(b) Remuneration of Key Management Personnel Directors and other key management personnel remuneration is summarised as follows: Consolidated Restated 2021 2020 US$’000 US$’000 Short‑term employee benefits 2,390 2,193 Post‑employment benefits 175 137 Long‑term employee benefits (non‑cash) 18 16 Termination benefits 470 – Share‑based payments expense 2,764 643 Total key management personnel remuneration 5,817 2,989 Detailed remuneration disclosures for the Directors and other key management personnel are provided in Sections 5 of the audited Remuneration Report on pages 65 to 74. In addition to the above, the Group is committed to pay other key management personnel up to $897k (2020: $1,657k, which also included the former Managing director) in the event their role is fundamentally reduced upon a change in control of the Group. Termination of the Executive Director’s and other key management personnel’s employment is subject to a minimum notice period as disclosed in Section 5 of the audited Remuneration Report. Apart from the details disclosed in this note, no Director or other key management personnel has entered into a material contract with the Group since the end of the previous financial year and there were no material contracts involving Directors’ or other key management personnel interests subsisting as at 30 June 2021. (c) Other Related Party Transactions Within the Group During the financial year, Mr José Coutinho Barbosa, a Non‑Executive Director, had an interest in Net Pay Óleo & Gás Consultoria Ltda that provided business and geology consulting services to the Group. The value of these transactions from 1 July 2020 to the date of his retirement of 27 November 2020 was $103,927 (2020: $254,562). Given Karoon’s size relative to other operators in Brazil, the consulting services provided by Net Pay Óleo & Gás Consultoria Ltda were required for Karoon to operate effectively within the Brazilian oil industry. The Consultancy Agreement under which such services were provided was terminated with effect on and from 28 February 2021. During the financial year, Ms Flavia Barbosa, the daughter of a Non‑Executive Director (who retired on 27 November 2020), was employed by the Group as the in‑house Legal Counsel in Brazil. The total value of her remuneration (including share‑based payments expense) from 1 July 2020 to 27 November 2020 was $112,724 (2020: $151,048). Ms Barbosa has been an employee of the Company since 2011 and has a comprehensive understanding of the Brazilian legal and regulatory framework. During the financial year, Ms Marina Sayão, the wife of Mr Tim Hosking (a KMP until 31 March 2021), received a payment relating to 2019 STIs during the financial year of $8,110 (2020: $122,531). The prior financial year included remuneration Ms Sayão received as the Sustainability and Communications Manager, South America until the position was made redundant during the 2020 financial year and she ceased as an employee. (d) Related Party Payables As part of his ‘At Risk’ remuneration Mr Scott Hosking was issued cash‑settled share‑based payments for which a liability is recognised based on fair value earned by the end of the reporting period. The balance outstanding included in current trade and other payables is $250,397 (2020: $35,661) and in non‑current trade and other payables $435,781 (2020: $154,730). The previous year also included amounts for Mr Tim Hosking and Ms Flavia Barbosa. Karoon Energy Ltd 123 Annual Report 2021