UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
May 22, 2026
Date of Report (Date of earliest event reported)
Enveric Biosciences, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38286 | 95-4484725 | ||
|
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
Enveric Biosciences, Inc.
245 First Street, Riverview II, 18th Floor
Cambridge, MA, 02142
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (617) 444-8400
N/A
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||
| Common stock, par value $0.01 per share | ENVB | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On May 22, 2026, the Compensation Committee recommended, and the Board of Directors (the “Board”) of Enveric Biosciences, Inc. (the “Company”) approved and adopted, (i) a new form of Restricted Stock Unit Award Agreement (“RSU Agreement”) and (ii) a new form of Restricted Stock Award Agreement (the “RSA Agreement”, and together with the RSU Agreement, the “Award Agreements”), in each case under the Company’s 2020 Long-Term Incentive Plan, as amended (the “Plan”).
The RSU Agreement provides for time-based vesting over a four-year period, with 25% of the award vesting on the first anniversary of the grant date and the remaining portion vesting in substantially equal monthly installments thereafter, and generally provides that vested units are settled upon a change in control or termination of service, subject to compliance with Section 409A of the Internal Revenue Code. The RSU Agreement also includes provisions providing for full vesting upon a change in control, limited accelerated vesting upon certain qualifying terminations, forfeiture of unvested units upon termination of service, and, in the case of a termination for cause, forfeiture of vested but unsettled units.
The RSA Agreement generally provides for time-based vesting on a specified vesting date, subject to continued service through such date, with unvested shares forfeited upon a termination of service prior to vesting, and includes customary restrictions on transfer and provisions regarding stockholder rights prior to vesting.
The Award Agreements will be used in connection with future grants of restricted stock units and restricted stock to the Company’s named executive officers and directors, as applicable.
The foregoing description of the Award Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the forms of RSU Agreement and RSA Agreement, copies of which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference. The full text of the Plan is included in Exhibit 10.3.
Item 5.07 Submission of Matters to a Vote of Security Holders.
On May 28, 2026, the Company held its 2026 Annual Meeting of Stockholders (the “2026 Annual Meeting”). A total of 991,828 shares of the Company’s common stock were present in person or represented by proxy at the 2026 Annual Meeting, which represented 52.54% of the outstanding shares of common stock entitled to vote at the 2026 Annual Meeting and constituted a quorum for the transaction of business. Holders of the Company’s common stock were entitled to one vote per share of common stock held as of the close of business on March 30, 2026, the record date for the 2026 Annual Meeting. The matters submitted for a vote and the related results are set forth below. At the 2026 Annual Meeting, each of the five matters were presented for a vote to the stockholders:
● The election of six directors, to serve until the Company’s 2027 annual meeting of stockholders or until their successors are duly elected and qualified (“Election of Directors”);
● An advisory vote to approve the compensation of the Company’s named executive officers, as disclosed in the proxy statement (the “Say-on-Pay Proposal”);
● The extension of the approval of the Company’s Board to amend the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Charter”) to, at the discretion of the Board, effect a reverse stock split with respect to the Company’s issued and outstanding common stock, including stock held by the Company as treasury shares, at a ratio of 1-for-5 to 1-for-15, with the ratio within such range to be determined at the discretion of the Board (the “Reverse Stock Split Proposal”);
● The extension of the approval of the Board to amend the Charter to, at the discretion of the Board, increase the authorized number of shares of common stock from 100,000,000 to 5,000,000,000 shares (“Authorized Stock Increase Proposal”); and
● The ratification of the appointment of CBIZ CPAs P.C. as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026 (the “Auditor Ratification Proposal”).
The proposal to approve the adjournment of the 2026 Annual Meeting was not presented for a vote.
