Company: NDRA
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110887
Chunk: 84

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 84
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Alexander Tokman -
Effective August 13, 2024, the Board appointed Alexander Tokman as the Company’s acting Chief Executive Officer and Chairman of
the Board of Directors. In connection with his appointment, Mr. Tokman and the Company entered into an employment agreement, dated August
13, 2024 (the “Employment Agreement”). Mr. Tokman’s employment with the Company is “at will” and may be
terminated by him or the Company at any time and for any reason. Pursuant to the Employment Agreement, Mr. Tokman will receive an annual
base salary of $300,000, subject to adjustment at the Board’s discretion. Mr. Tokman is also eligible for an annual cash bonus based
upon the achievement of performance-based objectives established by the Board of Directors.

If Mr. Tokman’s employment is terminated
by the Company without cause (as defined in the Omnibus Plan), if Mr. Tokman resigns for good reason (as defined in the Employment Agreement),
or if Mr. Tokman’s employment ends following the hiring no later than February 13, 2026 of a replacement chief executive officer
whom Mr. Tokman assists in recruiting, Mr. Tokman will be entitled to receive, subject to his execution of a standard release agreement,
12 months’ continuation of his current base salary and a lump sum payment equal to 12 months of continued healthcare coverage (or
24 months’ continuation of his current base salary and a lump sum payment equal to 24 months of continued healthcare coverage if
such termination occurs within one year following a change in control). Additionally, under the Employment Agreement, Mr. Tokman is eligible
to receive benefits that are substantially similar to those of the Company’s other senior executive officers.

Michael Thornton -
The Company has an employment agreement with Michael Thornton, the Company’s Chief Technology Officer, dated May 12, 2017, as amended
December 27, 2019. The employment agreement provides for an annual base salary that is subject to adjustment at the board of directors’
discretion. Effective January 1, 2022, the Compensation Committee increased Mr. Thornton’s annual salary to $324,000. In September
2023, Mr. Thornton agreed to a 30% reduction of his base salary received for the remainder of 2023 in order to preserve cash for the Company’s
operations. Under the employment agreement, Mr. Thornton is eligible for an annual cash bonus based upon achievement of performance-based
object