LWEL Luckwel Pharmaceuticals Inc (GM)

Item 1.01 Entry into a Material Definitive Agreement

On September 30, 2021, Luckwel Pharmaceuticals, Inc. (the “Company”) entered into a consultant agreement with Mr. Mark Corrao to provide certain financial-related services. Pursuant to the agreement, Mr. Corrao will receive a monthly base consulting fee of $2,000 based on an hourly rate of $275. He will be eligible for a performance cash bonus of 50% of the base consulting fee in the event the Company uplists onto the Nasdaq. Additionally, Mr. Corrao shall be entitled to an option to purchase 100,000 shares of the Company’s common stock by/before November 2021 pursuant to the Company’s Stock Option and Equity Incentive Plan, which shall vest one year thereafter provided (i) Mr. Corrao is still engaged as the Company’s consultant and (ii) the Company’s common stock has been approved to be uplisted on the Nasdaq. The initial term of Mr. Corrao’s engagement shall expire on March 31, 2022, and thereafter shall automatically renew for successive six-month terms unless terminated. If the Company terminates this agreement during the initial term without cause, the aforesaid performance cash bonus shall be paid and the option shall immediately vest.

The foregoing description of the principal terms of the consultant agreement is a general description only, does not purport to be complete, and is qualified in its entirety by reference to the terms of the consultant attached hereto as Exhibit 10.1, which are incorporated herein by this reference.