The final vote results for each of these five matters are set forth below.
| 1. | The votes cast on the Election of Directors were as follows: |
| Nominee | Votes For | Withheld | Broker Non-Votes | |||
| Michael Webb | 564,143 | 37,590 | 390,095 | |||
| George Kegler | 531,522 | 70,211 | 390,095 | |||
| Frank Pasqualone | 531,937 | 69,796 | 390,095 | |||
| Marcus Schabacker, M.D., Ph.D. | 566,038 | 35,695 | 390,095 | |||
| Joseph Tucker, Ph.D. | 565,386 | 36,347 | 390,095 | |||
| Sheila DeWitt, Ph.D | 565,534 | 36,199 | 390,095 |
| 2. | The votes cast on the advisory vote for the Say-on-Pay Proposal were as follows: |
| Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
| 569,552 | 26,884 | 5,297 | 390,095 |
| 3. | The votes cast on the Reverse Stock Split Proposal were as follows: |
| Votes For | Votes Against | Abstentions | ||
| 793,344 | 190,175 | 8,309 |
| 4. | The votes cast on the Authorized Stock Increase Proposal were as follows: |
| Votes For | Votes Against | Abstentions | ||
| 427,158 | 555,147 | 9,523 |
| 5. | The votes cast on the Auditor Ratification Proposal were as follows: |
| Votes For | Votes Against | Abstentions | ||
| 960,728 | 19,347 | 11,753 |
For more information about the foregoing proposals, please see the Company’s proxy statement for the 2026 Annual Meeting, together with any supplements thereto. The results reported above are final voting results. No other matters were considered or voted upon at the meeting.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number | Description | |
| 10.1 | Form of RSU Agreement | |
| 10.2 | Form of RSA Agreement | |
| 10.3 | Enveric Biosciences, Inc. 2020 Long-Term Incentive Plan (incorporated by reference to Exhibit 10.1 to the Company’s Registration Statement on Form S-8, filed with the Commission on March 24, 2025) | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 29, 2026 | ENVERIC BIOSCIENCES, INC. | |
| By: | /s/ Joseph Tucker | |
| Joseph Tucker, Ph.D. | ||
| Chief Executive Officer | ||
Exhibit 10.1
WITH EXECUTIVE EMPLOYMENT AGREEMENT FORM
RESTRICTED STOCK UNIT AWARD AGREEMENT
ENVERIC BIOSCIENCES, INC.
2020 LONG-TERM INCENTIVE PLAN
1. Award of Restricted Stock Units. Pursuant to the Enveric Biosciences, Inc. 2020 Long-Term Incentive Plan (the “Plan”) for Employees, Contractors, and Outside Directors of Enveric Biosciences, Inc., a Delaware corporation (the “Company”), the Company grants to
(the “Participant”)
an Award under the Plan for _______________ (_______) Restricted Stock Units (the “Awarded Units”), with each Awarded Unit representing the right, subject to the terms and conditions of the Plan and this Restricted Stock Unit Award Agreement (this “Agreement”), to receive one share of Common Stock upon settlement of such Awarded Unit in accordance with this Agreement. The “Date of Grant” of this Restricted Stock Unit Award is __________________. Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time.
2. Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.
3. Vesting; Timing of Delivery of Shares. Awarded Units which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested RSUs.” All other Awarded Units are collectively referred to herein as “Unvested RSUs.” For the avoidance of doubt, the vesting of Awarded Units pursuant to this Section 3(a) shall not by itself result in the issuance of shares of Common Stock, and shares shall instead be issued only upon settlement in accordance with Section 3(b).
a. Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the Awarded Units shall vest and become Vested RSUs as follows:
i. One-fourth (1/4th) of the total Awarded Units (rounded down for any fractional units) shall vest and become Vested RSUs on the first anniversary of the Date of Grant (the “Initial Vesting Date”), provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on such date;
ii. An additional one-thirty-sixth (1/36th) of the remaining Awarded Units (rounded down for any fractional units) shall vest and become Vested RSUs on each of the first thirty-five (35) monthly anniversaries of the Initial Vesting Date, provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on the applicable vesting date; and iii.
The remaining Awarded Units shall vest and become Vested RSUs on the fourth anniversary of the Date of Grant, provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on such date.
