T YR AT ECH, INC. / ANNUAL R EPORT 20 0 9
Directors' Remuneration Report
(CONTINUED)
terminates his employment, other than for good cause, the Group shall pay to him the amount outstanding up to the date of the termination. In addition, if Dr. Armstrong's employment is terminated by the Group without good cause or if he resigns with good reason, the Group shall pay
an amount equal to the eighteen months' base salary and bonus, as well as accelerating the vesting of shares which become free of re-purchase obligations in the current and subsequent year after the date of termination. On 4 January 2010 Dr. Armstrong resigned and received a termination
payment of US$547,500 payable through to March 2011.
Kerdos Corporate Finance Limited (KCFL) has entered into a consultant agreement for the services of Mr. Bigsby
as the Chief Financial Officer of the Group. Mr. Bigsby is entitled to participate in the 2009 Bonus Plan while engaged by the Group. The contract can be terminated without notice by the Group and with three months notice from KCFL.
NON-EXECUTIVE DIRECTORS' LETTERS OF APPOINTMENT
Dr. Vernon, Mr. Reade, Mr. Riley and Dr. Noonan entered into agreements with the Group on 25 May 2007, which govern the terms and conditions of their appointment as Non-executive Directors of the Group. Each appointment
is for an initial term expiring upon conclusion of the next annual general meeting of the Group unless renewed at the end of that period for a further 12-month period. Dr. Vernon was entitled to fees totaling £47,500 for the year payable to Ziggus Holding Limited, of which Dr. Vernon is an employee. Mr. Reade was entitled to fees totaling £35,000 for the year payable to Global Strategy Expression Limited of which
Mr. Reade is an employee. Dr. Noonan was entitled to fees totaling £32,500 for the year payable to T. K. Advisory Limited of which Dr. Noonan is an employee. Mr. Riley was entitled to fees of £35,000 for the year payable directly. Mr. Szostak was appointed as a representative of XL TechGroup and received no fees during the year and Mr. Regan was appointed as a representative of Laurus/Valens and also received no fees during the year.
In addition to fees, the Company reimburses the independent Non-executive Directors for all reasonable out-of-pocket expenses incurred.
PERFORMANCE GRAPH
The following graph shows the Group's performance, measured by total shareholder return, compared with the performance of the FTSE All Share Healthcare Index and the FTSE AIM Index.
The directors consider the FTSE AIM All Share Index and FTSE All Share Healthcare Index to be an appropriate choice as the index includes the Group.
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• TYR • FTSE All Share Healthcare Index • FTSE AIM Index
