Noxopharm Limited 44 Note 19. Contingent liabilities and licence agreement The consolidated entity has given bank guarantees as at 30 June 2022 of $118,818 (2021: $118,818) to its landlords. The consolidated entity has entered into a licence agreement whereby it is obliged to make royalty payments on future sales and make future cash milestone payments if certain events occur. This agreement includes the following: • milestone payment based on the initiation of the first Phase III clinical trial for each product; • milestone payments based on first grant of a marketing authorisation for each product; and • royalty payments based on net sales. Note 20. Related party transactions Parent entity Noxopharm Limited is the parent entity. Subsidiaries Interests in subsidiaries are set out in note 22. Key management personnel Disclosures relating to key management personnel are set out in note 17 and the remuneration report included in the directors’ report. Transactions with related parties Prue Kelly, spouse of Graham Kelly (Non-Executive Director) was employed as the Company’s Investor Relation Manager/ Executive Assistant on the Company’s employment terms and conditions up until 27 June 2022. Total salary inclusive of superannuation and termination payment paid to Prue Kelly for the year ended 30 June 2022 was $338,635 (2021: $131,856). No unlisted options were granted to Prue Kelly for the year ended 30 June 2022 (2021: $20,613) Receivable from and payable to related parties There were no trade receivables from related parties at the current and previous reporting date. Loans to/from related parties There were no loans to or from related parties at the current and previous reporting date.
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