Company: PRMLF
Filing Date: 2025-05-13
Form Type: 10-Q
Source: 0001641172-25-010011
Chunk: 115

Company: NexMetals Mining Corp.
Filing Date: 2025-05-13
Form: 10-Q
Item: Item 2
Chunk 115
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 Mr. Lekstrom’s employment is terminated
by Mr. Lekstrom himself for good reason or by the Company without cause, in each case as set out and defined in the employment agreement
(other than on account of Mr. Lekstrom’s death or Permanent Disability) in either case within 18 months following a Change of Control
of PREM, on such termination date, he shall be entitled to: (i) a lump sum payment in lieu of notice equal to 1.5 times the sum of Mr.
Lekstrom’s base salary plus Mr. Lekstrom’s target performance bonus, as set out and defined in the employment agreement, in
addition to any other payments owed to Mr. Lekstrom, as well as the continuation of medical, dental and pension benefits for a period
of 18 months; and (ii) any securities convertible into or exchangeable for securities or shares of the Company or any affiliate or any
other equity linked entitlements related to the Common Shares shall be accelerated so that such rights become immediately exercisable
for a period of 180 days after such termination date. If Mr. Lekstrom’s employment is terminated other than within 18 months following
a Change of Control of PREM, he shall be entitled to receive his base salary plus performance bonus on the basis of either: (i) 12 months
if his employment is terminated on or before September 20, 2026 and 18 months if terminated after September 20, 2026.

The estimated payment under Mr. Lekstrom’s
employment agreement resulting from a change of control is $1,185,000. The estimated payment under Mr. Lekstrom’s employment agreement
resulting from a termination without cause is $790,000.

On March 25, 2025, Chris Leavy was appointed to the
Board of Directors. On April 24, 2025, the Company appointed Andre van Niekerk to the Board of Directors of the Company. Mr. Leavy and
Mr. van Niekerk will be compensated in accordance with the Company’s standard compensation policy, as may be amended from time to
time, for its non-employee directors. There were no arrangements or understandings between either Mr. Leavy or Mr. van Niekerk and any
other person pursuant to which either was selected as a director.

On March 20, 2025, Paul Martin, who had been serving
as Interim Chief Executive Officer transitioned