Company: MDCXW
Filing Date: 2025-06-13
Form Type: PRE 14A
Source: 0001062993-25-011673
Chunk: 65

Company: Medicus Pharma Ltd.
Filing Date: 2025-06-13
Form: PRE 14A
Chunk 65
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 discretionary bonus plan, whereas, such bonus will be based on prescribed written performance milestones established by and at the discretion of the CEO subject to certain other factors, including the Company's performance, financial stability, and availability of cash, and whereas, such eligible bonus will increase in annual intervals starting from 60% of Quinlan Base Salary in the first year of employment to 100% of Quinlan Base Salary in the fifth year of employment; and a (v) 200,000 stock option share incentive plan, which vests at a rate of 50,000 per year for each completed year of employment commencing one year from December 2, 2023 at a strike price calculated based on 10 days of volume weighted average price from the date of commencement of trading of the securities on the TSXV.

Pursuant to the Quinlan Employment Agreement, (1) Mr. Quinlan's employment may be terminated without Cause by the Company upon three-month written notice at any time; absent the Company's determination otherwise as set forth in the notice, termination shall be effective immediately upon CEO's receipt of the written notice and (2) Mr. Quinlan may terminate his employment and the Quinlan Employment Agreement for Good Reason (as defined in the Quinlan Employment Agreement) upon 30 days written notice delivered to the Company.

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Upon termination without cause by the Company or termination with Good Reason (as defined in the Quinlan Employment Agreement) by Mr. Quinlan, Mr. Quinlan will be entitled to the payment of (i) a severance payment at a rate equal to 100% of Quinlan Base Salary as in effect on the date of termination for a period of twelve (12) months from the date of termination; (ii) pro rata target discretionary bonus payment for the partial year worked by Mr. Quinlan up to the date notice is provided; (c) payment by the Company of any premiums pursuant to the Consolidated Omnibus Budget Reconciliation Act, based on Mr. Quinlan's health insurance election at time of termination, on Mr. Quinlan's behalf for the period of twelve months; and (d) payment of amounts which may be due and remaining unpaid at the time of termination of employment such as Quinlan Base Salary, vacation pay and expenses properly accrued as of the termination date. All payments made in connection with termination without cause or termination with Good Reason (as