Nyrada Inc - Annual Report 2021

Annual Report FY21 53 9. Issued capital (continued) Reorganisation If and for the period that the Company is admitted to the official list of ASX: • If there shall occur a reorganisation, recapitalisation, reclassification, consolidation or merger involving the Company (Reorganisation), then the rights of the Holder (including the number of Shares into which a Performance Share may be converted) will be changed to the extent necessary to comply with the listing rules of ASX applying to a reorganisation of capital stock at the time of the Reorganisation. • 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. 10. Reserves 2021 2020 $ $ Share-based payments reserve 4,726,913 2,204,324 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. 11. Dividends There were no dividends paid, recommended or declared during the current or previous financial year. 12. Income tax benefit The Company has income tax revenue losses of approximately $5,708,177 for which no deferred tax asset has been recognised.