Subsection 200B(1) does not apply to:

(a)

a benefit given in connection with a person's retirement from an office in relation to a company if the benefit is:

(i)

given under an agreement entered into before 1 January 1991 if giving the benefit in accordance with the agreement would have been lawful if the benefit were given when the agreement was entered into; or

(ii)

a genuine payment by way of damages for breach of contract; or

(iii)

given to the person under an agreement made between the company and the person before the person became the holder of the office as the consideration, or part of the consideration, for the person agreeing to hold the office; or

(iv)

a payment made in respect of leave of absence to which the person is entitled under an industrial instrument; or

(b)

a benefit given in prescribed circumstances.