CONTROL BIONICS LIMITED — Board/Management Information 2023

Jan 18, 2023

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19 January 2023

ASX ANNOUNCEMENT

Appointment of CEO

Control Bionics Ltd (ASX: CBL) is pleased to announce the appointment of Jeremy Steele as Chief Executive Officer and a member of the board, effective from 19 January 2023.

Mr Steele brings over 25 years of global corporate experience across a wide range of industries including healthcare, software, financial services and retail in senior roles, including most recently as Executive Chairman and subsequently CEO of CardioScan.

Mr Steele will initially be based in his current location of Singapore, in the midst of our key Australasian markets and may transition to the CBL office in Melbourne over time.

CBL Chairman, Roger Hawke, stated that the Board of CBL was excited by Jeremy’s appointment and was looking forward to working with him and the CBL executive team to drive the CBL strategy in 2023 and beyond.

“CBL is at an exciting inflection point with improved growth in our core markets and a number of new product innovations under development, and we are delighted to have Jeremy join our team to drive the continued success of our business. We are confident that his business acumen, experience and enthusiasm will drive new value creation opportunities for the business, our shareholders and our people.” said Mr Hawke.

Mr Steele commented on his appointment:

“CBL has the all the ingredients for success including the unique NeuroNode technology, great people and a pipeline of new opportunities and I am excited about leading the company to a successful future, delivering value to our shareholders, and a great place to work for our people.”

Upon the appointment of Mr Steele, Rob Wong will resign as a director. The Board would like to acknowledge the contribution of Mr Wong who led the company since January 2017, until his recent resignation due to an ongoing medical condition.

The Board also wishes to acknowledge founder and interim CEO, Peter Ford for his leadership of the company in the period up to the appointment of Mr Steele.

Set out in the table below is a summary of the terms of Mr Steele’s CEO contract.

This announcement was authorised by CBL Chairman, Roger Hawke.

Control Bionics Limited Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com

ABN: 45 115 465 462

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Summary of Mr Steele’s contract terms

Commencement date	19 January 2023
Term	No fixed term. Termination by either party with six months’ notice (or payment in lieu), other than where employment is terminated for cause, in which CBL may terminate with no notice period.
Total fixed remuneration (TFR)	$325,000 including superannuation.
Short term incentive	May be entitled to a short-term bonus of up to 50% of TFR.
Long term incentive	2 million options to be issued on the following terms: • Vesting term and conditions: 500,000 options will vest on the anniversary of the employment commencement date each year for the first four years subject to continuous employment. • Exercise price of 20 day VWAP as at commencement date. • Expiry date of five years from date of issue. • All other terms in accordance with the 2020 Employee Share Option Plan.
Post-employment restrictions	The agreement contains an 18-month post- employment restraint period.

About Control Bionics:

Control Bionics is a technology company which enables a disabled person to use their own neuroelectric signals, from their brain to a muscle, to control communication and movement through smartphones, tablets, computers and robotics, even when that muscle is not fully functional. The Company’s wireless wearable device, ‘ NeuroNode ’, is a world leader in electromyography (EMG), capturing and processing those neuroelectric signals into electronic commands to do everything they would normally do with a keyboard, mouse, joystick or touchscreen. The technology also enables a person to use their eyes to replace a mouse in controlling a cursor on a screen simply by looking where they want the cursor to move; and then to select anything under the cursor, using NeuroNode; providing fast, intuitive communication and control through text, text-to-speech, emails, phone-messaging, web surfing and robotics.

Control Bionics Limited Registered Office: Level 5, Suite 5.01, 697 Burke Road, Camberwell, Vic., 3124 T: +61 3 9897 3576 W: www.controlbionics.com

ABN: 45 115 465 462