Mr David Williams (appointed 29 November 2023) Mr David Williams has a Letter of Appointment with the Company dated 14 November 2023 to perform the role of Non‑Executive Chairman for an annual base fee of $90,090 plus superannuation entitlement (current at 30 June 2024). Mr Williams is not entitled to a termination or redundancy benefit. Dr Cumming (appointed 28 July 2020) Dr Geoffrey Cumming has a Letter of Appointment with the Company dated 23 July 2020 and was Non-Executive Chairman until the appointment of Mr Williams. As a Non-Executive Director Mr Cumming receives an annual base fee of $60,000 plus superannuation entitlement (current at 30 June 2024). Dr Cumming is not entitled to a termination or redundancy benefit. Mr Johnston and Mr Powell (appointed 17 June 2019) Mr Max Johnston and Mr Philip Powell have Letters of Agreement with the Company dated 17 June 2019 to perform the role of Non-Executive Director for an annual base fee of $60,000 plus superannuation entitlement (current at 30 June 2024). Both Directors are not entitled to a termination or redundancy benefit. Dr Hinch (appointed 7 November 2016) Dr Leearne Hinch has an Executive Employment Agreement with the Company dated 7 November 2016 to perform the role of Chief Executive Officer, under which Dr Hinch is paid a total fixed remuneration of $422,601 per annum plus superannuation payable under the Superannuation Guarantee Act (current at 30 June 2024). This arrangement can be terminated by either party by providing 6 months written notice, which based on current remuneration rates would amount to a termination payment of up to $210,034 if the full notice period is not served. A Short-Term Incentive (STI) bonus of $42,500 was paid during the financial year for the achievement of agreed key performance indicators (KPIs) for the 12 months to 30 June 2023. This STI was paid in November 2023. Dr Hinch may also be eligible for a Long-Term Incentive (LTI), being the grant of options. 250,000 options were issued to Dr Hinch during the financial year. Dr Rice (appointed 20 September 2021) Dr Greg Rice has an Employment Agreement with the Company dated 20 September 2021 to perform the role of Chief Scientific Officer of the Group with a total fixed remuneration of $282,601 per annum plus superannuation entitlement (current at 30 June 2024). This arrangement can be terminated by either party providing 3 months written notice, which based on current remuneration rates would amount to a termination payment of up to $68,677 if the full notice period is not served. A Short-Term Incentive (STI) bonus of $15,000 was paid during the financial year for the achievement of agreed key performance indicators (KPIs) for the 30 June 2023 year. This STI was paid in November 2023. Dr Rice was granted a further 50,000 options during the financial year. Mr Edwards (appointed 2 November 2022) Mr Mark Edwards has an Employment Agreement with the Group dated 21 September 2022 to perform the role of Chief Financial Officer and Company Secretary with a total fixed remuneration of $267,601 plus superannuation entitlement (current at 30 June 2024). The arrangement can be terminated by either party providing 3 months written notice. A Short-Term Incentive (STI) bonus of $15,000 was paid during the financial year for the achievement of agreed key performance indicators (KPIs) for the 30 June 2023 year. This STI was paid in November 2023. At the date of this report the Company does not have any other consultancy or employment agreements in place with KMP. Directors’ Report continued 26 INOVIQ Limited
RkJQdWJsaXNoZXIy MjE2NDg3