Base Salary  (Including Post  Notice/  Share Employment Benefit  Termination Termination Option  Entitlements)  Name  Term  Expiry  Period  Payments  Related Entity  Eligible  Amount Mr Edward Munks From Ongoing  In writing  Change  International Yes  $436,000  1 January 2011, 6 months  of control:  Corporate  ongoing  one year  Services  Pty Ltd  Other Group executive  Mr Juliano Macedo From Ongoing  In writing  Yes  $407,800  1 November 2010, 1 month  ongoing  Fair Value  Exercise Per Option  Date Vested  Price Per  at Grant  Grant Date  and Exercisable  Expiry Date  Option  Date  % Vested ESOP options  9 December 2009  13 November 2011  18 November 2013  $11.50  $3.32  - 3 September 2010  31 October 2012  31 October 2014  $9.77  $1.92  - 12 January 2011  31 October 2012  31 October 2014  $9.77  $2.03  - 18 November 2010  18 November 2010  18 November 2014  $9.77  $2.67  100.0 Other share options  23 November 2009  12 November 2012  12 November 2013  $14.07  $2.40  - 18 November 2010  18 November 2013  18 November 2014  $9.48  $2.75  - ^ Contract terms specify annual base salaries of $550,000 and $600,000 commencing 1 July 2012 and 1 July 2013 respectively. Minimum guaranteed  equity remuneration, which is subject to shareholder approval, of 200,000 other share options per annum is also included, together with the provision  of additional other share options that are subject to key performance indicators: total shareholder return (‘TSR’) expansion to equal or outperform the  ASX 200 Energy index in the reporting period prior to each tranche (weighting 50%); TSR to exceed 10% p.a. (weighting 25%); and the maintenance  of a zero incident safety record in the previous reporting period (weighting 25%). D. Share-based Remuneration Karoon Gas Australia Ltd  Annual Report 2011 27 Options are granted for no consideration. When exercisable, each option is convertible into one ordinary share of the Company. The Company has one ESOP, which was approved by shareholders at the 2009 Annual General Meeting. Options are issued to other key management personnel as part of their remuneration to increase goal congruence between  senior executives and shareholders in accordance with the Senior Executive Remuneration Policy. The Company also grants other share options to Directors. Options issued to Directors are approved on a case-by-case basis by  shareholders at relevant general meetings. During the financial year 900,000 options over unissued ordinary shares of the Company were issued to Directors and other key  management personnel (refer to Note 28(c) of the financial statements). The terms and conditions of each grant of options over unissued ordinary shares in the Company affecting remuneration in the  current or a future financial year are as follows: The contracts for service between the Company, other key management personnel and other Group executive are on a continuing  basis, the terms of which are not expected to change in the immediate future.