Notwithstanding the foregoing, upon the occurrence of (i) a Change in Control, all then-outstanding Unvested RSUs shall immediately vest and become Vested RSUs immediately prior to such Change in Control, and all then-outstanding Vested RSUs (including any such accelerated Vested RSUs) shall be settled in accordance with Section 3(b), with the Settlement Date for such Vested RSUs being the date of such Change in Control (or, to the extent required by Section 409A of the Code, such later date as is permitted under Section 3(b) and Section 24), and (ii) a Termination of Service by the Company without Cause (defined below) or by the Participant for Good Reason (defined below), the Unvested RSUs that were otherwise scheduled to vest on the monthly anniversary of the Initial Vesting Date next following the date of such Termination of Service shall immediately vest and become Vested RSUs as of the date of such Termination of Service, and any remaining Unvested RSUs that were otherwise scheduled to vest after such monthly anniversary date shall be forfeited in accordance with Section 4.
b. Subject to the provisions of the Plan and this Agreement, Vested RSUs shall not be settled in shares of Common Stock upon vesting. Instead, subject to Section 24 and Section 25 of this Agreement, the Company shall settle the Vested RSUs by issuing to the Participant a number of whole shares of Common Stock equal to the number of Vested RSUs then outstanding on the earliest to occur of (i) a Change in Control and (ii) the Participant’s Termination of Service (the applicable date, the “Settlement Date”); provided, however, that if the Participant’s Termination of Service is by the Company for Cause, any then-outstanding Vested RSUs shall be forfeited and shall not be settled. For the avoidance of doubt, any Awarded Units that become Vested RSUs pursuant to Section 3(a), whether pursuant to continued service or accelerated vesting, shall remain outstanding as Vested RSUs following vesting unless and until settled in accordance with this Section 3(b). Issuance of the shares of Common Stock shall be made as soon as administratively practicable following the Settlement Date, and in no event later than sixty (60) days following the Settlement Date, subject in all events to Section 409A of the Code.
c. For purposes of this Agreement, the terms “Cause” and “Good Reason” shall have the definitions assigned to such terms in that certain Employment Agreement, dated ________________________, by and between the Company and the Participant.
4. Forfeiture of Awarded Units. Except as otherwise provided in Section 3(a), upon the Participant’s Termination of Service for any reason, the Participant shall be deemed to have forfeited all Unvested RSUs. In addition, upon the Participant’s Termination of Service by the Company for Cause, all then-outstanding Vested RSUs shall be forfeited to the extent not previously settled in accordance with Section 3(b). Upon forfeiture, all of the Participant’s rights with respect to the forfeited Unvested RSUs or Vested RSUs, as applicable, shall cease and terminate, without any further obligation on the part of the Company.
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5. Who May Receive Shares Issued Upon Settlement of Awarded Units. During the lifetime of the Participant, any shares of Common Stock issued in settlement of Awarded Units may be received only by the Participant or his or her legal representative. If the Participant dies prior to the settlement of his or her Awarded Units in accordance with Section 3 above, any shares of Common Stock issuable in settlement of such Awarded Units may be received by the individual or individuals entitled to receive the property of the Participant pursuant to the applicable laws of descent and distribution.
6. No Fractional Shares. Awarded Units shall be settled only in respect of whole shares of Common Stock, and no fractional share of Common Stock shall be issued.
7. Nonassignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent and distribution.
8. Rights as Stockholder. The Participant will have no rights as a stockholder with respect to any shares covered by this Agreement until the issuance of a certificate or certificates to the Participant or the registration of such shares in the Participant’s name for the shares of Common Stock. The Awarded Units shall be subject to the terms and conditions of this Agreement. Except as otherwise provided in Section 9 hereof, no adjustment shall be made for dividends or other rights for which the record date is prior to the issuance of such certificate or certificates or the registration of such shares in the Participant’s name. The Participant, by his or her execution of this Agreement, agrees to execute any documents requested by the Company in connection with the issuance of the shares of Common Stock.
9. Adjustment of Number of Awarded Units and Related Matters. The number of shares of Common Stock covered by the Awarded Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan.
10. Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.
11. Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that the Company will not be obligated to issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any determination in this connection by the Company shall be final, binding, and conclusive. The obligations of the Company and the rights of the Participant are subject to all Applicable Laws.
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12. Investment Representation. Unless the shares of Common Stock are issued to the Participant in a transaction registered under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be acquired hereunder will be acquired by the Participant for investment purposes for his or her own account and not with any intent for resale or distribution in violation of federal or state securities laws. Unless the Common Stock is issued to him or her in a transaction registered under the applicable federal and state securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.
13. Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his or her review by the Company and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.
14. Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this Agreement to the laws of another state).
15. No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, or Outside Director, or to interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Contractor, or Outside Director at any time.
16. Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.
17. Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.
18. Entire Agreement. This Agreement, together with the Plan, supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.
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19. Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein.
20. Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties; provided, however, that the Company may change or modify this Agreement without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan.
21. Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
22. Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
23. Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:
| a. | Notice to the Company shall be addressed and delivered as follows: |
Enveric
Biosciences, Inc.
245 First Street, Riverview II, 18th Floor
Cambridge, MA 02142
Attn: Kevin Coveney
Email: kcoveney@enveric.com
| b. | Notice to the Participant shall be addressed and delivered as set forth on the signature page. |
24. Section 409A; Six Month Delay. Notwithstanding anything herein to the contrary, to the extent required for compliance with Section 409A of the Code, a Termination of Service shall not be deemed to have occurred unless such termination also constitutes a “separation from service” within the meaning of Section 409A of the Code. Further, notwithstanding anything herein to the contrary, if any settlement of Awarded Units and issuance of shares of Common Stock is to occur on account of the Participant’s Termination of Service (other than death), and if the Participant is a “specified employee” as defined in § 1.409A-1(i) of the final regulations under Section 409A of the Code, then solely to the extent required under Section 409A of the Code, the issuance of such shares to the Participant (determined after application of the withholding requirements set forth in Section 25 below) shall not occur until the date that is six (6) months following the date of the Participant’s Termination of Service (or, if earlier, the date of death of the Participant).
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25. Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement. Unless the Company otherwise consents in writing to an alternative withholding method, the Company, or if applicable, any Subsidiary (for purposes of this Section 25, the term “Company” shall be deemed to include any applicable Subsidiary) shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion and prior to the Settlement Date, require the Participant receiving shares of Common Stock upon settlement of Awarded Units to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made prior to the delivery of any certificate or the registration of such shares in the Participant’s name for such shares of Common Stock. Such payment may be made by (i) the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding obligations of the Company; (ii) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock that the Participant has not acquired from the Company within six (6) months prior to the Settlement Date, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding payment; or (iii) any combination of (i) or (ii). Notwithstanding the foregoing, the Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant or withhold the number of shares otherwise issuable upon settlement of the Awarded Units with an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding obligations of the Company; provided, however, if the Participant is a “specified employee” as defined in § 1.409A-1(i) of the final regulations under Section 409A of the Code who is subject to the six (6) months delay provided for in Section 24 above, the Company shall withhold the number of shares attributable to the employment taxes on the date of the Participant’s Termination of Service and withhold the number of shares attributable to the income taxes on the date which occurs six (6) months following the date of the Participant’s Termination of Service (or, if earlier, the date of death of the Participant).
[Remainder
of Page Intentionally Left Blank;
Signature Page Follows.]
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.
| COMPANY: | ||
| Enveric Biosciences, Inc. | ||
| By: | ||
| Name: | ||
| Title: | ||
| PARTICIPANT: | ||
| Signature | ||
| Name: | ||
| Address: | c/o Enveric Biosciences, Inc. | |
| 245 First Street, Riverview II, 18th Floor | ||
| Cambridge, MA 02142 | ||
Exhibit 10.2
RESTRICTED STOCK AWARD AGREEMENT
ENVERIC BIOSCIENCES, INC.
2020 LONG-TERM INCENTIVE PLAN
1. Grant of Award. Pursuant to the Enveric Biosciences, Inc. 2020 Long-Term Incentive Plan (the “Plan”) for Employees, Contractors, and Outside Directors of Enveric Biosciences, Inc., a Delaware corporation (the “Company”), the Company grants to
(the “Participant”)
an Award of Restricted Stock in accordance with Section 6.4 of the Plan. The number of shares of Common Stock awarded under this Restricted Stock Award Agreement (the “Agreement”) is ______________ (_______) shares (the “Awarded Shares”). The “Date of Grant” of this Award is ___________________.
2. Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent not otherwise inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.
3. Vesting. Subject to certain restrictions and conditions set forth in the Plan and in the terms of this Agreement, the Awarded Shares shall fully vest on ____________________ (the “Vesting Date”), provided the Participant is employed by (or, if the Participant is a Contractor or an Outside Director, is providing services to) the Company or a Subsidiary on that date.
