Company: IMNN
Filing Date: 2025-02-10
Form Type: 8-K
Source: 0001493152-25-005536
Chunk: 1

Company: Imunon, Inc.
Filing Date: 2025-02-10
Form: 8-K
Item: Item 5.02
Chunk 1
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 and Women’s Hospital, Boston Children’s Hospital and Dana-Farber Cancer Institute. He founded
and directed the Comprehensive Cancer Center at Boston University, where he also served as the first Grunebaum Professor for Cancer Research,
Vice-Chairman of the Department of Medicine, and Professor of Medicine, Biochemistry, Pediatrics, Microbiology, Pathology and Laboratory
Medicine. Dr. Faller received a B. S. in biochemistry from the Massachusetts Institute of Technology, an MD from Harvard Medical School,
and a PhD from the Massachusetts Institute of Technology in cancer molecular biology. He has authored more than 300 abstracts, 230 presentations
and 375 manuscripts that have been published in peer-reviewed journals. He is certified in Internal Medicine, Hematology and Oncology,
and is a Fellow of the American College of Physicians.

In
connection with his appointment as Chief Medical Officer, Dr. Faller entered into an offer letter of employment with the Company, with
his employment effective as of February 18, 2025. Pursuant to the offer letter, the Company will pay Dr. Faller an initial salary of
$480,000 and a targeted annual performance bonus of 40% of his annual base salary. As an inducement to Dr. Faller’s employment,
on February 18, 2025, the Company issued Dr. Faller an option to purchase 100,000 shares of the Company’s common stock (the “ Inducement
Options”). The Inducement Options (i) have a 10-year term, (ii) an exercise price per share equal to the closing price of the Company’s
common stock as reported by Nasdaq on February 18, 2025, and (iii) a four-year vesting schedule, with 25% of the shares subject to the
option vesting on the first anniversary of the grant date and the remaining underlying shares vesting annually until fully vested on
the fourth anniversary of the grant date, subject to Dr. Faller’s continued service with the Company through each applicable vesting
date. The Inducement Options were granted outside the Company’s 2018 Stock Incentive Plan as an inducement material to Dr. Faller’s
entry into employment with the Company in accordance with Nasdaq Listing Rule 5635(c)(4).

The
foregoing summary of the offer letter does not purport to be complete and is qualified in its entirety by reference to the full text
of the offer letter,