Icon Energy Annual Report 2019

The Directors of Icon Energy Limited present this Remuneration Report for the Consolidated Entity for the year ended 30 June 2019. The information provided in this report has been audited as required by the Corporations Act 2001 (Cth) and forms part of the Directors’ Report. This Remuneration Report sets out remuneration information for Icon Energy’s Key Management Personnel (KMPs) including the following persons who were Non-Executive Directors and senior executives during the financial year: Table 1: Icon Energy’s Key Management Personnel Name Position Held Non-Executive Directors Stephen Barry Chairman Dr Keith Hilless Director Howard Lu Director Derek Murphy Director – Retired 31 August 2019 Executive Directors & Senior Managers Ray James Managing Director Dr Kevin Jih Executive Director, Chief Financial Officer & Company Secretary – Retired 31 August 2019 Martin Berry Exploration Manager – Retired 6 September 2019 1. REMUNERATION FRAMEWORK The Company’s Remuneration framework is designed to ensure that: −− Executive and Senior Managers receive competitive and reasonable market-based levels of base remuneration; −− Bonuses and other incentives for Employees and Executives and Senior Managers who perform well in their duties are only payable if they are approved by the Board and in the case of proposed issues of shares or other securities to Directors, by shareholders as well. 2. ROLE OF THE REMUNERATION, NOMINATIONS AND SUCCESSION COMMITTEE The Remuneration, Nominations and Succession Committee is responsible for making recommendations to the Board on remuneration policies. The Committee, where necessary, obtains independent advice on the remuneration packages offered to potential employees. The Company’s broad remuneration policy ensures that each remuneration package is properly aligned to the person’s duties and responsibilities and that remuneration is competitive in attracting, retaining and motivating people of the highest quality. The Remuneration, Nominations and Succession Committee Charter sets out the Board's policy for the nomination and appointment of directors and the process for the evaluation of the performance of senior executives. The performance of the Managing Director is evaluated by the Committee on an annual basis in accordance with the procedures set out in the Committee’s Charter. The Corporate Governance Statement provides further information on the role of the Committee. The Committee also reviews and approves the outcomes for the Managing Director’s direct reports on the recommendation of the Managing Director and reviews incentive programs and employment terms offered to the wider group. Key Points −− No short-term incentives or long-term incentives were issued by Icon for the 2018-2019 financial year. −− There are no performance rights issued to executives or staff which might vest in the future. −− Executive salary increases for 2018-2019 were restricted to CPI increases. −− Mr James’ base salary under his contract to reduce by 60% with effect from 1 September 2019, without affecting accrued entitlements to annual leave and long service leave. Remuneration Report – Audited for the year ended 30 June 2019 28 Icon Energy Annual Report 2019

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