Directors’ Report Balance  Received as Upon Options Securities  Balance 1 July 2013  Remuneration  Exercised Purchased  30 June 14 Non-Executive Directors Peter Francis  89,487  - - 237,763  327,250 Mel Bridges  165,200  - - 226,544  391,744 John Chiplin  47,634  -  61,539  153,847  263,020 Iain Ross  30,000  -  -  36,364  66,364 Kevin Buchi 615,385 - - - 615,385 947,706 - 61,539 654,518 1,663,763 Specified Executives Peter French  332,615  -  - 9,939  342,554 Carl Stubbings  37,009  -  -  87,470  124,479 Michael Graham  47,448  - - - 47,448 David Suhy - - - - - Greg West  - - - - - 417,072 - - 97,409 514,481 2014 2013 2012 2011 2010 2009 Loss per share (cents per share)  (7.62)  (8.25)  (10.75)  (17.00)  (5.25)  (20.00) Dividends (cents per share) - - - - - - Net loss ($ 000’s) (6,889) (3,488) (4,113) (3,535) (4,641) -2,471 Share price ($’s) 1.15 0.38 0.43 0.70 0.65 0.58 Employment Contracts Payments to Related Parties of Directors Consequences of performance on shareholder wealth Number of Shares held by Key Management Personnel No shares were granted as remuneration to staff or directors In considering the Group’s performance and benefits for shareholder wealth, the Board have regard to the following indices in respect of the  current financial year and the previous five financial years: Legal services at normal commercial rates totalling $119,804 (2013: $103,492) were provided by Francis Abourizk Lightowlers, a law firm in which  Mr Peter Francis is a partner and has a beneficial interest. Consultancy fees were paid for executive duties totalling $40,000 (2013: $40,000) provided by NewStar Ventures Ltd, a corporation in which Dr  John Chiplin is a director and has a beneficial interest. The employment conditions of Dr Peter French, the Chief Executive Officer and Managing Director, are formalised in a contract of employment  prepared on his appointment as Chief Executive Officer and dated 4 June 2010. Dr French’s appointment with the Company may be terminated  with the Company giving six months’ notice or by Dr French giving six months’ notice. The Company may elect to pay Dr French an equal amount to  that proportion of his salary equivalent to six months’ pay in lieu of notice, together with any outstanding entitlements due to him. The Company  may, at any time, by notice in writing terminate Dr French’s contract immediately in the event of serious misconduct.  The employment conditions of Carl Stubbings, the Chief Business Officer, are formalised in a contract of employment dated 28 May 2012. Mr  Stubbing’s appointment with the Company may be terminated with the Company giving three months’ notice or by Mr Stubbings giving three  months’ notice. The Company may elect to pay Mr Stubbings an equal amount to that proportion of his salary equivalent to three month’s pay in  lieu of notice, together with any outstanding entitlements due to him. The Company may, at any time, by notice in writing terminate the contract  immediately in the event of serious misconduct. Benitec Biopharma Ltd  Annual Report 2014 Page 13