The Remuneration and Nomination Committee has considered remuneration mix both from a “Target” and “Maximum” opportunity perspective to ensure targets that are set are challenging to achieve, and any over‑performance paid is a result of significant and measurable achievement. The remuneration mix for Key Management Personnel for FY23 at award is as follows: Remuneration Report (audited) continued There was no LTI component for the Executive Director in the reporting period. Service agreements Name: Andrew Purcell Title: Executive Chairman Agreement commenced: 1 April 2021 Term of agreement: No fixed term Details: Mr Purcell’s fixed remuneration was $480,000 per annum (inclusive of statutory superannuation), effective 1 July 2022. The STI will be up to 50% of the fixed remuneration and paid in cash or shares or both at the discretion of the non-conflicted members of the Remuneration and Nomination Committee in consultation with the executive. The Executive Chairman’ LTI vested into shares of the Company in March 2022 following satisfaction of all conditions. Shareholder approval for his next LTI award will be sought at the company’s next general meeting. The executive can terminate the agreement with 3 months’ notice. The Company can terminate the agreement with 3 months’ notice, or payment in lieu thereof. Executive Director – at Maximum CFO – at Maximum Exploration Manager – at Maximum Senior Geologist – at Maximum Chief Geoscientist – at Maximum Executive Director – at Target CFO – at Target Exploration Manager – at Target Senior Geologist – at Target Chief Geoscientist – at Target Fixed Remuneration STI (at Risk) LTI (at Risk) 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 0% 26 Melbana Energy Limited Annual Report 2023
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