Company: BWAY
Filing Date: 2025-04-22
Form Type: 20-F
Source: 0001171843-25-002347
Chunk: 175

Company: Brainsway Ltd.
Filing Date: 2025-04-22
Form: 20-F
Item: Item 7
Chunk 175
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 the resale of the ADSs sold in the Valor Private Placement, as well as the securities underlying the Valor Warrant. On November 5, 2024, we entered into an amendment to the Valor registration rights agreement providing that such registration statement will be filed within three business days after the filing of our Annual Report on Form 20-F for the fiscal year ended December 31, 2024.
 

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The Valor Private Placement was consummated on November 5, 2024 after our shareholders approved its terms, the appointment of Jonathan Shulkin as a member of our Board of Directors and amendments to our articles of association. For more information see “Item 6.C. Board Practices” above.
 
Employment Agreements
 
We have entered into written employment agreements with each member of our senior management. These agreements provide for notice periods of varying duration for termination of the agreement by us or by the relevant executive officer, during which time the executive officer will continue to receive base salary and benefits. These agreements also contain customary provisions regarding noncompetition, confidentiality of information, and assignment of inventions. However, the enforceability of the noncompetition provisions may be limited under applicable law. See “Risk Factors—Risks Related to Employee Matters—Under applicable employment laws, we may not be able to enforce covenants not to compete.”
 
Employment Agreement with Hadar Levy our Chief Executive Officer
 
In March 2023 we entered into an employment agreement with Hadar Levy reflecting his compensation package and other terms as our new CEO. The terms were approved by our shareholders in the annual general meeting held on March 20, 2023. The following is a description of Mr. Levy’s compensation package, effective as of the date that Mr. Levy was appointed as the CEO, namely February 13, 2023: Annualized gross base salary of NIS 1,020,000 (calculated on the basis of NIS 85,000 monthly); Performance-based bonus in a gross amount not exceeding six (6) months of then current base salary based on achievement of the milestones, goals and targets to be set each year by the Board; 320,000 options to purchase Ordinary Sharers of the Company, at an exercise price based on the closing price of the Company on the last trading day prior to the date of the shareholders meeting, namely March 19, 2023, subject to standard terms our 2019 Plan and compliance with all applicable laws. The options are subject to our standard