Peninsula Energy Ltd.: Exhibit 4.7 - Filed by newsfilecorp.com






 

4 November 2015 

Mr. David Coyne 
 

Dear David, 

RE: EMPLOYMENT OFFER 

Following recent discussions, we have pleasure in offering you
a position with Peninsula Energy Limited 

(Company).

Your terms of employment are as follows: 

	Position: 	Chief Financial Officer (CFO) 
	  	  
	
      Term: 
	
      The term of this Agreement shall commence on June 17,
      2013 (Commencement Date). Subject to the provisions for termination
      contained in this Agreement, the appointment will be for an initial term
      of three years (Term), subject to extension by mutual agreement.
      

	  	  
	
      Hours of Work: 
	
      Hours of work will be from 8.30am to 6pm. Circumstances
      may require you to work additional hours outside your usual hours.
  

	  	  
	
      Remuneration: 
	
      Your base salary will be $350,000 per annum (exclusive of
      Company superannuation contributions). 



The Company will also make
superannuation contributions on your behalf into a superannuation fund of your
choice, in accordance with legislative requirements, up to the value of the
Concessional Contributions Limit of $25,000 per annum.

On commencement, your salary package
will be: 


	 	Base Salary: 	$	350,000.00 	 
	 	Superannuation: 	$	25,000.00 	 
	 	Annual Bonus: 	$	75,000.00 	 
	 	Total Remuneration 	$	450,000.00 	 



Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 




 

Your salary will be paid each month
into a bank account nominated by you. You may salary sacrifice your base salary
in accordance with Company policy and taxation legislation.

	Annual Bonus: 	
      It is agreed that your annual bonus will be paid in two
      equal instalments during the course of a 12 month period. The first equal
      instalment (50% of the Annual Bonus amount) shall be eligible for payment
      six (6) months from the Commencement Date. 50% of the Annual Bonus amount
      shall be eligible for payment every six (6) months thereafter. 

	  	
      

		
      Payment of the applicable Annual Bonus component shall be
      subject to satisfactory achievement of objectives during the preceding six
      (6) month period. The objectives for each six (6) month period shall be
      agreed in writing between you and the Executive Chairman at the
      commencement of each six (6) month period. 

	  	
      

	Incentive Shares: 	
      It is agreed that you will be issued the following
      securities in the Company 1/3 of each upon commencement of employment
    

	  	
      

	  	
      1/3 of each 12 months after commencement and
    

	  	
      

	  	
      1/3 of each 24 months after commencement


	  	
      

	  	
      4,000,000 Class D Performance Shares 

	  	
      

	  	
      4,000,000 Class E Performance Shares 

	  	
      

	  	
      4,000,000 Class F Performance Shares 

	  	
      

		
      Should you cease to be employed by the Company for
      whatever reason, your entitlement to any outstanding shares will be
      relinquished. 

	  	
      

	Long Term Incentive Plan: 	
      The Company is considering the introduction of a Long
      Term Incentive Plan (LTIP) that may apply to certain employees within the
      Company. You recognise that at the Commencement Date, no LTIP is in place
      and that there is no guarantee that an LTIP will be put in place. It is
      agreed, however, that in the event that an LTIP is subsequently
      established, you shall be invited to participate in the LTIP. 

	  	
      

	Performance: 	
      You will perform the duties of CFO, which will consist
      of: see Appendix 2 (Services); 



Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 




 


	Annual Leave: 	
      You are entitled to 4 weeks (20 working days) annual
      leave for each completed year of service. Annual leave accrues on a pro
      rata basis and is credited monthly. Leave loading is not payable on annual
      leave. Annual leave which is not taken during the year in which it accrues
      will be carried forward from year to year. 

	  	
       

		
      Annual leave must be taken at a time mutually agreed
      between you and the Company. The period between December 1 and February 28
      is the preferred time for employees to take leave based on the Company’s
      operational cycle. Conversely the period immediately before and after
      financial year end and the 6 week period between 15 August and the end of
      September are the least preferred times for leave to be taken. The Company
      will however give due consideration to leave requests at other times
      during the year. 

	  	
       

	Personal Leave: 	
      You will be entitled to 10 days paid personal leave per
      annum personal leave accrues on a pro rata basis and is credited monthly
      but for the avoidance of doubt will not be carried forward. 

	  	
       

		
      If you are absent through illness or injury, you are
      required to notify the Company as early as possible on the day you are
      absent. You must provide the Company with a medical certificate where
      reasonably practicable. 

	  	
       

	Long Service Leave: 	
      Long service entitlements are based on current statutory
      requirements in the state of Western Australia. 

