PO Box 25 686 St Heliers Auckland, New Zealand. Re: Management Services Agreement
Exhibit 4.35
December 23, 2011
Avora Ltd. as Trustee of Xxxxx Xxxxxxxx No 2 Trust
XX Xxx 00 000
Xx Xxxxxxx
Xxxxxxxx, Xxx Xxxxxxx.
Reference is made to the Management Service Agreement between Olympus Pacific Minerals Inc. and Avora Ltd. as Trustee of Xxxxx Xxxxxxxx No 2 Trust dated December 20, 2010 (the “Management Services Agreement”). Schedule “B” to the Management Services Agreement is hereby deleted and replaced with the attached Schedule “B”.
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Per: “Xxxx Xxxxx”
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Name:
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Xxxx Xxxxx
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Title:
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Chief Executive Officer
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Confirmed and Agreed to by:
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AVORA LTD. as Trustee of Xxxxx Xxxxxxxx No 2 Trust
Per: “Xxxx Xxxxxxx”
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Name:
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Xxxx Xxxxxxx
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Title:
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Director
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Xxxxx 000 0 00 Xxxx Xxxxxx Xxxx 0 Xxxxxxx, Xxxxxxx X0X 0X0
Telephone 000 000 0000 0 Fax 000 000 0000 0 Toll Free 000 000 0000
SCHEDULE “B”
FEE SCHEDULE AND CRITERIA FOR BONUS
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(a)
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Name: Xxxx Xxxxx
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(b)
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Position: Chief Commercial Officer
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(c)
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Period: 1 January 2012 to 30 June 2012
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(d)
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TOTAL Direct Compensation Target, made up from (e) Annual Base Salary, (f) STIP $ Target Bonus, (g) LTIP $ Target Opportunity: = C$428,400
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(e)
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Annual Base Salary = C$231,000
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Incentive Bonus
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(f)
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Your STIP Target $ Bonus and as % of Annual Base Salary are:
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Target: C$92,400 or 40%; or Threshold C$46,200 or 20%; or Maximum C$138,600 or 60%.
The 2012 STIP targets will be company-wide and the method of assessment of achievement will be communicated to you in January 2012.
The 2011 STIP targets are company-wide and achievement is assessed by the Compensation Committee, against the following:
Production
1/3 reaching quarterly Budgeted YTD ounces produced
[Threshold = 90% - 95%, Target = 95% to 100%, Maximum = 101%+];
Financial
1/3 reaching quarterly Budgeted YTD cash from operations after all costs & overheads (including corporate and working capital changes) have been paid and generally achieving the programme & budget as approved
[Threshold = 90% - 95%, Target = 95% to 100%, Maximum = 101%+];
Exploration
1/6 improving categorization/quality of existing resources and delineating between 500,000 and 800,000 additional NI 43-101 / JORC verifiable oz
[Threshold = 500s, Target = 600s, Maximum = 700s], and
1/6 delineating between 250,000 and 500,000 oz geological potential (Exploration)
[Threshold = 250-299, Target = 300s potential, Maximum = 400s].
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(h)
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Annual Long Term Incentive Plan (“LTIP”) target bonus to be added to Annual Base Salary
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(i)
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$ Opportunity: C$52,500 worth of Olympus share options, as detailed in the Share Option Agreement relating to the 26 September 2011 granting.
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(ii)
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Black Scholes Conversion Details are available for your information.
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(i)
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Account Details for Payments to be detailed on your invoice
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(j)
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Currency for payment is Canadian Dollars
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(k)
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Name for LTIP Options as per Share Option Agreement TBD
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(l)
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Reimbursable Expenses and expatriate benefits: Travel and general business related expenses as per agreed policies on the Company’s internal website from time to time.
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(m)
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Performance Criteria: Meet requirements as specified from time to time by the CEO, and/or the Board of Olympus Pacific Minerals Inc. and/or the Boards of the Company’s subsidiaries.
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(n)
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Number of Months for Payment Pursuant to Termination: six (6) months (Clause 5b)
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(o)
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Number of Months for Payment Pursuant to Takeover: Twenty four (24) (Clause 5g)
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