Details of existing employment agreements between the Company and the Executive Director and other KMP are as follows: Notice/ Termination Share Option Performance Name Term Expiry Period Termination Payments Eligible Right Eligible Executive Directors Dr Julian Fowles From Ongoing In writing Not applicable. Yes Yes 27 November 2020, six months ongoing Other KMP Mr Scott Hosking Ongoing Ongoing In writing Fundamental change upon a Yes Yes six months change of control: one year, two weeks’ salary for each year of service. Mr Edward Munks From 1 July 2011, Ongoing In writing Fundamental change upon a Yes Yes ongoing six months change of control: one year. Mr Ricardo Abi‑RamiaOngoing Ongoing In writing Not applicable (statutory Yes Yes one month entitlements). All termination payments are subject to the limits prescribed under Section 200B of the Corporations Act 2001 . Other than in respect Mr Scott Hosking who will cease as an employee during the financing year ending 30 June 2022, and subject to any further changes to the executive team as a result of recent executive appointments, the employment agreements of executives are on a continuing basis, the terms of which are not expected to change in the immediate future. Section 4. Independent Non‑Executive Chairman and Non‑Executive Directors Fees and payments to the independent Non‑Executive Chairman and other Non‑Executive Directors reflect the demands, which are placed on, and the responsibilities of the Directors of Karoon. The Company reviews Independent Non‑Executive Chairman and other Non‑Executive Director remuneration annually and assesses the change to the Company’s activities and overall responsibilities of each Non‑Executive Director. Subject to a 20% reduction between 1 July 2020 to 31 October 2020, there have been no changes to Non‑Executive Directors’ base or individual committee fees during the course of the financial year ending 30 June 2021. The tables at the end of this section provides a summary of Karoon’s Non‑Executive Director fee policy for the 2021 financial year. Non‑Executive Director fees are determined within an aggregate Directors’ fee pool limit, which is periodically approved by shareholders. The maximum aggregate amount, including superannuation contribution, that may be paid to Non‑Executive Directors of the Company as remuneration for their services per annum is A$1,200,000, as approved by shareholders at the Company’s 2015 Annual General Meeting. For the financial year ended 30 June 2021, the total fees paid to Non‑Executive Directors was A$838,917. Superannuation contributions are paid, in accordance with Australian superannuation guarantee legislation, on Directors’ fees paid to Australian resident Non‑Executive Directors. Share‑based Remuneration Non‑Executive Directors do not ordinarily receive performance‑related remuneration. The Company has determined that it will not grant bonus or incentive related share‑based remuneration to Non‑Executive Directors. Non‑Executive Directors will continue to be encouraged to purchase ordinary shares in the Company on‑market in accordance with the Director Minimum Shareholding Policy. Retirement Allowance for Directors Karoon does not provide any Non‑Executive Director with a retirement allowance. Karoon Energy Ltd 63 Annual Report 2021