calendar year
ended 2022
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5. Termination and Notice
Mr Buitendag's employment agreement may be terminated in the
following circumstances.
-- Resignation by Mr Buitendag on 3 months written notice
-- Termination by the Company on 3 months written notice or by
making payment in lieu of notice.
-- Termination by the Company without notice for serious
misconduct or other circumstances justifying summary dismissal.
On termination of his Executive Services Agreement, the
Executive will be entitled to receive from the Company all payments
owed to him under this Agreement up to and including the date of
termination and any payments due to him pursuant to any relevant
legislation by way of accrued annual leave and long service
leave.
Any entitlements held under the Company's LTI and STI plans will
be treated (and may be retained or forfeited) in accordance with
applicable plan rules.
Tony Swiericzuk / Richard Knights Salt Lake Potash Limited Tel: +61 8 6559 5800
Colin Aaronson / Lukas Girzadas Grant Thornton UK LLP (Nominated Adviser) Tel: +44 (0) 20 7383 5100
Derrick Lee / Peter Lynch Cenkos Securities plc (Broker) Tel: +44 (0) 131 220 6939
This announcement has been authorised for release by the Board
of Directors.
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END
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