DIRECTORS’ REPORT CONT. REMUNERATION REPORT (AUDITED) (CONTINUED) 7. Executive contractual arrangements (continued) The Managing Director/Chief Executive Officer’s termination provisions are as follows: The Board has the discretion to determine that some or all of any unvested performance rights granted vest or cease to be restricted, or lapse or  are deemed to be forfeited. The executive service agreements for other senior executives generally reflect that of the Managing Director/Chief Executive Officer. Standard Key Management Personnel termination provisions are as follows: Other Key Management Personnel Notice period Payment in lieu of notice Treatment of STI on termination Treatment of LTI on termination Employer-initiated  termination 6 months Part or all of 6 months Not eligible Unvested portion  terminates Termination for serious  misconduct Nil  Nil  Not eligible Unvested portion  terminates Employee-initiated  termination 6 months Part or all of 6 months Not eligible Unvested portion  terminates Notice period Payment in lieu of notice Treatment of STI on termination Treatment of unvested options granted  under EOP upon termination Employer-initiated  termination 3 to 6 months Part or all of 3 to 6  months Not eligible  (Employer initiated other than redundancy)  - Vested Options may be exercised within 3  months. Unvested options lapse except at  Board discretion. Termination for  serious misconduct Nil  Nil  Not eligible Vested Options may be exercised within 3  months. Unvested options lapse except at  Board discretion. Employee-initiated  termination 3 to 6 months  Part or all of 3 to 6  months Not eligible Vested Options may be exercised within 6  months. Unvested options lapse except at  Board discretion. 32 Australian Agricultural Company Limited