25 June 2015
Manager of Company Announcements
ASX Limited
Level 6, 20 Bridge Street
SYDNEY NSW 2000
By E-Lodgement
APPOINTMENT OF MANAGING DIRECTOR
Otto Energy Ltd (ASX: OEL) ("Otto") is pleased to announce the appointment of Mr Matthew Allen as Managing Director, effective 24 June 2015. Matthew will also continue as CEO.
Matthew joined Otto in November 2009 as CFO and was appointed CEO in February 2014. Matthew has played an integral role in implementing Otto's strategy to build a successful international oil and gas company and is committed to continuing this strategy for the benefit of shareholders.
Otto's Chairman Rick Crabb said "The Board welcomes Matthew's appointment as Managing Director and we are confident he will build on his achievements to date as CEO"
Recent investor presentations presented by Matthew are available for viewing under the media section of Otto's website www.ottoenergy.com.
OTTO AT A GLANCE
• ASX-listed oil and gas company with a strategy to grow an integrated petroleum business through high impact exploration
• Focused on South East Asia and East
Africa
• Formerly Operator of the producing
Galoc oil field in the Philippines
COMPANY OFFICERS Rick Crabb Chairman Ian Macliver Director Rufino Bomasang Director
John Jetter Director Ian Boserio Director Matthew Allen MD & CEO Craig Hasson CFO
Neil Hackett Company Secretary
Yours faithfully
Rick Crabb
Chairman
~Ends~
Contact: Matthew Allen
Managing Director & Chief Executive Officer
+61 8 6467 8800
[email protected]
Media:
Matthew Gerber
Citadel-MAGNUS
+61 2 8999 1002
[email protected]
32 Delhi Street, West Perth WA 6005 Australia PO Box 1414, West Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801 [email protected] ASX Code: OEL ABN: 56 107 555 046
MANAGING DIRECTOR AND CEO CONTRACT SUMMARY
In accordance with ASX Listing rule 3.16.4, Otto provides the following information in relation to the key terms of Mr Allen's employment contract:
• A fixed salary of $475,000 per annum
• A Short Term Incentive (STI) may be paid by the Board discretion in exceptional circumstances.
There is no fixed entitlement to an STI.
• Eligible to participate in the Long Term Incentive (LTI) program through the Employee Performance Rights Plan. Mr Allen's current interest in Performance Rights is included in the table below.
• The contract may be terminated:
o By the Executive with 90 days notice
o By the Company with 30 days notice, subject to payment of termination of agreement without
cause of 6 months remuneration
o By the Company immediately upon certain specified events
Mr Allen currently has an interest in the following securities of Otto Energy Ltd:
Ordinary Shares
|
Options
|
Performance Rights
|
Mr Matthew Allen
|
3,500,000
|
-
|
4,700,000
|
Performance Rights on issue vest according to the following schedule:
Number
|
Grant Date
|
Vest Date
|
Vesting Condition
|
2,400,000
|
3 Oct 2014
|
31 Dec 2018
|
100% TSR
|
2,300,000
|
23 Apr 2015
|
31 Dec 2019
|
100% TSR
|
TSR means total shareholder return, which measures the change in capital value of the Company's share price over a period, expressed as a percentage of opening value.
32 Delhi Street, West Perth WA 6005 Australia PO Box 1414, West Perth, WA 6872 Australia T: +61 8 6467 8800 F: +61 8 6467 8801 [email protected] ASX Code: OEL ABN: 56 107 555 046