Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 404

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 404
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’s agreement provides that he will serve as the Chief Scientific Officer of the Company and that he will be paid an annual
base salary of $336,000. Mr. Hayward is eligible to receive an annual cash bonus, with the target amount of the bonus equal to 30% of
the base salary in the year to which the bonus relates, and the actual amount of the bonus may be greater or less than such target amount,
and will ultimately be determined by the Board.

Amended
Employment Agreement with Marshall Hayward, dated as of December 18, 2023

Mr.
Hayward’s employment agreement was amended on December 18, 2023. The amendment reduces Mr. M. Hayward’s annual base salary
from $336,000 to $67,200, effective retrospectively to October 1, 2023, until the time that the Company has raised additional capital
from the sale of its securities in the amount of $1,500,000 (the “Reduction Period”). Upon the expiration of the Reduction
Period, the base salary shall be adjusted to be 105% the original base salary. The remainder of the original agreement shall remain in
full force.

Provisions
Applicable to All NEO Employment Agreements

Each
of the employment agreements described above has a term of three years, which will be automatically extended for one or more additional
terms of one year each unless either party provides notice to the other party of their desire to not so renew the term at least 30 days
prior to the expiration of the then-current term. Each of the agreements is “at will,” meaning that either party may terminate
the employment at any time and for any reason, subject to the provisions of the applicable agreement.

Each
executive is entitled to fringe benefits consistent with the practices of the Company, and to the extent the Company provides similar
benefits to the Company’s executive officers, and is entitled to be reimbursed for all reasonable and necessary out-of-pocket business,
entertainment and travel expenses incurred in connection with the performance of their duties.

105

Each
agreement may be terminated by the Company at any time, either with or without “Cause”, and by the applicable executive any
time, either with or without “Good Reason”. “Cause” is defined as (i) violation of any material written rule
or policy of the Company for which violation any employee may be terminated pursuant to the written policies of the Company reasonably
applicable to an executive employee; (ii) misconduct