Company: PRMLF
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0001641172-25-000043
Chunk: 543

Company: NexMetals Mining Corp.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 9B
Chunk 543
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All
RSUs granted under the RSU Plan shall be and remain subject to any incentive compensation clawback or recoupment policy currently in
effect or as may be adopted by the Board.

Employment,
Consulting and Management Agreements

The
following is a description of the material terms of each agreement or arrangement under which compensation was provided during the financial
year ended December 31, 2024, or is payable in respect of services provided to the Company or any of its subsidiaries that were performed
by a director or executive officer.

-50-

Keith
Morrison

Keith
Morrison and the Company entered into an employment agreement dated December 15, 2014, setting out the terms and conditions of Mr. Morrison’s
employment as Chief Executive Officer of the Company.

Effective
on June 1, 2018, the Company and Mr. Morrison agreed to amend the terms of Mr. Morrison’s employment from direct employment to
contracted consultant. In connection with the foregoing, the Company and Lacnikdon Limited, a private company controlled by Mr. Morrison,
entered into a service agreement, pursuant to which Lacnikdon Limited provided the services of Mr. Morrison as the Company’s Chief
Executive Officer. In 2022, the Company terminated its agreement with Lacnikdon Limited and entered into a services agreement with Breniklan
Limited, a private company controlled by Mr. Morrison for his continuing service as Chief Executive Officer of the Company. Under the
services agreement, Breniklan Limited was entitled to a monthly service fee of $48,697.04. All such amounts were paid to Mr. Morrison
and attributable to the services he provided to the Company.

In
anticipation of Mr. Morrison’s retirement from the Company, the agreement with Brenicklan was amended on December 1, 2024. The
Company will pay Brenicklan Limited a total of $1,168,728.96, payable in 24 equal monthly instalments of $48,697.04 beginning January
31, 2025, and ending December 31, 2026. This amount is payable to Brenicklan Limited irrespective of any future services to be provided
by Mr. Morrison. The contract with Mr. Morrison will terminate on December 31, 2026, and consideration for any future services provided,
of which will only be at the request of the Company, will be payable at an hourly rate of $450. Under the amended agreement, Mr. Morrison
will