TOURISM NOOSA FUNDING AND PERFORMANCE DEED 2026–2029 · ATTACHMENT 1_Tourism Noosa Funding and Performance Deed 2026-2029

         (c)       Third Instalment: $1,000,000 (excluding GST) on or before 31 January each
                   Financial Year.

2.2      For the Financial Year 2026–27 (year 1) of the Term, the First Instalment, Second
         Instalment and Third Instalments are payable in full and are not subject to any in-year
         performance adjustment.

2.3      For the Financial Years 2027–28 and 2028–29 (years 2 and 3 of the Term), and during
         any Further Term, the Second Instalment may be subject to the Performance
         Adjustment in accordance with clause 2.4. The Third Instalment is payable in full and is
         not subject to any in year performance adjustment. For clarity, at the expiration of the
         Term where the Deed is not renewed, the Performance Adjustment will not be applied,
         as the Deed is at an end.


2.4      Performance Adjustment

         (a)       TN must provide Council with the Annual Outcome Report;

         (b)       From Financial Year 2027–28 of the Term and each year following (including
                   any Further Term), on or after 31 July of each year, Council will assess the
                   Annual Outcome Report of the previous financial year to determine whether or
                   not TN has discharged its obligations under this Deed:

         (c)       Council will, acting reasonably and based on the Annual Outcome Report,
                   assess the extent to which the KPIs and Target Metrics for the prior Financial
                   Year have been achieved*;

         (d)       If the KPIs and Target Metrics have not been fully achieved, Council may
                   deduct up to the Performance Adjustment from the Second Instalment of the
                   relevant Financial Year in accordance with the KPI priority and points system
                   calculation set out in Schedule 2;

         (e)       Council must notify TN in writing of any Performance Adjustment no later than
                   the date on which the Second Instalment falls due and provide reasons
                   identifying the KPIs and Target Metrics not achieved and the basis for the
                   deduction applied.

                   *Achieved = Pass or Fail

                   For clarity, to achieve a ‘Pass’ for a KPI (column 2 in Schedule 1), all associated
                   Target Metrics (column 3 of Schedule 1) for that KPI must be completed to the
                   satisfaction of Council.

2.5      Underperformance Review and Termination Rights

         (a)       If Council’s assessment under clause 2.4(c) determines that TN has achieved
                   less than 50% of the KPIs and Target Metrics for any Financial Year, Council
                   must issue a notice to TN to meet to conduct a performance review




 Tourism Noosa Funding Deed, 2026-29                                                           Page 7