	  	
       

	Other leave: 	
      You will be entitled to compassionate leave, parental
      leave and unpaid carer’s leave in accordance with Company policy and with
      the relevant legislation as amended from time to time 

	  	
       

	Reviews: 	
      Your salary is reviewed by the Company after a period of
      18 months from Commencement Date and annually after this. If your efforts
      are deemed to be exceeding the expectations of the Executive Chairman,
      your salary may be reviewed at an earlier date. 

	  	
       

	Proprietorship 	
      Whilst you are employed by the Company any intellectual
      property, which can include articles, books, brochures, software etc
      written or developed by you will become and remain the property of the
      Company. 

	  	
       

	Confidentiality: 	
      You are obliged to maintain confidentiality in all
      matters that you become privy to in the course of discharging your duties.
      Please refer to Appendix 1 – Confidentiality Agreement.




Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 





 


	Parking: 	
      The Company shall provide you with suitable parking and
      office space during the Term. 

	  	
       

	Air Travel: 	
      For air travel exceeding 5 hours in duration, travel
      shall be by Business Class. 

	  	
       

	Information Systems: 	
      Access to and use of email and internet is governed by
      Company policy. Please refer to Appendix 3 – Internet & Email Usage
      Policy. 

	  	
       

	Securities Trading: 	
      Whilst you are employed by the Company you must comply
      with the Share Trading Policy of the Company. General restrictions apply
      to prohibit employees engaging in short term trading of the Company’s
      securities and to prohibit employees trading the Company’s securities when
      in possession of unpublished price sensitive information. 

	  	
       

	Termination: 	
      This employment agreement may be terminated by either
      party by providing three (3) month’s notice in writing. This period of
      notice may be amended, dependent on the circumstances, at the discretion
      of the Company Directors. Specifically this will occur should you depart
      from the procedures adopted by the Company or you are in breach of any of
      the conditions set out in this letter. 



Please confirm your acceptance of this letter by signing the
enclosed copy and returning it to me. 

We are pleased that you will be joining our team and look
forward to an enjoyable and rewarding association. 

Yours sincerely 

John (Gus) Simpson 
Executive Chairman

Peninsula Energy Limited 

Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 





 

I hereby agree to the terms and conditions outlined in this
letter and the attached Appendix 1 – Confidentiality Agreement, Appendix 2 –
Position Description and Appendix 3 – Internet Policy. 


	Signed: 	 
	 	 
	               	David Coyne




Date: _______ 8 May 2013
______________


Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 





 

Appendix 1 

CONFIDENTIALITY AGREEMENT 

Confidential Information 

In this Agreement “Confidential Information” means any
statement, contract, agreement, specification, drawing, report, knowledge or
information at any time disclosed (whether in writing or orally) by Peninsula
Energy Limited or its subsidiaries (PEN) or any company with which PEN may be in
commercial or technical association. 

Confidentiality Undertaking 

The employee agrees that he/she shall treat any Confidential
Information as confidential and shall not without the prior written consent of
PEN: 

	 	1. 	
      disclose, publish or communicate or permit the
      disclosure, publication or communication of the Confidential Information
      or any part of it to any person, other than for the Permitted
    Purpose;

	 	 	 
	 	2. 	
      make copies or permit the making of copies of any
      Confidential Information or any part of it except to the extent that it is
      reasonably necessary to carry out a Permitted Purpose; or

	 	 	 
	 	3. 	
      Use any information acquired in the course of employment
      to the employer’s detriment or to the detriment of an associated
      company.



And the Employee agrees that, for the purpose of the above
undertakings, information coming to the Employee’s knowledge by reason of
employment by the Employer as to the practice, processes, methods, business,
dealings or affairs of the Employer or an associated company is confidential
information. 

This undertaking shall not apply to information which has come
into the public domain other than by breach of this undertaking by the employee.


Return of Information 

The employee undertakes that he/she will, following the
termination or suspension of negotiations, the fulfilment of the Permitted
Purpose or the termination of employment, return all documents and other
materials in the possession of the employee and the employee undertakes not to
retain any copy or replica of any such documents or materials. 

Governing Law 

This agreement shall be governed by the law of the State of
Western Australia and each party submits to the jurisdiction of the Courts of
Western Australia. 

Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 





 


	Position Title: 	Chief Financial Officer 
	Department: 	Group Headquarters 
	Responsible To: 	Executive Chairman 
	Date Effective: 	June 17, 2013 



	1. 	POSITION OBJECTIVES 
	 	  
	  	  
	• 	Responsible for overall management of all
      budgeting, accounting systems, processes, procedures and controls,
      finance, financial reporting, and commercial related functions within the
Peninsula Energy Ltd group (PEN Group). 



