1 December 2017
ASX Market Announcements Australian Securities Exchange Limited Level 4
20 Bridge Street
SYDNEY NSW 2000
RE: INITIAL DIRECTOR'S INTEREST NOTICEFurther to its announcement dated 1 November 2017 regarding the appointment of Michael Wright as Chief Executive Officer and Managing Director, CIMIC Group provides Mr Wright's Initial Director's Interest Notice and a summary of his terms of employment.
Sincerely,
CIMIC GROUP LIMITED T +61 2 9925 6666 F +61 2 9925 6000 Appendix 3X Initial Director's Interest NoticeRule 3.19A.1
Information or documents not available now must be given to ASX as soon as available. Information and documents given to ASX become ASX's property and may be made public.
Introduced 30/9/2001.
Name of entity: | CIMIC Group Limited |
ABN: | 57 004 482 982 |
We (the entity) give ASX the following information under listing rule 3.19A.1 and as agent for the director for the purposes of section 205G of the Corporations Act.
Name of Director | Michael Wright |
Date of appointment | 1 December 2017 |
Part 1 - Director's relevant interests in securities of which the director is the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Note: In the case of a company, interests which come within paragraph (i) of the definition of "notifiable interest of a director" should be disclosed in this part.
Number & class of securities
23,537 2015 Options issued in accordance with the terms and conditions of the CIMIC Group Equity Incentive Plan (EIP)
Part 2 - Director's relevant interests in securities of which the director is not the registered holder
In the case of a trust, this includes interests in the trust made available by the responsible entity of the trust
Name of holder & nature of interest Note: Provide details of the circumstances giving rise to the relevant interest. | Number & class of securities |
N/A |
Part 3 - Director's interests in contracts - Not applicable
Note: In the case of a company, interests which come within paragraph (ii) of the definition of "notifiable interest of a director" should be disclosed in this part.
Detail of contract | N/A |
Nature of interest | N/A |
Name of registered holder (if issued securities) | N/A |
No. and class of securities to which interest relates | N/A |
Page 2 of 3
Summary of terms of employment of CEO and Managing DirectorTotal Fixed Remuneration (TFR) | A TFR of A$1.2 million which comprises base salary and superannuation. TFR is reviewed annually. |
Short-Term Incentive (STI) | An STI of 60% of TFR, consistent with CIMIC's plan, comprising an annual cash incentive paid for performance against measurable objectives. |
Long Term Incentive (LTI) | Eligibility for CIMIC's LTI plan which is provided to select Senior Executives on a periodic basis at the discretion of the Company. The most recent award, in which Mr Wright participated, was in 2015 with an options plan which had a two year vesting period and, once vested, available to exercise over three years. A summary of the terms and conditions of the 2015 Option Plan is disclosed in the 2016 Remuneration Report. The number of Options awarded to Mr Wright was 39,228. Mr Wright's current holding in CIMIC securities is disclosed in the attached Appendix 3X. |
Term | There is no specified employment contract term. |
Termination | Ability for both parties to terminate the contract with six months' notice. There is no notice period for termination for misconduct. |
Payments on termination | There are no specified payments to be made on termination (apart from any payments in lieu of notice and any payable statutory entitlements). |
Page 3 of 3
CIMIC Group Limited published this content on 01 December 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 01 December 2017 02:21:00 UTC.
Original documenthttps://cimic-search.clients.funnelback.com/s/redirect?collection=leighton-holdings-asx&url=https:%2F%2Fwww.cimic.com.au%2F__data%2Fassets%2Fpdf_file%2F0020%2F35705%2FInitial-Director-Interest-Notice.pdf&index_url=https:%2F%2Fwww.cimic.com.au%2F__data%2Fassets%2Fpdf_file%2F0020%2F35705%2FInitial-Director-Interest-Notice.pdf&auth=A%2Fz7ktYCP%2F1%2BakPz9HpJwA&profile=_default&rank=1&query=!null
Public permalinkhttp://www.publicnow.com/view/128C2FA1C7C59D6408240F98E27CD45974B9EC2A