NYRADA INC (ASX:NYR) 28 Key terms of employment contracts James Bonnar The Company has entered into an Executive Services Agreement (ESA) with James Bonnar (Bonnar). Under the ESA, Bonnar is employed by the Company to provide services to the Company as Chief Executive Officer on a full-time basis. The Company will remunerate Bonnar for his services with a base remuneration of $301,125 per annum, inclusive of superannuation and subject to annual review by the Company. The ESA may be terminated by either the Company or Bonnar for any reason on 6 months’ written notice, in which case the Company can elect for Bonnar to serve out all or part of that notice period and/or to pay Bonnar an amount in lieu of continuing his employment during all or part of that notice period. The ESA may also be terminated by the Company summarily at any time if Bonnar breaches a material term of the ESA, or engages in any act or omission constituting serious misconduct, in which case the Company need not make any payment to Bonnar other than accrued entitlements. Any discoveries and inventions made or discovered by Bonnar during the term of the ESA which relate to the Company's business must be disclosed to the Company and will remain the sole property of the Company. James Bonnar is also subject to restrictions in relation to: • the use of confidential information during and after his employment with the Company; and • being directly or indirectly involved in a competing business during and after his employment with the Company, on terms which are considered standard for agreements of this nature. Otherwise, the ESA is on terms considered standard for agreements of this nature. Non-executive Directors The Company maintains a Director Services Agreement with each Non-Executive Director. The Directors’ fees currently agreed to be payable by the Company under the Director Services Agreements are set out below: Name Annual Non-Executive Director Fees John Moore US$120,000 Peter Marks US$50,000 Rüdiger Weseloh US$50,000 Marcus Frampton US$50,000 Christopher Cox US$50,000 Ian Dixon US$50,000 Further, if a Director is a member of the Audit & Risk Committee and/or the Remuneration & Nomination Committee, the Company has agreed to pay that Director an additional US$5,000 per annum for each committee in respect of which that Director is a member. All Directors’ fees are exclusive of any superannuation that is required by law to be made by the Company. On appointment to the board, all non-executive Directors are required to sign a letter of appointment with the Company. The letter of appointment summarises the Board policies and terms, including compensation relevant to the office or director.
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