BRISBANE, AUSTRALIA--(Marketwired - May 8, 2014) - Intrepid Mines Ltd. (TSX:IAU)(ASX:IAU) (the "Company") advises of a clarification to the Directors' Report included in the Annual Report.
In relation to the service agreement of Scott Lowe, Managing Director and CEO, the following clarification is made to page 22 of the Annual Report (and mirrors the statement which appears on page 24 of the Annual Report and page 29 of the Notice of Meeting)
"deemed termination provision equal to payment of 12 months' base salary plus superannuation, with immediate vesting of a pro-rated number of share options and rights, subject to any applicable performance threshold being met in these circumstances".
The Company further advises that shareholder approval of the granting of share options and rights to the Company's CEO will not be sought at the Company's AGM on 30 May 2014.
While it was the intention at the time of signing the Directors Report on 25 February 2014 that this approval would be sought, it was subsequently agreed with the CEO to defer submitting the granting of share options and rights for shareholder approval until after shareholders had voted on a potential capital return and there was greater certainty regarding the long-term future of the Company. Thus, while the granting of the share options and rights must be approved by shareholders in accordance with the provisions of the ASX Listing Rules and the Corporations Act, this will not occur at the Annual General Meeting as originally intended.
Therefore, reference to the granting of share options and rights to the Company's CEO being subject to shareholder approval at the Company's AGM in May 2014 as noted in the Explanatory Memorandum to the Notice of Meeting at page 27 is no longer applicable.
