Company: GRCE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001140361-25-041804
Chunk: 46

Company: Grace Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 46
---
 execution, delivery and non-revocation  of a general release of claims, the Company shall (i) pay such executive officer a continuation of their base salary then in effect for six (6) months, and (ii) pay or reimburse such executive officer’s COBRA premiums for six (6) months on terms no less favorable than those in effect on the date of the respective Letter Agreement. Any unvested and outstanding equity awards held by such executive officer shall be forfeited upon a termination by the Company without Cause absent a Change in Control of the Company.

   Each of the Letter Agreements further provide that if such executive officer’s employment is terminated by the Company without Cause in connection with or within twelve (12) months following a Change in Control of the Company, such executive officer is entitled to receive the Accrued Obligations owed to such executive officer and, subject to  the execution, delivery and non-revocation of a general release of claims, the Company shall (i) pay such executive officer a cash payment equal to six (6) months of such executive officer’s base salary plus target bonus then in effect, and (ii) pay or reimburse such executive officer’s COBRA premiums for six (6) months on terms no less favorable than those in effect on the date of the respective Letter Agreement. Any unvested and outstanding equity awards held by such executive officer shall be fully vested and exercisable upon a termination by the Company without Cause in connection with or within twelve (12) months following a Change in Control of the Company.

   In connection with executing each of the Letter Agreements, each of the executive officers also entered into the Company’s standard form of Confidentiality of Information and Ownership of Proprietary Property Agreement, which, among other things, (a) acknowledges the Company’s ownership rights in any proprietary property, (b) assigns any such ownership rights to the Company and (c) prohibits the executive officers from disclosing certain confidential or proprietary information of the Company.

   The foregoing descriptions of the CEO Amendment and the Letter Agreements do not purport to be complete and are qualified in their entirety by reference to the full text of the CEO Amendment, the DelAversano Letter Agreement, the Kumar Letter Agreement, the D’Andrea Letter Agreement and the Macdonald Letter Agreement, copies of which are attached hereto as Exhibit 10.1, Exhibit 10.2, Exhibit 10.3, Exhibit 10.4 and Exhibit 10.5, respectively