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26 August 2005
ORBITAL ANNOUNCES APPOINTMENT
OF EXECUTIVE DIRECTOR
Perth, Australia: Orbital Corporation
Limited Chairman, Mr Don Bourke, today announced that Dr Rodney
Houston, who was appointed Chief Operating Officer and CEO elect
on 12 July 2005, has been appointed as a Director of the Company.
Dr Houston will assume the role of Managing
Director and Chief Executive Officer from 1 October 2005.
Under a new executive service agreement, Dr
Houston's annual salary package from that date will be $270,000,
with annual cash bonuses of up to 40% of the package payable on
achievement of stringent performance targets to be set by the Board.
Subject to shareholder approval, Dr Houston will also participate
in the Company's performance based Executive Long Term Share Plan.
The Plan currently provides for the issue of shares based on the
Company achieving a Total Shareholder Return, over a 3 year performance
period, at or above the 50th percentile of a peer group of companies.
The service agreement is for an indefinite
period and may be terminated at any time by the Company on 12 months
notice (other than for reasons of serious misconduct). Dr Houston
is required to provide three months notice of termination.
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