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## Directors’ Report –  Remuneration Report for the financial year ended 31 March 2014 continued 

## Testing of hurdles 

Under both performance hurdles, the objective is examined once only, effectively at the calendar quarter end immediately before vesting. If the condition is not met when examined, the PSUs due to vest will not be exercisable upon vesting. 

The PSUs which vested in July 2013 comprised the third tranche of those granted in 2009, the second tranche of those granted in 2010 and the first tranche of those granted in 2011. Tranche 3 of the 2009 grant and Tranche 2 of the 2010 grant did not become exercisable due to the performance hurdles not being met. Tranche 1 of the 2011 grant did not become fully exercisable due to the performance hurdles not being fully met. As a result: 

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PSUs that did not meet performance hurdles expired. 

## 1.3.7 No special contractual termination payments 

The following table summarises key features of the employment contracts for Executive Committee members including the CEO: 

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(1) Subject to compliance with local regulatory and legal requirements. In Australia, Executive Directors given notice by Macquarie may receive an additional week’s notice if they are over 45 years of age and have more than two years’ continuous service at the time of the termination of their employment. 

