ADIAL PHARMACEUTICALS, INC. — Form 10-Q

Matthew Davidson's Chief Development Officer employment agreement was amended on June 11, 2026, following merger closing, setting base salary at $609,120 (increasing to $648,000 upon $20M financing), target bonus 50% of salary, and inducement awards of 1.63% of fully-diluted shares (split equally between RSUs and options, vesting 36 months with performance conditions tied to PIPE warrant milestones). Separately, Tony Goodman was terminated without cause on August 11, 2026, receiving $312,000 severance (12 months salary), $93,600 bonus, $33,768 COBRA subsidy, and full acceleration of all equity awards (5,737 options and 26,510 restricted shares). Amendment No. 1 to Securities Purchase Agreement (August 12, 2026) corrected PIPE pricing from $4.25 to $4.00 per share for subsequent equity sales.