21 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 ALLUP SILICA LIMITED DIRECTORS’ REPORT (iv) by the Company, at any time with written notice and without payment (other than entitlements accrued to the date of termination) as a result of any occurrence which gives the Company a right of summary dismissal at common law; and (v) by the executive immediately, by giving notice, if the Company is in breach of a material term of its agreement with him. The agreement otherwise contains industry-standard provisions for a senior executive of a public company that is seeking a listing on the Official List of the ASX. Nick Revell – Executive Director - Services Agreement (resigned 7 March 2023) The Company and a related entity to Nicholas Revell have entered into an executive services agreement for his role as Executive Director. This agreement commenced upon successful listing on the Official List of the ASX. The principal terms of the agreement are as follows: (a) A base salary of $120,000 per annum (exclusive of GST). (b) The agreement may be terminated: (i) by either party without cause with 6 months' written notice, or in the case of the Company, immediately with payment in lieu of notice; (ii) by the Company with 6 month’s notice, or immediately with payment in lieu of notice if the executive is unable to perform his duties under the agreement for three consecutive months or a period aggregating to three months in a 12 month period; (iii) by either party with 6 months' written notice if the executive's role becomes redundant. If the Company terminates the employment of the executive within 12 months of a Change of Control it will be deemed to be a termination by reason of redundancy. If the Company terminates for reason of redundancy it shall be obliged to pay the executive for any notice period worked. In addition, it will be required to pay any redundancy amount payable under applicable laws, an amount equal to 6 months' base salary (less tax) and any accumulated entitlements; (iv) by the Company, at any time with written notice and without payment (other than entitlements accrued to the date of termination) as a result of any occurrence which gives the Company a right of summary dismissal at common law; and (v) by the executive immediately, by giving notice, if the Company is in breach of a material term of its agreement with him. Gavin Ball – Executive Director/Non-Executive Director - Services Agreement The Company and a related entity to Gavin Ball have entered into an executive services agreement for his role as Executive Director. Gavin ceased to be an Executive Director on 7 March 2023 and was a Non-Executive Director from 7 March 2023. This agreement commenced upon successful listing on the Official List of the ASX. The principal terms of the agreement are as follows: (a) A base salary of $120,000 per annum (exclusive of GST). The base salary was reduced to $60,000 per annum (exclusive of GST) on 7 March 2023, with the change from Executive to Non-Executive Director. (b) The agreement may be terminated: (i) by either party without cause with 6 months' written notice, or in the case of the Company, immediately with payment in lieu of notice; (ii) by the Company with 6 month’s notice, or immediately with payment in lieu of notice if the executive is unable to perform his duties under the agreement for three consecutive months or a period aggregating to three months in a 12 month period;
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