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Thomas Brankin was appointed to the Board on 7 May 2013. He does not receive director fees and is instead remunerated for executive services. Thomas Brankin was paid $120,000 for his executive services to Promisia during FY24. These services included various due diligence investigations on potential acquisitions, work on negotiating and documenting the conditional acquisition of Golden View Lifestyle Village and Ripponburn Lifestyle Village (announced subsequent to balance date) and investigating other development initiatives at Promisia's existing facilities. Promisia entered into an agreement to provide services with Design Care Group Limited under which Thomas Brankin is to provide executive and strategic services to Promisia in order to grow its operations and property holdings in the aged care sector. The Agreement commenced on 1 April 2023 and continues until terminated by either party on one month prior notice. Under the Agreement: Thomas Brankin is paid a monthly fee of $10,000 plus GST. This payment replaced Director fees previously paid to Thomas Brankin. A transaction fee is to be paid upon Promisia acquiring or disposing of any aged care business or real property as a result of Mr Brankin's services. The transaction fee will be the lesser of $75,000 plus GST and 1% of the aggregate purchase price paid or payable (or in the case of a disposal, received or to be received) by Promisia in respect of the transaction (plus GST).
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