Nyrada Inc Annual Report 2020

NYRADA INC (ASX:NYR) 42 • Any calculations or adjustments which are required to be made will be made by the Board and will, in the absence of manifest error, be final and conclusive and binding on the Company and the Holder. • The Company must, within a reasonable period, give to the Holder notice of any change to the number of Shares into which a Performance Share held by the Holder may be converted. Redemption. If the Performance Shares have not been converted into Shares within five (5) years after the date of issue of the Performance Shares, then the Performance Shares held by a Holder at that date will be automatically redeemed by the Company for the sum of AUD1.00 within ten (10) Business Days of the expiration of that five (5) year period. 12. Equity – reserves Consolidated 2020 2019 $ $ Share based payments reserve 2,204,324 757,892 Other reserves - 762,045 2,204,324 1,519,937 Share-based payments reserve The reserve is used to recognise the value of equity benefits provided to employees and directors as part of their remuneration, and other parties as part of their compensation for services including Performance Shares and Convertible Notes options. Consolidated 2020 2019 $ $ Opening Balance 757,892 254,559 Transfer of share options reserve to Issued Capital (757,892) - Share based payment expense 2,204,324 503,333 2,204,324 757,892 Other reserves The other reserve relates to the deemed fair value of the equity conversion of the convertible notes issued by Nyrada in February 2018. Consolidated 2020 2019 $ $ Opening Balance 762,045 762,045 Transfer from Other Reserve upon conversion of Convertible Notes to Common Stock (762,045) - - 762,045