Icon Energy Annual Report 2023 33 33 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 2022/2023 financial year appear in the table below. Table 1: Service Agreements with Other Key Management Personnel Name 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 Resigned 27 September 2022 8. REMUNERATION OF EACH MEMBER OF KEY MANAGEMENT PERSONNEL AND DIRECTORS FOR THE CONSOLIDATED ENTITY Table 2: Directors and Key Management Personnel Remuneration for the year ended 30 June 2023 Short Term Postemployment Salaries & Fees (i) Other Benefits (ii) Superannuation Long-term Employee Benefits (iii) Terminatio n Benefits (iv) Total $ $ $ $ $ Non-executive Directors Stephen Barry 84,800 - 8,904 - - 93,704 Keith Hilless 31,400 - 3,297 - - 34,697 Ray James 111,124 - 11,668 - - 122,792 Jeffrey Marvin(v) 15,818 - 1,661 - - 17,479 Other Key Management Personnel Natalia Fraser (vi) 32,411 668 3,600 495 58,346 95,520 Total 275,553 668 29,130 495 58,346 364,192 (i) Salaries & Fees include annual leave paid during the year. (ii) Other Benefits represent accrued annual leave during the year. (iii) Long-term employee benefits represent only the long service leave accrued during the year. (iv) Termination Benefits include annual and long service leave paid out at termination. (v) Mr Marvin was appointed as a Non-Executive Director on 31 March 2023. The amounts represent accrued Directors’ Fees and Super during the reporting period. (vi) This represents Ms Fraser’s remuneration for the period to 27 September 2022.