EX-4.4 3 y92018exv4w4.htm EX-4.4: LETTER OF OFFER EX-4.4: LETTER OF OFFER
 

EXHIBIT 4.4

STRICTLY CONFIDENTIAL

13 March 2003

Mr S I Grimshaw

Dear Stuart,

I am delighted to confirm my offer to you of the Level 6 role of Group Executive, Investment & Insurance Services (IIS). In this role you will continue to be a member of the Bank’s Executive Committee and will continue to report to me.

Your current terms and conditions will remain the same with the exception of remuneration. Your new remuneration arrangements will be effective from the date you commenced acting in the role of Group Executive, IIS, i.e. 13 November 2002. From that date the following will apply –

         
Base (TC-I-S)
   $ 860,000  
Superannuation
(Superannuation Salary $688,000)
   $ 61,920  
 
   
 
Total Fixed Remuneration
   $ 921,920  
 
   
 
STI Potential
   $ 690,000  

Your LTI grant for 2003/04 will be determined in August 2003.

Your overall remuneration will also be subject to normal annual review in August 2003.

The performance benchmarks against which the annual STI will be measured will be as agreed between us.

In terms of your contractual arrangements, your special credit of $300,000 into superannuation due as at 30 June 2003 will be effected on that date.

Please sign the attached copy of this letter as your acceptance of the new arrangements.

 

 

2.

Stuart, congratulations on your appointment. As discussed, I look forward to working closely with you on the IIS and Group challenges and opportunities ahead of us.

Yours sincerely

     

I accept the appointment as outlined in this letter

 
Stuart I Grimshaw

 

 

EMPLOYEE REMUNERATION SCHEDULE

     
EmplID: 00194215    
Name: Grimshaw, Stuart    
     
Department/Branch: 012021   IIS GROUP EXECUTIVE
Status: History   Confirmed: Yes
Effective Date: 13/11/2002    
                 
GROSS REMUNERATION (Total Package Value):
           $ 860,000.00  
Pkg Motor Vehicle 1 - FBT
   $ 11,353.37          
Pkg Motor Vehicle 1 Insurance
   $ 700.00          
Pkg Motor Vehicle 1 Lease
   $ 10,499.52          
Pkg Petrol 1
   $ 1,400.00          
Pkg Salary Sacrifice OSF F
   $ 43,000.00          
Pkg Cash Salary
   $ 793,047.11          
SUPERANNUATION
               
Pkg OSF Division F
               
Cost of Employer provided Superannuation
(Notional for Defined Benefits Superannuation)
           $ 61,920.00  
Salary for Superannuation Purposes:
  $ 688,000.00          
                           
      Cash Salary         Cash Salary
Pay Frequency   (Gross)   Tax (Net Before Deductions)
 
 
 
Yearly
   $ 793,047.11     $ 372,195.39     $ 420,851.72  
Fortnightly
   $ 30,418.25     $ 14,275.99     $ 16,142.26  
     
 
Employee Signature   Bank Representative Signature
     
     /     /             /     /     
     
Date   Date