Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1084

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9B
Chunk 1084
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 currently have no written employment agreements with any of our named executive officers.

Erez
Aminov

Effective
April 28, 2023, we entered into an employment agreement with Mr. Aminov, as amended on August 28, 2023, pursuant to which Mr. Aminov
will serve as our Chief Executive Officer. Under his employment agreement, as amended, Mr. Aminov has agreed to devote at least 50% of
his business time to the affairs of the Company. Mr. Aminov’s employment agreement provides that his employment will be on an at-will
basis and can be terminated by either Mr. Aminov or our company at any time and for any reason. Under the agreement, Mr. Aminov will
receive a base salary of $0.2 million per year, effective August 1, 2023. In the event that Mr. Aminov’s employment is terminated
by our company without “Cause” or is terminated by Mr. Aminov for “Good Reason”, Mr. Aminov will be entitled
to severance compensation in the form of salary continuation for a period of three months (subject to Mr. Aminov executing and delivering
a customary general release in favor of the company). “Cause” is defined in the agreement to include dishonesty, misappropriation,
willful misconduct, breach of the agreement, and other customary matters. “Good Reason” is defined to include a material
adverse change in Mr. Aminov’s compensation or duties and level of responsibility. The employment agreement also contains customary
confidentiality and invention-assignment covenants to which Mr. Aminov is subject.

72

On
August 17, 2023, Mr. Aminov received a $0.1 million cash bonus net of federal, state, local and income taxes related to the successful
completion of the IPO.

In
March 2024, Mr. Aminov assumed the role of Chairman and on March 25, 2024, the Compensation Committee of the Board of Directors approved
an increase to Mr. Aminov’s base salary of $0.08 million, bringing his total annual base salary to $0.28 million.

On December 2nd, 2024, the Compensation Committee of the Board of Directors approved a milestone payment
in the amount of $0.3 million in connection with the Executive Incentive Program for Mr. Aminov