Company: NDRA
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001654954-25-003612
Chunk: 548

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 548
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 of the named executive officer, unless footnoted otherwise.

(3) Prior to appointment as Acting Chief Executive Officer, Mr. Tokman served on the Board and provided consulting services to the Company.  As a Board member, in January 2024, he was awarded an annual option grant to purchase 600 shares with a per share exercise price of $1.59.  This grant was subject to adjustment due to the Company’s August 2024 Reverse Stock Split and the November 2024 Reverse Stock Split.  After adjustment, this grant is for 1 share with a per share exercise price of $2,782.50.  The amount shown above, $954, indicates the grant date fair value of option awards granted in the subject year computed in accordance with FASB ASC Topic 718.  Board fees and consulting fees paid to Mr. Tokman in 2024 total $25,000 and $75,000, respectively.(4)Comprised of severance payments and continued healthcare coverage to Mr. Michelon. See “Employment Agreements and Change of Control Arrangements” for more details on Mr. Michelon’s severance.(5)Mr. Thornton is paid in Canadian Dollars.  This figure is calculated using an average exchange rate of 1.3702 Canadian Dollars to US Dollars.(6)The Company contracts with Impact Solve, LLC (dba Impact Solutions) for Mr. Jacroux’s services.  Mr. Jacroux began performing services for the Company prior to his appointment as Chief Financial Officer in March 2024 and was paid $36,600 for those services, which is included in the total above.  Does not include $18,693 of fees paid to IS Bookkeeping & Payroll, a division of Impact Solutions, of which Mr. Jacroux is the founder, in respect of services provided by employees of Impact Solutions other than Mr. Jacroux.

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Employment Agreements and Change of Control Arrangements

The following is a summary of the employment arrangements with our named executive officers.

Alexander Tokman. Effective August 13, 2024, Mr. Tokman and the Company entered into an employment agreement, (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,