Icon Energy Annual Report 2019

7. SERVICE AGREEMENTS The Company has a policy that service agreements with Executive and Senior Managers are limited in term and include termination clauses of between one and twelve months. Service agreements were in place at 30 June 2019 for the Managing Director (Mr Raymond James), the Chief Financial Officer & Company Secretary (Dr Kevin Jih – retired 31 August 2019) (both “Executive Directors”) and the Exploration Manager (Mr Martin Berry – retired 6 September 2019). The service agreements with the Executive Directors run for a period of five years from the date of engagement or renewal and set out the duties and obligations of the respective parties with the exception of the Managing Director which will run for three years from 1 January 2017 until 31 December 2019. The contracts provide that the agreements may be terminated by either party providing up to twelve months’ notice as shown in the table below. The Company may make a payment in lieu of notice equal to the base amount prescribed in the service agreement for a specified period. In addition, accrued statutory benefits and superannuation benefits are payable. For the Executive Directors, if the Board terminates an Executive Director’s employment, the Executive Director will receive, in addition to any payment in lieu of notice: i. a termination payment of the greater of the amount calculated under subsection 3 and subsection 4 of Section 200G of the Corporations Act 2001 or that determined by the Board and subject to shareholder approval at the time. Table 2: Service Agreements with Executive and Senior Managers Name of Executive Date of Contract Termination by Icon (without cause) Termination by employee Termination Payments (where terminated by Company) STI & LTI Entitlements not applicable R James 1-Jan 17 12 months 6 months Payment in lieu of notice based on FR K Jih 11-Aug-15 12 months 6 months Payment in lieu of notice based on FR Retired 31 August 2019 M Berry 1-Aug-13 2 months 2 months Payment in lieu of notice based on FR Retired 6 September 2019 Remuneration Report – Audited for the year ended 30 June 2019 30 Icon Energy Annual Report 2019