Company: MIRA
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001183
Chunk: 1302

Company: MIRA PHARMACEUTICALS, INC.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 11
Chunk 1302
---
 he was to be paid a one-time fee of
$100,000 upon the completion of our initial public offering (of which $50,000 was prepaid in in the first quarter of 2022) plus a monthly
fee of $20,000 thereafter. The monthly fee was to begin upon the completion of our initial public offering. He was also reimbursed for
reasonable out-of-pocket expenses incurred in connection with his duties under the Consulting Agreement. The agreement had a term of
one year with an automatic one-year extension, provided that either party could terminate the agreement without cause upon 30-days prior
written notice.

In
his capacity as a consultant, Dr. Chapman was also granted on June 15, 2022, an option to purchase up to 200,000 shares of our common
stock at an exercise price of $5.00 per share. Upon Dr. Chapman becoming Executive Chairman, received additional compensation in that
capacity, and his employment agreement replaced his Consulting Agreement. See “Executive Compensation” above. Dr. Chapman
resigned his positions with our company on March 9, 2024.

Review
and Approval of Related Party Transactions

Our
board of directors has adopted a written policy regarding the review and approval of related party transactions. Our audit committee
charter provides that the audit committee shall review and approve or disapprove any related party transactions, which are transactions
between us and related persons in which the aggregate amount involved exceeds or may be expected to exceed the lessor of $120,000 or
one percent of the average of our total assets at year end for the last two completed fiscal years and in which a related person has
or will have a direct or indirect material interest. Our policy regarding transactions between us and related persons provides that a
related person is defined as a director, executive officer, nominee for director or greater than 5% beneficial owner of our common stock,
in each case since the beginning of the most recently completed year, and any of their immediate family members.

Certain
of the foregoing disclosures are summaries of certain provisions of our related party agreements and are qualified in their entirety
by reference to all of the provisions of such agreements. Because these descriptions are only summaries of the applicable agreements,
they do not necessarily contain all of the information that you may find useful. Copies of certain of the agreements have been filed
as exhibits to this Report and are available electronically on the website of the SEC at www.sec.gov.

As
a matter of corporate governance policy, we