Jupiter Energy Announces Addition To Board And Changes To CEO Service Agreement

Announced Date :  Sep 12, 2017


Jupiter Energy Limited (Jupiter Energy) has announced the appointment of Alexander Kuzev as a Non-Executive Director of the Company.
Mr. Kuzev has been an Advisor to the Board since January 2017.

Executive Chairman Geoff Gander said, "I am delighted to welcome Alexander to the Board and look forward to working with him. He brings vast technical experience to the Board and this will be critical as the Company looks towards recommencing operations on Block 31.”

A short biography of Mr. Kuzev is included at the end of this announcement. The Board of Jupiter Energy Limited also announces that the Company has made some material changes to the Service Agreement (the Agreement) with Geoff Gander (Chairman and Chief Executive Officer).

Mr. Gander’s new Agreement is effective from 8 September 2017 and will have no set term.

Below is a summary of the key terms of the new Agreement: • Contracted through Symdean Pty Limited.

• Base Annual Fee: GBP200,000 (~$A320,000). The reduction in the Base Annual Fee (the Fee) reflects that Mr. Gander, post the Company delisting from the AIM market, will no longer be living in London and therefore the Fee no longer includes covering the cost of an apartment/office in London.

• Mr. Gander will now be entitled to a bonus of $US350,000 or 0.5% (whichever is greater) of the value of the consideration received by the Company if Jupiter or Contract 2275 is assigned, transferred or sold to a third party during the term of the Agreement.

• The Jupiter Board has agreed to Mr. Gander taking on the role of NonExecutive Chairman of the ASX listed Zyber Holdings Limited (Zyber). Mr. Gander has confirmed there is no conflict between the business of Zyber and Jupiter. The role is part time and does not have a time commitment that will impact Geoff Gander’s ability to carry out his duties as Jupiter Chairman/CEO.

All other terms of the Agreement, signed on 26 May 2016, remain the same.

As announced in February 2015, Mr. Gander continues to defer his Directors’ Fee (which forms part of the Fee above) until such time that the Company has an improved cashflow.

You can receive free Monthly news and insights from ResearchViews delivered straight to your inbox – sign up below:

* Indicates Mandatory
*Name:  
*Company:  
*Email:    
*Country:  
*Phone Number:          
Comments:
  captcha refresh
Enter Captcha Code:    

Send to friend

*Your EmailID:    
Message:
*Friend's EmailID:    
  captcha refresh
Enter Captcha Code: