Cellmid 2017 Annual Report 25
Relationship between remuneration policy and company performance
The proportion of remuneration linked to performance and the proportion that is fixed is as follows:
Service agreements
The remuneration of the Chief Executive Officer, Maria Halasz, was restructured during the period to better reflect the activities of
the two business units within the Group.
On 1 July 2016 a new service agreement was signed between the Group and Maria Halasz. Pursuant to this service agreement
Maria Halasz’s salary component with the Group was reduced, and two consulting agreements, one with Lyramid Limited and one
with Advangen Limited, were signed by Direct Capital Group Pty Ltd, a company associated with Ms Halasz.
The above arrangement is covered under one service agreement and the conditions are as follows:
The remuneration for Ms Halasz is fixed, however, at the discretion of the Board and subject to prior approval by shareholders,
she may receive performance based incentives in the future.
The duration of the service agreement is 3 years.
No leave and superannuation entitlement accrue in relation to the consulting agreements with Direct Capital Group Pty Ltd.
Ms Halasz may resign from her position and thus terminate the service agreement, including the consulting agreements with
Direct Capital Group Pty Ltd, by giving six months’ written notice. On resignation any unvested options will be forfeited.
The Group may terminate the employment agreement, including the consulting agreements with Direct Capital Group Pty Ltd,
by providing six months’ written notice or providing payment in lieu of the notice period (based on the fixed component of Ms
Halasz’s remuneration).
The Group may terminate the contract at any time without notice if serious misconduct has occurred. Where termination with
cause occurs, the CEO is only entitled to that portion of remuneration which is fixed, and only up to the date of termination.
2017 2016 2017 2016 2017 2016
% % % % % %
David King 100.00 100.00 - - - -
Maria Halasz 100.00 86.65 - - - 13.35
Bruce Gordon 100.00 100.00 - - - -
Fintan Walton 100.00 100.00 - - - -
Fixed remuneration At risk STI At risk LTI