REG - Resolute Mining Ltd - Terry Holohan formally appointed as CEO & MD

Resolute MiningAnnouncement

23/05/2022 07:01

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220523:nRSW3974Ma&default-theme=true

RNS Number : 3974M  Resolute Mining Limited  23 May 2022

23 May 2022

 

Resolute Mining Limited

(Resolute or the Company)

 

Terry Holohan formally appointed as CEO & MD

 

Resolute Mining Limited (Resolute or the Company) (ASX/LSE: RSG) wishes to
announce that Mr Terry Holohan has now been formally appointed as Chief
Executive Officer (CEO) and Managing Director, effective from 23 May 2022.

The terms and conditions relating to Mr Holohan's employment are contained in
Appendix A.

For further information, contact:

 Resolute                                                                        Public Relations

 James Virgo, GM Finance and Investor Relations                                  Jos Simson, Tavistock

 contact@rml.com.au (mailto:contact@rml.com.au)                                  resolute@tavistock.co.uk (mailto:resolute@tavistock.co.uk)

 +61 8 9261 6100                                                                 +44 207 920 3150

 Media                                                                           Corporate Broker

 Cameron Morse, FTI Consulting                                                   Matthew Armitt, Berenberg

 cameron.morse@fticonsulting.com (mailto:cameron.morse@fticonsulting.com)        +44 20 3207 7800

 +61 433 886 871

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) 596/2014 which forms part of UK law pursuant
to the European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via a Regulatory Information Service (RIS), this inside
information is now considered to be in the public domain.

 

Authorised by Mr Martin Botha, Chairman

 

 

 

 

 

Appendix A: Terms and Conditions of employment for Mr Holohan

1.       Appointment

The appointment as Chief Executive Officer of Resolute Mining commences from
23 May 2022.

2.       Term

Employment continues until terminated by either the Company or Mr Holohan.

3.       Remuneration

The remuneration package offered to Mr Holohan is designed to link reward to
both Company and individual performance, and to align his interests with the
interests of shareholders through a significant at-risk performance-based
component. The remuneration package comprises the following components:

·      Fixed remuneration of £400,000 per annum, subject to annual
review.

·      Short term incentives (STI) in accordance with the STI Plan Rules
that apply from time to time ranging from 0% to 112.50% of fixed remuneration
with target STI set at 50% of fixed remuneration.

·      Long term incentives (LTI) in accordance with the LTI Plan Rules
that apply from time to time. Subject to shareholder approval for future
issues, there will be an annual grant of Performance Rights valued at 100% of
fixed remuneration.

Full details of the Company's STI and LTI plans are provided on pages 57-62 of
Resolute Mining Limited's 2021 Annual Report.

The Company and Mr Holohan have also agreed to cancel one-off retention bonus
of £56,000, established upon Mr Holohan becoming Chief Operating Officer
(COO), which would have become payable on completion of a continuous period of
employment commencing from his appointment as COO and ending on 31 December
2022.

4.       Termination and Notice

Mr Holohan's employment agreement may be terminated in the following
circumstances.

·      Resignation by Mr Holohan on 6 months' written notice.

·      Termination by the Company on 12 months' written notice. The
Company may elect to make a payment in lieu of the notice period (based on the
fixed component of Mr Holohan's remuneration).

·      Termination by the Company without notice for serious misconduct
or other circumstances justifying summary dismissal.

On termination, 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.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  BOASEDSLDEESEEI