Long-term incentive Subject to shareholder approval at the Annual General Meeting in November 2011, Mr Brookes will be entitled to receive performance rights to the value of $2.7 million. These will be granted in one tranche and will be broadly on the same terms as performance rights granted to other senior executives participating in the Myer Equity Incentive Plan. The performance rights can only vest if applicable Total Shareholder Return (TSR) and Earnings per Share (EPS) hurdles are met and Mr Brookes establishes and delivers a succession and transition plan for the role of CEO.
Termination provisions Myer may terminate Mr Brookes' employment at any time by providing him with 12 months' written notice or payment in lieu of notice (or a combination of these). This is reduced from 18 months in his current contract.
Mr Brookes may terminate on 6 months' notice.
If Mr Brookes' employment ceases in August 2014 as a result of the fixed term of the new contract ending, he will be entitled to a payment equal to the 12 months' average TFC paid to him over the preceding 3 years.
However, Mr Brookes will not be entitled to any payments upon termination where that payment would lead to a contravention of the Corporations Act or the ASX Listing Rules.
The 2011 Annual Report will disclose the full terms and conditions of the new remuneration package including the proposed equity offer.
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