Company: MYSEW
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001013762-25-004290
Chunk: 1290

Company: Myseum, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 1290
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Bonus or other payments earned in connection with any bonus plan to which Mr. Myman was a participant as of the date of his termination
(together with the Payments, the “Severance”). Furthermore, pursuant to the Employment Agreement, upon Mr. Myman’s termination
(i) at his option (A) upon 90 days prior written notice to the Company or (B) for Good Reason (as defined in the Employment Agreement),
(ii) termination by the Company without Cause (as defined in the Employment Agreement) or (iii) termination of Mr. Myman’s employment
within 40 days of the consummation of a Change in Control Transaction (as defined in the Employment Agreement), Mr. Myman shall receive
the Severance; provided, however, Mr. Myman shall be entitled to a pro-rated Annual Bonus of at least $200,000. In addition, any equity
grants issued to Mr. Myman shall immediately vest upon termination of Mr. Myman’s employment by him for Good Reason or by the Company
at its option upon 90 days prior written notice to Mr. Myman, without Cause. 

During the years ended December 31, 2024 and 2023,
the compensation committee of the board of directors of the Company approved and the Company recorded a bonus to the Company’s chief
executive officer in the amount of $300,000 and $300,000, respectively.

Ambassador Settlement

Prior to the Company’s IPO, the Company
initiated a proposed “Ambassador Program” as a means to reward early investors for being Company brand ambassadors, helping
the Company create value by using and letting others know about the Company and its products. However, the program never came to full
fruition. In connection with a recent review and evaluation of this initiative, management made a determination regarding the value of
what the eligible investors would have received. As a result, the Company made outreach to these investors to provide them with an opportunity
to claim their reward payments, and distributions began in January 2025. The maximum estimated total potential distribution under this
program is expected to be approximately $86,246. However, the actual distribution amount may be lower if less than all contacted shareholders
claim their reward payments. The claim of reward payments has no expiration date. As of December 31, 2024, the Company accrued $76,428
of such claim and recorded settlement expense of $76,428, which is included and general and administrative