Remuneration. During the Term, the Company shall pay to Employee as compensation for Employee’s services hereunder:

Inventor’s Remuneration. Each Party shall be solely responsible for any remuneration that may be due to such Party’s inventors under any applicable inventor remuneration Laws.

Remuneration paid to the Indemnitee if it shall be determined by a final judgment or other final adjudication that such remuneration was in violation of law;

Remuneration and expenses

DR’s remuneration for his services rendered as a member of the Board shall consist of a cash remuneration consisting of a fixed amount of CHF 15,000 per year. In case more than three (3) Board meetings are held, DR shall receive an additional cash remuneration in the amount of CHF 5,000 for each additional Board meeting.

If the Eligible Director does not timely deliver an election in respect of a particular Remuneration Period, the Eligible Director will receive the Eligible Remuneration as provided for in the Award Agreement.

Code Staff means a Participant who has been classified as Code Staff for the purposes of the Financial Conduct Authority dual-regulated firms’ remuneration code, the Financial Conduct Authority IFPRU remuneration code and/or the Prudential Regulation Authority remuneration rules as applicable, each as amended from time to time or any other code or rules issued by a UK regulator.

“(d) Consultant Period Remuneration. Notwithstanding any provision herein to the contrary, during the Consultant Period, you shall receive the following payments and benefits as the sole remuneration for your services as a Consultant:

“Employee” means each select member of management or highly compensated employee receiving remuneration, or who is entitled to remuneration, for services rendered to the Company or a Subsidiary, in the legal relationship of employer and employee.

Otherwise, such election must be made before the first day of the calendar year in which the Eligible Remuneration shall be payable, however a newly appointed Eligible Director shall be eligible to defer payment of future Eligible Remuneration by providing written election to the Company within 30 calendar days of his or her appointment to the Board of Directors. The elections made pursuant to this Section shall be irrevocable with respect to Eligible Remuneration to which such elections pertain and shall also apply to subsequent Eligible Remuneration payable in future calendar years unless such Eligible Director notifies the Company in writing, before the first day of the applicable calendar year, that he or she desires to change such election.