text: **Executive Directors**
  
  The Managing Director, Mr J C Ellice-Flint, is currently the only Executive Director. 
  
  Mr J C Ellice-Flint has an executive service agreement with the Company which continues until terminated by either party in accordance with 
  the agreement. 
  
  His remuneration comprises a base salary reviewed annually and an annual bonus calculated on a formula that includes components to measure 
  the growth of profitability, exploitable reserves and share price. 
  
  He also has an entitlement to 1,000,000 Restricted Shares, details of which are described in note 18(h) to the financial statements and holds 
  3,000,000 options under the Santos Executive Share Option Plan. 
  
  If the Company terminates Mr J C Ellice-Flint’s appointment without cause, the Company may at its option, in lieu of part or all of the notice 
  period of 24 months, pay to him an amount equal to a proportion or multiple of his annual base salary and the current year’s potential bonus 
  (excluding the application of any performance condition) at the time at which notice is given. 