NexGel enters new CEO employment agreement with Adam Levy; base salary $375K, option grant of 160K shares

NEXGEL, INC.

CEO Adam Levy receives base salary of $375,000 per year under new employment agreement effective July 23, 2026.
Eligible for discretionary cash bonus up to $25,000 for FY2026 and EBITDA-based bonus up to 50% of base salary.
Granted options to purchase 160,000 shares at $0.647; 40,000 vest Dec 31, 2026, remainder monthly over 36 months.
Severance includes 12 months base salary, pro-rata bonus, COBRA, and equity acceleration on qualifying termination.
Enhanced severance on change-in-control termination: lump sum of 1x base salary plus 100% target bonus.

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