Icon Energy Limited - page 42

42 ICON ENERGY LIMITED 2015 Annual Report ABN 61 058 454 569
REMUNERATION REPORT – AUDITED
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 Executives, if the Board terminates an Executive’s employment, the Executive 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 Sec of Section
200G of the Corporations Act 2001 or that determined by the Board and subject to shareholder approval at the time.
ii. a pro-rata payment in respect of the Executives’ participation in the Performance Rights Plan for the year in which the
Executive’s termination occurs in accordance with the Plan Rules as varied from time to time. As the employment
relationship has ceased, the Executive will not be eligible to any further share or option grants in that year. The
Executive will receive the equivalent value of this benefit in cash based on achievement of the Plan’s performance
targets for the part year that the Executive serves with the Company running from the date of the yearly grant to the
Executive’s Termination Date.
iii. Any shares or bonuses that would be paid are payable and all “rights” granted but have not vested will vest as at the
termination date;
Table 5: Service Agreements with Executive and Senior Managers
6 months 12 months 1 January 12 R James
6 months 12 months 11 August 10 K Jih
2 months 2 months 1 August 13 M Berry
Payment in lieu of
notice based on FR
Discretion of Board to
pay portion of STI & LTI
Payment in lieu of
notice based on FR
Discretion of Board to
pay portion of STI & LTI
Payment in lieu of
notice based on FR
Discretion of Board to
pay portion of STI & LTI
STI: May earn up to
50% of FR
LTI: May earn up to
50% of FR
STI: May earn up to
40% of FR
LTI: May earn up to
40% of FR
STI: May earn up to
30% of FR
LTI: May earn up to
20% of FR
Date of
Contract
Name of
Executive
Termination
by Icon
(without
cause)
Termination
by
employee
Termination
Payments
(where terminated
by Company)
STI &LTI
Entitlements