DataDot Technology Limited (ASX: DDT) is pleased to announce the appointment of Mr Temogen Hield as CEO of the company effective immediately.
Temogen Hield is an accomplished senior executive with strong experience in strategy, innovation, business development and customer engagement. He has held a number of senior leadership roles, his most recent being Chief Operating Officer and Chief Innovation Officer of eftpos Payments Australia Limited and has a track record of successful product development and delivery, particularly in the digital space.
Prior to his executive career in the payments industry Mr Hield was a partner of an international law firm in Hong Kong. He holds Masters and Bachelor of Law degrees and a Bachelor of Science degree with a major in computer science.
Mr Hield’s remuneration package includes a base salary of approximately $250,000 plus superannuation; a fixed sum STI for FY2016 payable on achieving revenue, EBITDA and new revenue targets and, for FY2017 and beyond, up to 50% of base salary subject to KPIs to be agreed at the commencement of each year; and an LTI.
The LTI will comprise 20 million share options in the Company which will vest in 3 tranches, subject to continued employment, and a trading restriction after share issue as follows:
Tranche 1 – 7.5 million share options with an exercise price of 2.7c vesting when the volume weighted average share price (VWAP) exceeds 5c for more than 3 months and expiring 3 months after vesting;
Tranche 2 – 7.5 million share options with an exercise price of 2.7c vesting when the VWAP exceeds 10c for more than 3 months and expiring 3 months after vesting;
Tranche 3 – 5 million share options with an exercise price of 2.7c vesting when the VWAP exceeds 15c for more than 3 months and expiring 3 months after vesting.
The above LTI package expires on 1 July 2018 and shares issued will be escrowed for 12 months save in the event of takeover, merger or scheme where a 3rd party becomes entitled to greater than 50% of the equity in DDT in which event any escrow will cease.
Mr Bruce Rathie, Executive Chairman of DDT said that Mr Hield brings to the Company strong management skills and an experience with and understanding of digital, mobile and other technologies which DataDot is and can further develop and deploy in conjunction with its existing product range or stand alone in new areas of focus for the company such as telematics for insurance and fleet management.
He will add greatly to the commercialisation of DataDot Live and other technology/devices the Company is bringing into its product portfolio which have the potential to materially add to revenue opportunities going forward.