	2. 	KEY RESPONSIBILITIES 
	  	  
	  	  
	• 	
      Develop financial and commercial data analysis and cash
      flow forecasting processes to provide timely information to the PEN Group
      Board and senior management teams 

	• 	
      Working with the PEN Group management teams, identify the
      key controllable business cost drivers and develop appropriate monitoring
      and reporting processes with a focus on future cost optimisation (both
      capital and operating costs) 

	• 	
      Develop and implement appropriate commercial systems to
      ensure the PEN Group extracts the maximum value from its contract
      relationships 

	• 	
      Manage the annual PEN Group budget process and prepare
      budget plans for the Perth Corporate Headquarters consistent with
      corporate strategy and provide the PEN Group Board with individual and
      combined budgets / cash flows 

	• 	
      Manage the process of periodic updates to the current
      year forecasts 

	• 	
      Liaise with appropriate senior management to determine
      LOM Long Term Mine Planning process 

	• 	
      Develop financial models to allow evaluation of other
      business opportunities 

	• 	
      Promote a strong internal control environment ensuring
      that internal control systems are in compliance and in a state of
      continuous improvement 

	• 	
      Implementing plans to achieve long range objectives
    

	• 	
      Monitor and report on financial and commercial
      performance through timely, accurate and meaningful weekly and monthly
reports 



Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 







 

	• 	
      Monitor, report on and recommend improvements to the
      company’s financial, accounting and business information systems


	• 	
      Champion the PEN Group Risk Management systems within the
      Perth Corporate Headquarters and operational satellites. 

	• 	
      Develop, manage and coordinate the effective operation of
      the PEN Group financial/accounting systems and processes including
      development and refinement of relevant and appropriate policies and
      procedures 

	• 	
      Ensure that the PEN Group complies with all financial and
      accounting statutory obligations 

	• 	
      Ad-hoc financial analysis as needed by the Executive
      Chairman 

	• 	
      Develop and maintain relationships with external
      financial providers so that the Company is able to secure sources of
      funding that enable the Company to meet its objectives 

	• 	
      Develop and maintain relationships with major external
      stakeholders to the Company, namely shareholders, investment analysts,
      major suppliers, major customers and government / regulatory body
  

	  	
      

	 
    	  
	3. 	MAIN DUTIES AND TASKS 
	  	 
    
	  	 
    
	  	Management 
	  	 
    
	• 	Provide leadership and direction to the PEN Group management
      teams including; financial analysis, reporting & accounting,
      logistics, commercial, and IT 
	• 	Provide advice and assistance to optimise financial and
      commercial processes within the PEN Group 
	• 	Manage the following the PEN Group functions: 
	  	• 	Financial Reporting and Accounting 
	  	•  	Treasury
	  	• 	Taxation  
	  	•	Payroll
    
	  	• 	Insurance 
	  	• 	Information Technology and Systems 
	  	 
    
	  	 
    
	• 	Government agency liaison to ensure commercial, taxation and
      financial compliance 
	• 	Human Resources, Risk Management and Information Systems policy
      development, implementation and compliance 
	• 	Liaison with major contractors/suppliers 
	• 	Liaison with the PEN Group senior management teams 
	• 	Oversee the financial, accounting and commercial aspects of all
      PEN Group operating satellite’s 
	  	 
    
	  	Key short and medium term objectives
      (1 to 3 years): 


Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 






 


	• 	
      Review all budgeting, accounting, financial and reporting
      systems and procedures and implement “best practise” improvements where
      required 

	• 	
      Develop a standardised monthly reporting package,
      including operational and financial reports, for the PEN Group Board that
      is timely and accurate 

	• 	
      Review the 2012/2013 PEN Group budget and take
      responsibility for maintaining the budgeting process from appointment
    

	• 	
      Manage quarterly audit timetables and processes (post
      FY12) 

	• 	
      Provide input and financial analysis into evaluation of
      major capital programmes 

	• 	
      Develop detailed operating plans and consolidated budgets
      for delivery to the Board 

	• 	
      Develop a Company Policy and Procedures Manual 

	• 	
      Develop the appropriate debt and equity model for the
      Company to finance the initial stages of the Lance development 

	• 	
      Secure appropriate debt (or other form of finance) to
      enable the Company to develop the Lance project 

	• 	
      Develop a Delegation of Authority matrix to be applied
      across the PEN Group 

	  	
      

	  	
      

	  	
      Long term plans (>3 years): 

	  	
      

	• 	
      Cost optimisation across the PEN Group 

	• 	
      LOM of mine commercial review, including scenario
      analysis of different operational and pricing assumptions 

	• 	
      Develop the finance and commercial function across the
      PEN Group to support the transition through development into ongoing
      production and sales 

	• 	
      

	  	
      

	  	
      Initial KPI’s: 

	  	
      

	• 	
      Financial and commercial compliance and systems
      performance (Auditor approval) 

