Company: FENC
Filing Date: 2025-04-25
Form Type: DEF 14A
Source: 0001558370-25-005563
Chunk: 33

Company: FENNEC PHARMACEUTICALS INC.
Filing Date: 2025-04-25
Form: DEF 14A
Chunk 33
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 offering, and (c) was entitled to receive annual bonuses at the sole discretion of the Board. If Mr. Raykov’s employment terminates due to a change of control of Fennec, Mr. Raykov’s remaining unvested equity shall immediately vest and be fully exercisable. If Mr. Raykov is dismissed from employment by us for any reason other than “for cause,” we were obligated to pay Mr. Raykov severance compensation equal to twelve months of salary. The initial term of the agreement was for one year and the agreement automatically extended for additional one-year periods unless terminated by either party in accordance with the agreement. Effective December 31, 2023, Mr. Raykov’s salary was $585,276 per year. Mr. Raykov resigned as CEO in August of 2024. Upon separation, all of Mr. Raykov’s options became fully vested. His RSUs remain on the original vesting schedule as awarded. Robert Andrade Mr. Andrade has been employed by us since November 2015. Pursuant to an employment agreement dated November 13, 2015, Mr. Andrade is employed as our Chief Financial Officer and: (a) received an initial annual salary in the amount of $165,000, and (b) may receive annual bonuses at the sole discretion of the Board. If Mr. Andrade’s employment terminates due to a change of control of Fennec, Mr. Andrade’s remaining unvested equity shall immediately vest and be fully exercisable. If Mr. Andrade is dismissed from employment by us for any reason other than “for cause,” we are obligated to pay Mr. Andrade severance compensation equal to nine months of salary. Effective March 1, 2025, Mr. Andrade’s salary is $458,579 per year. Pierre Sayad Dr. Sayad has been employed by us since October 2024. Pursuant to the terms of Dr. Sayad’s Executive Employment Agreement, his initial base annualized salary will be at a rate of $450,000, subject to review and increase from time to time by the Company in its sole discretion. He shall be entitled to receive an annual target performance bonus (“Target Bonus”) of forty percent (40%) of his base salary per 12-month period (which may be pro-rated for any partial period of less than 12 months), based upon a determination by the Company’s Board of Directors (“Board”) of the achievement of objectives to be set from time to time