Company: JUNS
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001261
Chunk: 1362

Company: JUPITER NEUROSCIENCES, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 1362
---
 employees and a bonus of $70,200 to the board members agreed to
on September 29, 2023, were forgiven, and no cash will be paid upon a successful IPO. In addition, the options issued in connection with
the forgiveness dated September 29, 2023, have been 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.

119

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, $64,105 and $67,750, respectively, was due to a Company wholly owned by the Company’s
Chief Financial Officer, who also is an option holder. The amount is included in accrued compensation on the Company’s balance
sheets.

Director
Independence

Our
common stock is listed on the Nasdaq Capital Market. Under applicable rules of the Nasdaq Capital Market, a director will only qualify
as an “independent director” if, in the opinion of the listed company’s board of directors, that person does not have
a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In
order to be considered independent for purposes of Rule 10A-3, a member of an audit committee of a listed company may not, other than
in his or her capacity as a member of the audit committee, the board of directors, or any other board committee, accept, directly or
ind