42 REMUNERATION REPORT (AUDITED) 7.  EXECUTIVE SERVICE AGREEMENTS  7.1 TeRMinATion oF eMPloyMenT WiTH noTiCe oR WiTH PAyMenT in lieu oF noTiCe  Table 10 7.2 TeRMinATion oF eMPloyMenT WiTHouT noTiCe  8. REMUNERATION OF NON-EXECUTIVE DIRECTORS  The remuneration and other terms of employment for the executive KMP are set out in written agreements. These service  agreements are unlimited in term but may be terminated by written notice by either party or by the Company making payment  in lieu of notice. They may also be terminated with cause as set out below. Each agreement sets out the Fixed Remuneration,  performance-related bonus opportunities, termination rights and obligations and eligibility to participate in the LTI. Key details of executive service agreements are set out below.  The Company may terminate the employment of the executive at any time by giving the executive notice of termination or  payment in lieu of such notice. The amount of notice required from the Company in these circumstances is set out in the table  below. If the Company elects to make payment in lieu of all or part of the required notice, the payment is calculated on the basis  of fixed remuneration excluding bonuses and non-cash incentives. Also set out in the table below is the notice that the executive is required to give.  (1) Participant in the Fairfax defined benefit superannuation scheme. The Company may terminate the employment of the executive without notice and without payment in lieu of notice in some  circumstances. Generally this includes if the executive: a) commits an act of serious misconduct b) commits a material breach of the executive service agreement c) is charged with any criminal offence which, in the reasonable opinion of the Company, may embarrass or bring the Fairfax  Group into disrepute, or d) unreasonably refuses to carry out his or her duties including complying with reasonable, material and lawful directions  from the Company. Under the Fairfax Constitution, the aggregate remuneration of Non-Executive Directors is set by resolution of shareholders.  The aggregate was last reviewed by shareholders at the 2010 Annual General Meeting and set at $2,100,000 per annum.  Within this limit, the Board annually reviews Directors’ remuneration with advice from the P&CC. The Board also considers  survey data on Directors’ fees paid by comparable companies, and any independent expert advice commissioned.  The Board resolved that there would be no increase in Directors’ fees in 2013.  The Board also resolved that fees will no longer be paid for Nominations Committee membership effective 1 January 2013.  The Chairman of the Board agreed to a reduction in his Directors fees from 1 January 2013 by $35,970.  All Directors have also agreed to reduce Directors’ base fees by a further 10% from 1 July 2013.  NAME OF EXECUTIVE COMPANY TERMINATION  NOTICE PERIOD EMPLOYEE TERMINATION  NOTICE PERIOD POST-EMPLOYMENT RESTRAINT Greg Hywood 12 months 6 months 12 month no solicitation of employees or clients 6 months no work for a competitor of the Fairfax Group David Housego 12 months 4 months 12 month no solicitation of employees or clients 6 months no work for a competitor of the Fairfax Group Gail Hambly (1)  18 months 3 months 12 month no solicitation of employees or clients 6 months no work for a competitor of the Fairfax Group Allen Williams 12 months 6 months 12 month no solicitation of employees or clients 6 months no work for a competitor of the Fairfax Group