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Whitehaven Coal Limited : Annual Report 2013
98 Whitehaven Coal Limited Annual Report 2013 The executive contracts give the Company discretion to make payment in lieu of notice. No notice is required where termination is for cause. Treatment of unvested incentives is dealt with in accordance with the terms of grant. In general, under the new STI and LTI arrangements, 'bad leavers' (i.e. executives who resign or are terminated for cause) will in most cases forfeit their unvested entitlements while 'good leavers' will retain their entitlements (subject to any applicable performance conditions in the case of LTI arrangements). Mr Frankcombe received a sign-on grant of shares in the Company with a face value of $200,000 on commencement of his employment, subject to a one-year service-based vesting condition. If Mr Frankcombe resigns or is terminated for cause during this vesting period, the shares will be forfeited. If Mr Frankcombe satis es the vesting period, or if his employment is terminated other than for cause or resignation, the shares will immediately vest. Mr Cole received a sign-on payment of $400,000 as compensation for long-term incentives he forfeited on leaving his previous employer. These incentives had already met the applicable performance hurdles but were subject to a further service condition. Payment of this amount was considered appropriate in order to secure Mr Cole's employment with the Company at a crucial time in the development of Maules Creek. 8.7.3 Senior executive departures during FY2013 Mr Haggarty Mr Haggarty ceased to be Managing Director and CEO of the Company on 24 March 2013. Mr Haggarty's termination arrangements were in line with his service agreement, comprising statutory entitlements for accrued but untaken leave totalling $141,459. No other payments were made to Mr Haggarty upon his cessation as Managing Director and CEO. Whitehaven entered into a new services agreement with Mr Haggarty in relation to his role as a non-executive Director of Whitehaven on 25 March 2013, under which Mr Haggarty will be paid a Director's fee on the same basis as other non-executive Directors of Whitehaven. Mr Kane On 16 November 2012 we announced to the ASX that the Company would scale back its Business Development Unit and Brisbane presence. As part of this change, Mr Kane's role as Executive General Manager -- Business Development was made redundant. The payments made to Mr Kane as a result of his redundancy totalled $782,636, comprising one year's payment in lieu of notice in accordance with his employment contract and accrued but untaken leave. Performance rights granted to Mr Kane as part of the FY2013 LTI award remain on foot and will be tested in the normal course following the end of the relevant performance period. Options previously granted to Mr Kane (that were granted in consideration for shares that Mr Kane was already entitled to under his previous employment arrangements with Boardwalk, full details of which were disclosed in the FY2012 Remuneration Report) vested in August 2012 and became exercisable in October 2012, in line with the original conditions of grant. Mr Davies As Mr Davies was engaged via a contractor arrangement, no amounts were payable on cessation of his employment. 8. REMUNERATION REPORT CONTINUED 8.7 Employment contracts -- audited (continued) 8.7.2 Senior executive contracts (continued) Directors' Report
Annual Report 2012