22 FINANCIAL REPORT ALLUP SILICA Year Ending 30 June 2023 ALLUP SILICA LIMITED DIRECTORS’ REPORT (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. Campbell Smyth – Non-Executive Director – Services Agreement The Company has entered into an agreement with Campbell Smyth in respect of his appointment as a Non-Executive Director of the Company. Campbell Smyth will be paid a fee of $60,000 per annum (exclusive of statutory superannuation) for his services as Non-Executive Director and is also entitled to be reimbursed for all reasonable expenses incurred in performing his duties. The appointment of Campbell Smyth as a Non-Executive Director is otherwise on terms that are customary for an appointment of this nature. Mark Lester – Chief Financial Officer – Employment Agreement The Company has entered into an employment agreement with Mark Lester in respect of his appointment as Chief Financial Officer, with remuneration of $84,000 plus statutory superannuation, per annum. The employment agreement is ongoing and is on terms that are customary for an appointment of this nature. The agreement may be terminated by either party with four weeks’ written notice. Any termination payments will be as required by the relevant applicable employment law.
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