Summary by Moomoo AI
On December 28, 2023, Mangoceuticals, Inc., a company listed on the Nasdaq Capital Market under the trading symbol MGRX, reported a significant corporate event. The company's Board of Directors, following the Compensation Committee's recommendation, approved a substantial stock option grant to Jacob D. Cohen, the Chief Executive Officer and Chairman of Mangoceuticals. Cohen was awarded options to purchase 1,250,000 shares of the company's common stock at an exercise price of $0.32 per share, which is 110% of the closing sales price on the NASDAQ on the date of approval. These options, part of the company's 2022 Equity Incentive Plan, vested immediately upon grant and have a five-year term. The grant is contingent on Cohen's continued service with the company. The details of the option grant are outlined in the Option Agreement, which is attached as Exhibit 10.2 to the company's Form 8-K filing with the SEC, and the terms of the 2022 Equity Incentive Plan are incorporated by reference from Exhibit 10.1.