Company: FENC
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001558370-25-005563
Chunk: 32

Company: FENNEC PHARMACEUTICALS INC.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 32
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 and may be exercised one year after the grant date (the “Vesting Commencement Date”). The remaining two-thirds of the options shall vest monthly at a rate of 1/24th of the remaining grant and shall be exercisable as of the last day of each following month after the Vesting Commencement Date. As of the third anniversary of the grant date, all of the options shall be vested. Mr. Raykov resigned as the CEO of the Corporation in August of 2024. Upon separation, all of Mr. Raykov’s options became fully vested. His RSU’s remain on the original vesting schedule as awarded. |

| (2) | Represents severance payment in accordance with Mr. Raykov’s separation agreement. |

Jeff Hackman Mr. Hackman has been employed by us since August 2024. Pursuant to an employment agreement dated August 5, 2024 between Mr. Hackman and Fennec, Mr. Hackman is employed as our Chief Executive officer and: (a) received an initial salary of $550,000, subject to annual adjustment by our Board of Directors, (b) may receive annual bonuses at the sole discretion of the Board. If Mr. Hackman’s employment terminates due to a change of control of Fennec, Mr. Hackman’s remaining unvested equity shall immediately vest and be fully exercisable. If Mr. Hackman is dismissed from employment by us for any reason other than “for cause,” we are obligated to pay Mr. Hackman severance compensation equal to twelve months of salary. The initial term of the agreement was for one year and the agreement automatically extends for additional one-year periods unless terminated by either party in accordance with the agreement. Effective March 1, 2025, Mr. Hackman’s salary is $559,167 per year.

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Rostislav Raykov Mr. Raykov was employed by us from July 2009 until August 2024. Pursuant to an employment agreement dated May 3, 2010 between Mr. Raykov and Fennec, Mr. Raykov was employed as our Chief Executive Officer and: (a) received an initial annual salary in the amount of $140,000, subject to annual adjustment by our Board of Directors, (b) upon approval by shareholders of our amended stock option plan was granted options to purchase up to 5.0% of our common shares estimated by us to be outstanding upon completion of our 2010 rights