Sunshine Biopharma Inc.
For the period ended Dec 31, 2024. Filed Apr 1, 2025.
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FY2024 · Filed Apr 1, 2025
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Item 11. Executive Compensation
The following table sets forth compensation information for services rendered by our executive officers in all capacities during the last two completed fiscal years.
| Name and Principal Position · Year · Salary ($) · Bonus ($) · Options ($) · Other ($) · Total ($) | |||||||
|---|---|---|---|---|---|---|---|
| Dr. Steve N. Slilaty | 2024 | 411,587 | 800,000 | * | – | – | 1,211,587 |
| Chief Executive Officer and Director | 2023 | 378,000 | 182,000 | – | – | 560,000 | |
| Camille Sebaaly | 2024 | 302,031 | 50,000 | – | – | 352,031 | |
| Chief Financial Officer | 2023 | 315,000 | 380,000 | – | – | 695,000 | |
| Dr. Abderrazzak Merzouki | 2024 | 241,625 | 45,000 | – | – | 286,625 | |
| Chief Operating Officer and Director | 2023 | 252,000 | 8,000 | – | – | 260,000 | |
* This amount was paid to Advanomics Corporation, a company controlled by Dr. Slilaty.
Employment Agreements
On October 21, 2024, we entered into an amended employment agreement with Dr. Steve N. Slilaty, our Chief Executive Officer. Pursuant to the amended employment agreement, deemed effective January 1, 2024, Dr. Slilaty will continue to serve as our CEO, and will also serve as the chief executive officer of our wholly-owned subsidiary, Nora Pharma. Dr. Slilaty will receive an annual base salary of $386,000, which will increase annually in the amount of 5% or the change in the US Consumer Price Index, whichever is greater. Dr. Slilaty will also be entitled to an annual bonus in an amount to be determined by our board of directors. The agreement has an indefinite term. If the agreement is terminated by us “without cause”, or by Dr. Slilaty for “good reason” (each as defined in the agreement), Dr. Slilaty will be entitled to a severance payment of $14 million. In the event the employment agreement is terminated for other reasons, we will pay Dr. Slilaty $3 million.
On October 21, 2024, we entered into an employment agreement with Mr. Camille Sebaaly, our Chief Financial Officer. Pursuant to the employment agreement, deemed effective January 1, 2024, Mr. Sebaaly will continue to serve as our Chief Financial Officer and will also serve as Secretary of Nora Pharma. Mr. Sebaaly will receive an annual base salary of $411,000 CAD (approximately $287,700 USD), which will increase annually in the minimum amount of 5% or the change in the US Consumer Price Index, whichever is greater. Mr. Sebaaly will also be entitled to an annual bonus in an amount to be determined by our Board of Directors. The employment agreement has an indefinite term. If the employment agreement is terminated by us without cause, Mr. Sebaaly will be entitled to a severance payment of $2 million CAD (approximately $1.4 million USD).
On October 21, 2024, we entered into an employment agreement with Dr. Abderrazzak Merzouki, our Chief Operating Officer. Pursuant to the employment agreement, deemed effective January 1, 2024, Dr. Merzouki will continue to serve as our Chief Operating Officer and will also serve as Chief Scientific Officer of Nora Pharma. Dr. Merzouki will receive an annual base salary of $328,800 CAD (approximately $230,200 USD), which will increase annually in the amount of 5% or the change in the US Consumer Price Index, whichever is greater. Dr. Merzouki will also be entitled to an annual bonus in an amount to be determined by our Board of Directors. The employment agreement has an indefinite term. If the employment agreement is terminated by us without cause, Dr. Merzouki will be entitled to a severance payment of $2 million CAD (approximately $1.4 million USD).
On January 13, 2025, we appointed Mr. Michel Roy as our Chief Commercial Officer, and in connection therewith, entered into an employment agreement with Mr. Roy. Pursuant to the employment agreement, Mr. Roy will receive an initial annual base salary of $400,000 CAD (approximately $280,000 USD), which will increase annually by the greater of 5% or the increase in the US Consumer Price Index. In the event we terminate Mr. Roy’s employment without cause, Mr. Roy will receive a severance payment of $500,000 CAD (approximately $350,000 USD), plus the minimum notice of termination (or compensation in lieu thereof) to which he would be entitled under applicable law. The employment agreement has an indefinite term.
Outstanding Equity Awards at 2024 Fiscal Year-End
We did not have any outstanding equity awards as of December 31, 2024.
Director Compensation
The following table sets forth compensation we paid to our directors for services as director during the year ended December 31, 2024.
| Name | Cash ($) | Options ($) | Other ($) | Total ($) |
|---|---|---|---|---|
| Dr. Andrew Keller | 80,000 | – | – | 80,000 |
| Dr. Rabi Kiderchah | 80,000 | – | – | 80,000 |
| Dr. Abderrazzak Merzouki | 80,000 | – | – | 80,000 |
| Mr. David Natan | 80,000 | – | – | 80,000 |
| Dr. Steve N. Slilaty | 80,000 | – | – | 80,000 |
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