*   The percentage of total remuneration consisting of options, based on the value of options expensed in the consolidated statement of comprehensive  income during the previous financial year. ^,# Denotes one of the five highest paid executives of the Group (^) and/or Company (#), as required to be disclosed under the  Corporations Act 2001. The amounts disclosed for the remuneration of Directors and other key management personnel include the assessed fair values  of options granted during the financial year, at the date they were granted. The value attributable to options is allocated to  particular financial periods in accordance with  AASB 2 ‘Share-based Payment’ , which requires the value of an option at grant date  to be allocated equally over the period from grant date to vesting date, adjusted for not meeting the vesting condition. For options  that vest immediately, the value is disclosed as remuneration immediately, in accordance with the accounting policy described in  Note 1(p) of the financial statements. Fair values of options are assessed under the Black-Scholes option pricing model. The Black-Scholes option pricing model takes  into account the exercise price, the term of the option, the share price at grant date and expected price volatility of the underlying  share, the expected dividend yield and the risk-free interest rate for the term of the option. 25 Karoon Gas Australia Ltd  Annual Report 2011 Share-  Post-  Long-  based  Ended  Employment  Term Payments  30 June 2010  Short Term Benefits  Benefits  Benefits  Expense  Long  Cash  Non-  Super-  Service   Remuneration  Salary  Monetary  annuation  Leave  Consisting  Total  and Fees  Benefits  Contributions  Provision  Options  of Options# * Remuneration  Name  $  $  $  $  $  %  $ Executive Directors  Mr Robert Hosking  400,000  9,925  -  -  305,607  42.7  715,532 Mr Mark Smith  366,972  5,780  33,027  -  281,778  41.0  687,557 Non-Executive Directors  Mr Geoff Atkins  55,000  -  4,950  -  263,836  81.5  323,786 Mr Stephen Power  55,000  -  4,950  -  263,836  81.5  323,786 Total Directors’  remuneration  876,972  15,705  42,927  -  1,115,057  2,050,661 Other key management personnel (Group)  Mr Scott Hosking ^# 229,358  3,934  20,642  -  720,000  73.9  973,934 Mr Tim Hosking ^# 201,835  3,141  18,165  -  552,000  71.2  775,141 Mr Lino Barro ^# 275,229  -  24,771  -  324,611  52.0  624,611 Mr David Ormerod ^# 247,706  -  22,294  -  167,020  38.2  437,020 Mr Jorg Bein ^# 243,119  -  21,881  -  324,611  55.1  589,611 Total other key management personnel remuneration (Group)  1,197,247  7,075  107,753  -  2,088,242  3,400,317 Total key management personnel remuneration (Group)  2,074,219  22,780  150,680  -  3,203,299  5,450,978