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Hot Tuna appoints Elle Macpherson as Executive Director

10 Jul '06
3 min read

Hot Tuna (International) PLC ("Hot Tuna" or "the Company"), a lifestyle apparel brand with authentic surf heritage, is pleased to announce that Elle Macpherson has been appointed as an Executive Director of the Company with immediate effect.

In Elle Macpherson's capacity as an Executive Director, she will advise and assist with the future product development, brand positioning and sales strategy. Elle Macpherson will work alongside Hot Tuna's existing management in dealings with its customers, suppliers and stakeholders.

Elle Macpherson will attend Board meetings and will also be present at senior management and strategic meetings. Although not working in a full time capacity with Hot Tuna, Elle Macpherson will work in conjunction with senior management to introduce and develop new retail relationships and heighten the Company's position within its industry. Elle Macpherson's service contract has a fixed initial term of two years.

Elle Macpherson has been granted a number of incentive arrangements. Frontier International (Holdings) Pty Limited ("Frontier") has granted Elle Macpherson a call option which is exercisable at any time for nominal consideration over 1,000,000 of its ordinary shares in the Company.

Frontier has also agreed to grant Elle Macpherson a second call option (the "Second Frontier Call Option") over a further 1,000,000 of its ordinary shares in the Company in one year's time, exercisable at any time thereafter for nominal consideration, provided that Elle Macpherson is still an Executive Director and employee of the Company and has not given in her notice at that date.

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