Item 1.01 Entry into a Material Definitive Agreement
On September 30, 2021, Luckwel Pharmaceuticals, Inc. (the "Company") entered
into a consultant agreement with Mr. Mark Corrao to provide certain
financial-related services. Pursuant to the agreement, Mr. Corrao will receive a
monthly base consulting fee of $2,000 based on an hourly rate of $275. He will
be eligible for a performance cash bonus of 50% of the base consulting fee in
the event the Company uplists onto the Nasdaq. Additionally, Mr. Corrao shall be
entitled to an option to purchase 100,000 shares of the Company's common stock
by/before November 2021 pursuant to the Company's Stock Option and Equity
Incentive Plan, which shall vest one year thereafter provided (i) Mr. Corrao is
still engaged as the Company's consultant and (ii) the Company's common stock
has been approved to be uplisted on the Nasdaq. The initial term of Mr. Corrao's
engagement shall expire on March 31, 2022, and thereafter shall automatically
renew for successive six-month terms unless terminated. If the Company
terminates this agreement during the initial term without cause, the aforesaid
performance cash bonus shall be paid and the option shall immediately vest.
The foregoing description of the principal terms of the consultant agreement is
a general description only, does not purport to be complete, and is qualified in
its entirety by reference to the terms of the consultant attached hereto as
Exhibit 10.1, which are incorporated herein by this reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
10.1 Consultant Agreement between Mr. Mark Corrao and the Company dated
September 30, 2021.
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