2011 NOTICE OF MEETING – VARIATION TO MANAGING DIRECTOR/CEO REMUNERATION
Resolution 3 of the Notice of General Meeting of Tap Oil Limited (“Company”), which was mailed to shareholders and released to the ASX on 15 April 2011, seeks shareholder approval to the grant of a maximum of 3,300,000 Share Rights under the Share Rights Plan over the next three years to Mr Hayden, on the terms and conditions set out in the Explanatory Statement accompanying the Notice. The Explanatory Statement notes a proposed Special Award of 348,509 Share Rights, which will vest if Mr Hayden remains employed three years from the commencement of his employment and the Company is satisfied that Mr Hayden has overseen a successful transaction equal to or exceeding US$50,000,000 in value within 24 months from the commencement of his employment.
Following shareholder feedback, the Board of the Company and Mr Hayden have agreed that the Board will not exercise its discretion to make this Special Award. Accordingly, if shareholder approval is given pursuant to Resolution 3, Mr Hayden will be eligible to receive a maximum of 3,300,000 Share Rights under the Share Rights Plan over the next three years, on the terms and conditions set out in the Explanatory Statement accompanying the Notice, other than the Special Award described above.
This announcement serves as an addendum and amendment to the Explanatory Statement accompanying the Notice of Meeting.
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