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## 5. Summary of Executive Contracts 

Remuneration and other terms of employment for the Managing Director and Executive KMPs are formalised in employment contracts. 

Details of the employment contracts, as applied during the financial year, are as follows: 

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## 6. Managing Director’s remuneration 

## 6.1 Terms of appointment 

Mr Kelaher is employed under an unlimited duration service agreement. Under that agreement, Mr Kelaher receives fixed remuneration, a short-term incentive component, and an equity-based long-term incentive component, as discussed below. The fixed and short term incentive components of Mr Kelaher’s remuneration are subject to annual review by the Board. There are various performance and vesting conditions attached to the remuneration provided to Mr Kelaher under the terms of his agreement. 

Mr Kelaher can terminate his employment by giving IOOF three (3) months’ written notice. The Board can waive the requirement for him to serve out part or all of the notice period, although he would be entitled to the fixed remuneration for that portion of the notice period not served out. Any unvested incentives at the date of termination would lapse. 

The Company can terminate Mr Kelaher’s employment at any time by giving twelve (12) months’ written notice, or the Company can elect to make payment of fixed remuneration in lieu of part or all of the notice period that he is not required to serve out. The proportion (if any) of the short-term incentive and any unvested long-term incentives to which Mr Kelaher will be entitled in this event is at the discretion of the Board. 

In the event Mr Kelaher’s employment is terminated (except in the circumstances of misconduct), he will be paid an entitlement equal to twelve (12) months’ fixed remuneration plus unpaid leave entitlements, and an amount to reflect a pro-rated entitlement to STI for the period. 

