Synertec Corporation Limited has entered into new Executive Services Agreements with incumbent Executives, Mr Michael Carroll and Mr David Harris, replacing previous agreements from 2017 and 2018.
The material terms of the Agreements have been amended, including annual base remuneration packages of $450,000 for Mr Carroll and $400,000 for Mr Harris, entitlement to participate in the Company's incentive scheme, and 6 months (for the Executive) and 12 months (for the Company) notice of termination.
In the event of a material change in the employment of the Executive arising from a change in control event, the Executive is entitled to a termination payment, payment for accrued benefits, and unpaid incentive payments.
The Executive is also subject to non-compete and non-solicitation obligations within Australia for a period of 12 months.