Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 190

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 190
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ing of unvested equity grants. If the employee terminates with good reason, as defined
in the employment contract, the employee is entitled to automatic vesting of unvested equity grants.

During
2020, the Company began consistently paying salaries at 50% of the salaries reflected in the respective employment agreements. As of
September 2021, the Company began paying full salaries. Throughout 2022, the Company returned to paying partial salaries and by October
2023 the company stopped paying 100% in an effort to conserve cash. See Note 3 – Related Party Transactions for details related
to forgiveness of accrued compensation during the year ended December 31, 2023.

On
December 18, 2023, various employees agreed to reduce their annual base salary to 20% of their original base salary effective October
1, 2023 until the time the Company raises additional capital from securities in the amount of $1,500,000 (the “Reduction Period”).
Upon the expiration of the Reduction Period, the bases salaries shall adjust to be 105% of their original base salary as set forth in
their original agreements.

As
of December 4, 2024, the base salaries was adjusted to 105% of the original base salaries and the Company started paying a 100% of
the salaries.

    F-24

JUPITER
NEUROSCIENCES, INC.

NOTES
TO FINANCIAL STATEMENTS

December
31, 2024 and 2023

Note
8 – Commitments and Contingencies, continued

Licensing
and Royalty Agreements - Aquanova AG

On
September 15, 2016, the Company entered into a Development, Collaboration and License Agreement (“License Agreement”) with
Aquanova AG, a German company in the field of development, manufacturing and selling of colloidal formulas. The License Agreement resulted
in the creation of the pharmaceutic product, JOTROL. The License Agreement is in effect until product launch, which is undeterminable
at this time. The Chief Scientific Officer of the Company and the CEO of Aquanova are the joint inventors of JOTROL. Aquanova is assignee
on the patents in the United States, the European Union, China and Japan whereas the Company is obligated to maintain the patents. The
agreement grants ownership to the Company for regulatory approvals and the sole and exclusive worldwide right to develop, manufacture
and commercialize all products, including