Company: NDRA
Filing Date: 2025-10-28
Form Type: DEF 14A
Source: 0001654954-25-012254
Chunk: 31

Company: ENDRA Life Sciences Inc.
Filing Date: 2025-10-28
Form: DEF 14A
Chunk 31
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ed portion of stock option award which vests in three equal annual installments beginning on April 5, 2022.                                                                                                                                                                                                                                                                                                                                                                                                                 |
| (2) | Represents unvested portion of stock option award which vests as follows: (i) 25% vests upon the Company’s earning $5 million or more of revenue with a gross margin of 10% or greater, (ii) 25% vests upon the Company’s earning $10 million or more of revenue with a gross margin of 35% or greater, (iii) 25% vests upon the Company’s earning $15 million or more of revenue with a gross margin of 40% or greater, and (iv) 25% vests upon the Company’s earning $20 million or more of revenue with a gross margin of 50% or greater. |
| (3) | Represents unvested portion of stock option award which vests in three equal annual installments beginning on March 28, 2023.                                                                                                                                                                                                                                                                                                                                                                                                                |
| (4) | Represents unvested portion of stock option award which vests in three equal annual installments beginning on January 30, 2024.                                                                                                                                                                                                                                                                                                                                                                                                              |
| (5) | Represents unvested portion of stock option award which vests in three equal annual installments beginning on February 5, 2022.                                                                                                                                                                                                                                                                                                                                                                                                              |

Director Compensation

Effective January 30, 2023, the Company adopted a non-employee director compensation policy (the “Compensation Policy”) pursuant to which each of our non-employee directors receives, upon his or her initial election to the Board of Directors, a stock option exercisable for 2,500 shares of common stock with a per share exercise price equal to the closing price of the common stock on the Nasdaq on the grant date. All such stock options vest in three equal annual installments beginning on the one-year anniversary of the grant date. Under the Compensation Policy, on the first trading day of each calendar year, each non-employee director is awarded a stock option exercisable for 600 shares of common stock, with a per share exercise price equal to the closing price of the common stock on the Nasdaq on the grant date, which becomes exercisable in three equal annual installments beginning on the first anniversary of the grant date. Additionally, pursuant to the Compensation Policy, each non-employee director is paid an annual cash retainer of $40,000, prorated for partial years of service and paid quarterly in ar