Company: GRCE
Filing Date: 2025-11-13
Form Type: 10-Q
Source: 0001140361-25-041804
Chunk: 45

Company: Grace Therapeutics, Inc.
Filing Date: 2025-11-13
Form: 10-Q
Item: Item 8
Chunk 45
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 bonus of up to 30% of her annual base salary as determined by the Board. In order to earn a discretionary bonus, Ms. D’Andrea must remain employed with the Company throughout the year for which the bonus is paid and must be actively employed in good standing on the date on which the bonus is paid.

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     Mr. Macdonald is entitled to receive an annual base salary of $200,000 and an annual discretionary bonus of up to 30% of his annual base salary as determined by the Board. In order to earn a discretionary bonus, Mr. Macdonald must remain employed with the Company throughout the year for which the bonus is paid and must be actively employed in good standing on the date on which the bonus is paid.

   In addition, the Letter Agreements provide that, subject to approval by the Board, such executive officers may be granted from time to time an option to purchase shares of the Company’s common stock pursuant to the Company’s equity incentive plan (the “Plan”), with a price per share equal to the fair market value of a share of the Company’s common stock, as determined by the Board in accordance with the Plan, which will be conditioned upon (a) continued employment with the Company at the time of the grant, (b) entering into an option agreement with the Company (an “Option Agreement”) and (c) any other terms and conditions set forth in the Plan, the applicable Option Agreement and as may be determined by the Board in its sole discretion at the time of grant.

   The terms of the Letter Agreements commenced on November 12, 2025, and continue until terminated in accordance therewith. Either the Company or such executive officers may terminate their respective Letter Agreement at any time, upon advanced written notice. The Letter Agreements also impose certain confidentiality, non-competition and non-solicitation obligations on such executive officers during the term of their respective Letter Agreement and for a specified time thereafter. The Letter Agreements provide for standard Company benefits, such as paid vacation and participation in the Company’s employee benefit plans and programs.

   Pursuant to each of the Letter Agreements, if such executive officer’s employment is terminated by the Company without Cause (as defined in the respective Letter Agreements), absent a Change in Control (as defined in the Grace Therapeutics, Inc. 2024 Equity Incentive Plan) of the Company, such executive officer is entitled to receive the Accrued Obligations owed to such executive officer and, subject to the