Icon Energy Limited Annual Report 2022

32 Since 2017, the Board decided not to seek shareholder approval for any new plan. There were no remuneration consultants used by the Company during the year ended 30 June 2022 or in the prior year. 4. FIXED REMUNERATION Fixed remuneration consists of the base remuneration calculated on a total cost basis and includes FBT charges on employee benefits, if relevant, as well as contributions to superannuation funds. Remuneration levels are reviewed annually. Senior executives were restricted to CPI increases over the financial year. 5. SHORT-TERM INCENTIVES The Company did not issue Short-term Incentives (STI) for the 2021-22 year. 6. LONG-TERM INCENTIVES The Company did not issue Long-term Incentives (LTI) for the 2021-22 year. 7. SERVICE AGREEMENTS The Company has a policy that service agreements with Executive and Senior Managers should be limited in term and include termination clauses of between two and twelve months. The Company may make a payment in lieu of notice equal to the base amount prescribed in the service agreement for a specified period, and in respect of Executive Directors subject to the limits prescribed by section 200G of the Corporations Act 2001, or that determined by the Board and subject to shareholder approval at the time. In addition, accrued statutory benefits and superannuation benefits are payable. Details of the service agreements/contracts in force during the 2021/2022 financial year appear in the table below. Table 2: Service Agreements with Executive Directors 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 N Fraser 29-Aug-19 2 months 2 months Payment in lieu of notice based on FR Remuneration Report – Audited for the year ended 30 June 2022 28 Icon Energy Annual Report 2022

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