4. Forfeiture of Awarded Shares. Awarded Shares that are not vested in accordance with Section 3 shall be forfeited on the date of the Participant’s Termination of Service prior to the Vesting Date for any reason. Upon forfeiture, all of the Participant’s rights with respect to the forfeited Awarded Shares shall cease and terminate, without any further obligations on the part of the Company.
5. Restrictions on Awarded Shares. Subject to the provisions of the Plan and the terms of this Agreement, from the Date of Grant until the Vesting Date (the “Restriction Period”), the Participant shall not be permitted to sell, transfer, pledge, hypothecate, margin, assign, or otherwise encumber any of the Awarded Shares. Except for these limitations, the Committee may, in its sole discretion, remove any or all of the restrictions on such Awarded Shares whenever it may determine that, by reason of changes in Applicable Laws or changes in circumstances after the date of this Agreement, such action is appropriate.
6. Legend. The following legend shall be placed on all certificates issued representing Awarded Shares:
On the face of the certificate:
“Transfer of this stock is restricted in accordance with conditions printed on the reverse of this certificate.”
On the reverse:
“The shares of stock evidenced by this certificate are subject to and transferable only in accordance with that certain Enveric Biosciences, Inc. 2020 Long-Term Incentive Plan, a copy of which is on file at the principal office of the Company in Naples, Florida. No transfer or pledge of the shares evidenced hereby may be made except in accordance with and subject to the provisions of said Plan. By acceptance of this certificate, any holder, transferee or pledgee hereof agrees to be bound by all of the provisions of said Plan.”
The following legend shall be inserted on a certificate evidencing Common Stock issued under the Plan if the shares were not issued in a transaction registered under the applicable federal and state securities laws:
“Shares of stock represented by this certificate have been acquired by the holder for investment and not for resale, transfer or distribution, have been issued pursuant to exemptions from the registration requirements of applicable state and federal securities laws, and may not be offered for sale, sold or transferred other than pursuant to effective registration under such laws, or in transactions otherwise in compliance with such laws, and upon evidence satisfactory to the Company of compliance with such laws, as to which the Company may rely upon an opinion of counsel satisfactory to the Company.”
All Awarded Shares owned by the Participant shall be subject to the terms of this Agreement and shall be represented by a certificate or certificates bearing the foregoing legend.
7. Delivery of Certificates; Registration of Shares. The Company shall deliver certificates for the Awarded Shares to the Participant or shall register the Awarded Shares in the Participant’s name, free of restriction under this Agreement, promptly after, and only after, the Restriction Period has expired without forfeiture pursuant to Section 4. In connection with any issuance of a certificate for Restricted Stock, the Participant shall endorse such certificate in blank or execute a stock power in a form satisfactory to the Company in blank and deliver such certificate and executed stock power to the Company.
8. Rights of a Stockholder. Except as provided in Section 4 and Section 5 above, the Participant shall have, with respect to his or her Awarded Shares, all of the rights of a stockholder of the Company, including the right to vote the shares and the right to receive any dividends thereon.
9. Voting. The Participant, as record holder of the Awarded Shares, has the exclusive right to vote, or consent with respect to, such Awarded Shares until such time as the Awarded Shares are transferred in accordance with this Agreement; provided, however, that this Section 9 shall not create any voting right where the holders of such Awarded Shares otherwise have no such right.
10. Adjustment to Number of Awarded Shares. The number of Awarded Shares shall be subject to adjustment in accordance with Articles 11-13 of the Plan.
11. Specific Performance. The parties acknowledge that remedies at law will be inadequate remedies for a breach of this Agreement and consequently agree that this Agreement shall be enforceable by specific performance. The remedy of specific performance shall be cumulative of all of the rights and remedies at law or in equity of the parties under this Agreement.
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12. Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that he or she will not acquire any Awarded Shares, and that the Company will not be obligated to issue any Awarded Shares to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any determination in this connection by the Company shall be final, binding, and conclusive. The rights and obligations of the Company and the rights and obligations of the Participant are subject to all Applicable Laws, rules, and regulations.
