Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1431

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 6
Chunk 1431
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 various employees and board members agreed to forgive accrued compensation in the amount of $4,189,626. In exchange
of the forgiveness the Company issued an aggregate of 2,353,661 stock options with an exercise price of $1.33 and an aggregate of 1,399,834
restricted stock units with a grant date value of $1.33 in exchange for the aggregate forgiveness of compensation in the amount of $4,189,626.
Additionally, the Company agreed to a bonus of $513,013 for the employees and a bonus of $70,200 to the board members, to be paid upon
the occurrence of a successful IPO in exchange for the forgiveness of the afore-mentioned accrued compensation.

On
December 18, 2023, various employees and board members agreed to amend the accrued compensation debt forgiveness dated September 29,
2023. Pursuant to the amendment the cash bonuses of $513,013 for the employees and a bonus of $70,200 to the board members agreed to
on September 29, 2023, were forgiven, and no cash is to be paid upon a successful IPO. In addition, the options issued in connection with
the forgiveness dated September 29, 2023, were amended to vest fully on the effective date of the new amendment. In addition, the
restricted stock unit issued in connection with the forgiveness dated September 29, 2023, were terminated and replaced with 1,399,834
restricted stock units that vest upon the earlier occurrence of the initial public offering or a change of control of the Company. In
exchange for the forgiveness of the accrued bonuses the Company issued an aggregate of 289,294 stock options with an exercise price of
$1.33 and an aggregate of 218,703 restricted stock units with a grant date value of $1.33 in exchange for the aggregate forgiveness of
compensation in the amount of $583,213.

90

On
March 15, 2024, a former executive agreed to forgive $100,000 of accrued compensation in exchange for 49,605 options to purchase common
stock and 7,500 restricted stock units, The options to purchase common stock have a strike price of $1.33. The option had a grant date
fair value of $50,000. The Company recorded a gain on the forgiveness of accrued compensation in the amount of $40,000.

As
of December 31, 2024 and 2023, $64