Greenwich LifeSciences, Inc.
For the period ended Dec 31, 2025. Filed Jun 1, 2026.
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FY2025 · Filed Jun 1, 2026
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Item 11. Executive Compensation
Summary Compensation Table
The following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the year ended December 31, 2025.
| Name and Principal Position | Year | Salary ($) | Bonus ($)(1) | Stock awards ($)(1) | Total ($) |
|---|---|---|---|---|---|
| Snehal Patel, Chief Executive Officer | 2025 | 735,075 | 367,538 | 4,898,642 | 6,001,255 |
| 2024 | 612,563 | 306,281 | 5,322,841 | 6,241,685 |
| (1) | For 2025 fiscal year, Mr. Patel received deferred bonus compensation of $367,538 and options to purchase 624,357 shares of common stock for services rendered and as incentive for services to be rendered. For 2024 fiscal year, Mr. Patel received deferred bonus compensation of $306,281 and options to purchase 630,000 shares of common stock for services rendered and as incentive for services to be rendered. |
Outstanding Equity Awards at Fiscal Year-End
The following table provides information regarding awards held by each of our named executive officers that were outstanding as of December 31, 2025.
| Option Awards | ||||
|---|---|---|---|---|
| Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date |
| Snehal Patel(1) | 369,675 | 679,048 | 7.63 | June 22, 2032 |
| 153,000 | 995,723 | 12.16 | December 24, 2034 | |
| 100,000 | 0 | 8.20 | November 13, 2035 | |
| (1) | We granted Mr. Patel options to purchase shares of common stock on June 22, 2022 for compensation and incentives to be earned in equal installments over 48 months. Between the 30 month period, June, 22, 2022 to December 31, 2025, Mr. Patel earned 924,187 options which may or may not vest based on certain additional performance milestones of which 40% are currently vested and exercisable, totaling 369,675 shares, and the balance, or 679,048 options, may or may not vest over approximately 6 month period commencing on January 1, 2026 or thereafter. |
| We granted Mr. Patel 100,000 options to purchase shares of common stock on December 24, 2024 for compensation and incentives which vest immediately. We granted Mr. Patel an additional 1,048,723 options to purchase shares of common stock on December 24, 2024 for compensation and incentives of which 25% are earned immediately and the remainder are to be earned in equal installments over 36 months. Between December 24, 2024 to December 31, 2025, Mr. Patel earned 529,995 options which may or may not vest based on certain additional time based milestones of which 10% are currently vested and exercisable, totaling 53,000 shares, and the balance, or 995,723 options, may or may not vest over the 24 month period commencing on January 1, 2026 or thereafter. We granted Mr. Patel 100,000 options to purchase shares of common stock on November 13, 2025 for compensation and incentives which vest immediately. |
Non-Employee Director Compensation
The following table presents the total compensation for each person who served as a non-employee member of our board and received compensation for such service during the fiscal year ended December 31, 2025. Other than as set forth in the table and described more fully below, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee members of our board in 2025.
