32 DIRECTORS’ REPORT Voting and comments made at the consolidated entity’s last Annual General Meeting The consolidated entity received 92.29% of “yes” votes on its Remuneration Report for the financial year ending 30 June 2021. The consolidated entity received no specific feedback on its Remuneration Report at the Annual General Meeting. Bonuses included in remuneration Details of short term incentive cash bonuses awarded as remuneration to each key management personnel are included in the above tables. Service agreements Under Remuneration and Nomination Committee policy, employment contracts are entered into with each of the executives who is considered to be KMP. Under the terms of the contracts, remuneration is reviewed at least annually. The employment contracts of KMPs include a termination clause whereby a party can terminate the agreement on notice. Such notice may vary between 4 weeks and 6 months. Under the terms of each contract, payment in lieu can be made by the consolidated entity to substitute the notice period. The consolidated entity may terminate the contracts at any time without cause if serious misconduct has occurred. In the event that employment is terminated for cause, no severance pay or other benefits are payable by the consolidated entity. Remuneration and other terms of employment for key management personnel are formalised in service agreements. Details of these agreements are as follows: Name: James Garner Title: Chief Executive Officer, Managing Director Agreement commenced: 1 February 2016 Term of agreement: Full-time employment Details: Base salary to be reviewed annually by the Remuneration and Nomination Committee. James’s appointment with the consolidated entity may be terminated with the consolidated entity giving 6 months’ notice or by James giving 6 months’ notice. The consolidated entity may elect to pay James equal amount to that proportion of his salary equivalent 6 months’ pay in lieu of notice, together with any outstanding entitlements due to him. The current base salary, as from 1 January 2022, is $543,000 including an allowance for healthcare benefits. Name: Karen Krumeich Title: Chief Financial Officer Agreement commenced: 3 January 2022 Term of agreement: Full time employment Details: Base salary for the year ending 30 June 2022 of USD400,000 and health care and insurance benefits, to be reviewed annually by the Remuneration and Nomination Committee. Karen's employment with the consolidated entity is at-will, and if terminated, it must pay any outstanding entitlements due to her. Name: John Friend Title: Chief Medical Officer Agreement commenced: 15 November 2021 Term of agreement: Full-time employment Details: Base salary for the year ending 30 June 2022 of USD492,000, a sign on bonus of USD120,000 paid after 60 days commencement and healthcare and insurance benefits to be reviewed annually by the Remuneration and Nomination Committee. John's employment with the consolidated entity is at-will, and if terminated, it must pay any outstanding entitlements due to him.
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