	• 	
      Timely provision of meaningful cost information to the
      PEN Group Board and Management teams 

	• 	
      Financial and cash flow forecasting provides timely and
      accurate information on which the PEN Group Board and management teams can
      make appropriate decisions to ensure the financial health of the business
      

	
      • 
	
      Arrangement of sufficient financing to facilitate the
      development of the Lance project through to steady state production in
      accordance with the development timetable approved by the Board 

	 	
      




Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 






 

	4. 	
      ORGANISATIONAL
RELATIONSHIPS



	
      
	Supervises 
	Direct 	 
	• 	Company Secretary, Senior Accountant;
      Bookkeeper; 
	Indirect 	 
	  	Satellite Operations CFO’s/ CAO’s/ Commercial
      managers 
	  	  
	Customers 	 
	  	  
	• 	Executive Chairman 
	• 	PEN Group Board 
	• 	Senior Management Teams




	5. 	EXTENT OF AUTHORITY 
	 	 
	As specified in Company Policy and Procedures Manual
      (to be documented) 



	6. 	POSITION REQUIREMENTS 
	  	  
	  	  
	Essential: 	 
	  	  
	•
	Strong
      reporting and communication skills 
	•
	Strong
      management skills 
	•
	Strong
      motivational and team development skills 
	•
	Strong
      understanding of business systems in an operational mining company 
	•
	Sound
      working knowledge of Australian Accounting regulatory systems and IFRS
  
	• 	Experience in dealing with auditors



Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 





 


	• 	A recognised accounting designation (CPA / CA
      preferred) 
	• 	Tertiary qualification in relevant discipline 
	• 	Extensive leadership experience within financial and
      commercial positions within the mining industry 
	• 	10-15
      years experience 
	  	  
	 	 
	Desirable:	  
	• 	Experience with Classic 
	• 	Sound
      working knowledge of USA and Republic of South Africa Financial Reporting
      Standards 
	• 	Experience in dealing with Regulatory agencies and officers
  
	• 	Knowledge of commodities marketing and experience
      in managing commodities sales from a transfer pricing perspective
  



	7. 	SPECIAL REQUIREMENTS OF THIS POSITION 
	• 	Experience and proven track record in financial and
      commercial functions 


Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 






 

Appendix 3 

INTERNET AND EMAIL USAGE POLICY 

This Internet and e-mail usage policy applies to all employees
and to external entities and their employees who are authorised to use the
Company’s Internet and Email solutions (‘Users’).

The policy applies to all information passed via the Internet
and e-mail, regardless of format (text, graphics, video, etc) or mechanism
(electronic mail, file transfer, attachment, etc). 

Access to the Internet and e-mail is provided as a Company
resource to be used for business purposes. PEN however will allow personal usage
on the condition it is reasonable and does not interfere with work activities.


To comply with Company policy, users 

	• 	May not intentionally interfere with the normal
      operation of resources for these services, including the propagation of
      junk mail, computer viruses, sustained high volume network traffic or
      hindering others in their use of the resources. 
	 	 
	• 	Must not allow use of their Internet and e-mail
      access by others. 
	 	 
	• 	May not examine, change or use another person’s
      files, messages or user access for which they do not have explicit
      authorisation. 
	 	 
	• 	Are prohibited from soliciting the receipt of,
      or transmission of, material that is illegal, obscene, pornographic,
      defamatory, racist or sexist. 
	 	 
	• 	Users are prohibited from soliciting the
      receipt of, or transmission of commercial software or copyright material.
    
	 	 
	• 	Are responsible for maintaining appropriate
      security measures for information stored as e-mail. 
	 	 
	• 	Will follow company virus protection measures
      for all information transmitted via the Internet and inform IT Support
      immediately a virus is detected. 
	 	 
	• 	Must report any security violations involving
      the Internet immediately and assist in investigating and resolving the
      problem. 
	 	 
	• 	Must take the same Duty of Care in drafting an
      email as they would for any other communication. 


Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064 






 

The Company reserves the right to 

	• 	
      Determine how and when to dispose of all information
      received via the Internet and/or e-mails. All messages, both incoming and
      outgoing, become the property of PEN and as such are subject to
      examination by authorised personnel at any time. 

	 	
       

	• 	
      Limit the size of incoming and outgoing messages.
  

	 	
       

	• 	
      Log and monitor all accesses to the Internet. 

	 	
       

	• 	
      Remove e-mail access or internet privileges from a user
      at any time. 



Peninsula Energy Limited - ABN: 67 062 409
303 
Level 2, 100 Railway Road, Subiaco,
WA,
PO Box 8129, Subiaco East, WA 6008

Phone: +61 (0) 8 9380 9920 Fax: +61 (0) 8 9381
5064