| Name · Fees Earned or Paid in Cash ($) · Stock and Option Awards ($) · All Other Compensation ($) · Total ($) | ||
|---|---|---|
| David McWilliams(1) | 252,466 | 252,466 |
| Eric Rothe(2) | 168,393 | 168,393 |
| Kenneth Hallock(3) | 168,393 | 168,393 |
| (1) | We granted Mr. McWilliams options to purchase shares of common stock on June 22, 2022 for compensation and incentives to be earned in equal installments over 48 months of which 15,496 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 7,361 options, vest over approximately 6 monthly installments commencing on January 1, 2026. We granted Mr. McWilliams options to purchase shares of common stock on December 24, 2024 for compensation and incentives to be earned in equal installments over 36 months of which 15,492 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 30,663 options, vest over 24 equal monthly installments commencing on January 1, 2026. |
| (2) | We granted Mr. Rothe options to purchase shares of common stock on June 22, 2022 for compensation and incentives to be earned in equal installments over 48 months of which 10,337 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 4,910 options, vest over approximately 6 monthly installments commencing on January 1, 2026. |
| We granted Mr. Rothe options to purchase shares of common stock on December 24, 2024 for compensation and incentives to be earned in equal installments over 48 months of which 10,332 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 20,458 options, vest over 24 equal monthly installments commencing on January 1, 2026. | |
| (3) | We granted Mr. Hallock options to purchase shares of common stock on June 22, 2022 for compensation and incentives to be earned in equal installments over 48 months of which 10,337 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 4,910 options, vest over approximately 6 monthly installments commencing on January 1, 2026. |
| We granted Mr. Hallock options to purchase shares of common stock on December 24, 2024 for compensation and incentives to be earned in equal installments over 48 months of which 10,332 options vested between January 1, 2025 and December 31, 2025 over the 12 month period, and the remaining balance, or 20,458 options, vest over 24 equal monthly installments commencing on January 1, 2026. |
Employment Agreements
Snehal Patel Employment Agreement
On September 29, 2020, we entered into an employment agreement (the “Employment Agreement”) with Snehal Patel, our Chief Executive Officer in connection with our initial public offering (the “IPO”). The term of the Employment Agreement will continue until December 31, 2021 and automatically renews for successive one year periods at the end of each term until either party delivers written notice of their intent not to renew at least 60 days prior to the expiration of the then effective term. Pursuant to the terms of the Employment Agreement, Mr. Patel shall, among other things, (i) receive a base salary of $450,000, subject to increase, (ii) shall be eligible to receive equity grants, (iii) shall be eligible to receive an annual bonus of up to 50% of his then base salary and (iv) shall be eligible to receive a strategic transaction bonus. In addition, Mr. Patel shall also be eligible to participate in all employee welfare and benefit plans and shall receive such other fringe benefits as we offer to our senior executives and directors.
In the event Mr. Patel’s employment is terminated by us for Cause (as defined in the Employment Agreement), as a result of Mr. Patel’s death or Disability (as defined in the Employment Agreement), voluntarily by Mr. Patel without Good Reason (as defined in the Employment Agreement), or upon expiration of the term, we shall pay Mr. Patel (i) a lump sum amount equal to (A) any unpaid base salary and equity grants then due plus (B) any bonus earned but not paid and (ii) any unpaid expenses (collectively, the “Patel Compensation”). In addition, if Mr. Patel’s employment is terminated for death, Disability or as a result of the expiration of the term of the Employment Agreement as a result of the non-renewal of such term by us, we shall pay Mr. Patel any pro-rated bonus for the target year in which the termination occurs. In the event Mr. Patel’s employment is terminated by us without Cause or by Mr. Patel for Good Reason, we shall pay Mr. Patel (i) the Patel Compensation, (ii) any pro-rated bonus for the target year in which the termination occurs and (iii) provided that Mr. Patel executes the Release (as defined in the Employment Agreement), (A) the Severance Payment (as defined in the Employment Agreement) and (B) COBRA premiums for twelve months from the date of termination. In the event of Mr. Patel’s termination (i) by us without Cause or by Mr. Patel for Good Reason within six months prior to the consummation of a Change of Control (as defined in the Employment Agreement) transaction, if, prior to or as of such termination, a Change of Control transaction was Pending (as defined in the Employment Agreement), at any time during such six month period, (ii) by Mr. Patel for Good Reason at any time within twelve months after the consummation of a Change of Control, or (iii) by us without Cause at any time within twelve months after the consummation of a Change of Control, Mr. Patel shall receive (A) the Patel Compensation, (B) any pro-rated bonus for the target year in which the termination occurs and (C) provided that Mr. Patel executes the Release, (a) a lump sum amount equal to twelve months of Mr. Patel’s then base salary and equity grants at the rate in effect as of the date of termination and (b) COBRA premiums for six months from the date of termination. Furthermore, all of the shares that are then unvested shall immediately vest and, all options, warrants and other convertible securities beneficially held by Mr. Patel shall become fully exercisable for (i) a period of six months following the date of termination only if at the time of such termination there is a Change of Control transaction Pending but in no event beyond expiration of the original term of the award or (ii) if clause (i) does not apply, then such period of time set forth in the agreement evidencing the security. The Employment Agreement also contains covenants restricting Mr. Patel from: (i) engaging in any activity competitive with our business during the term of the Employment Agreement and for a period of one year thereafter; and (ii) soliciting our customers, suppliers or employees during the term of the Employment Agreement and for a period of one year thereafter.
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