13. Investment Representation. Unless the Awarded Shares are issued in a transaction registered under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be purchased and/or received hereunder will be acquired by the Participant for investment purposes for his or her own account and not with any intent for resale or distribution in violation of federal or state securities laws. Unless the Common Stock is issued to him or her in a transaction registered under the applicable federal and state securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.
14. Participant’s Acknowledgments. The Participant acknowledges that a copy of the Plan has been made available for his or her review by the Company and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts this Award subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as applicable, upon any questions arising under the Plan or this Agreement.
15. Law Governing. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Delaware (excluding any conflict of laws rule or principle of Delaware law that might refer the governance, construction, or interpretation of this Agreement to the laws of another state).
16. No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, or Outside Director, or to interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Contractor, or Outside Director at any time.
17. Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement, and this Agreement shall be construed in all respects as if the invalid, illegal, or unenforceable term, provision, or agreement had never been contained herein.
18. Covenants and Agreements as Independent Agreements. Each of the covenants and agreements that are set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.
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19. Entire Agreement. This Agreement together with the Plan supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter hereof and constitute the sole and only agreements between the parties with respect to the said subject matter. All prior negotiations and agreements between the parties with respect to the subject matter hereof are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement, or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect.
20. Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein. No person shall be permitted to acquire any Awarded Shares without first executing and delivering an agreement in the form satisfactory to the Company making such person or entity subject to the restrictions on transfer contained herein.
21. Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties hereto. Notwithstanding the preceding sentence, the Company may amend the Plan to the extent permitted by the Plan.
22. Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
23. Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
24. Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:
a. Notice to the Company shall be addressed and delivered as follows:
Enveric Biosciences, Inc.
245 First Street, Riverview II, 18th Floor
Cambridge, MA 02142
Attn: Kevin Coveney
Email: kcoveney@enveric.com
b. Notice to the Participant shall be addressed and delivered as set forth on the signature page.
25. Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement, the method and timing for filing an election to include this Agreement in income under Section 83(b) of the Code, and the tax consequences of such election. By execution of this Agreement, the Participant agrees that if the Participant makes such an election, the Participant shall provide the Company with written notice of such election in accordance with the regulations promulgated under Section 83(b) of the Code. The Company or, if applicable, any Subsidiary (for purposes of this Section 25, the term “Company” shall be deemed to include any applicable Subsidiary), shall have the right to deduct from all amounts paid in cash or other form in connection with the Plan, any federal, state, local, or other taxes required by law to be withheld in connection with this Award. The Company may, in its sole discretion, also require the Participant receiving shares of Common Stock issued under the Plan to pay the Company the amount of any taxes that the Company is required to withhold in connection with the Participant’s income arising with respect to this Award. Such payments shall be required to be made when requested by the Company and may be required to be made prior to the delivery of any certificate representing shares of Common Stock or the registration of such shares in the Participant’s name. Such payment may be made by (a) the delivery of cash to the Company in an amount that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding obligations of the Company; (b) if the Company, in its sole discretion, so consents in writing, the actual delivery by the Participant to the Company of shares of Common Stock, other than Common Stock that the Participant has acquired from the Company within six (6) months prior thereto, which shares so delivered have an aggregate Fair Market Value that equals or exceeds (to avoid the issuance of fractional shares) the required tax withholding payment; or (c) any combination of (a) and (b). The Company may, in its sole discretion, withhold any such taxes from any other cash remuneration otherwise paid by the Company to the Participant.
[Remainder of Page Intentionally Left Blank; Signature Page Follows.]
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IN WITNESS WHEREOF, the Company has caused this Agreement to be executed by its duly authorized officer, and the Participant, to evidence his or her consent and approval of all the terms hereof, has duly executed this Agreement, as of the date specified in Section 1 hereof.
| COMPANY: | ||
| Enveric Biosciences, Inc. | ||
| By: | ||
| Name: | Kevin Coveney | |
| Title: | Chief Financial Officer | |
| PARTICIPANT: | ||
| Signature | ||
| Name: | ||
| Address: | c/o Enveric Biosciences, Inc. | |
| 245 First Street, Riverview II, 18th Floor | ||
| Cambridge, MA 02142 | ||