Mangoceuticals (NASDAQ:MGRX) Secures Consulting Agreement with CFO Eugene M. Johnston for 12 Months

On November 11, 2024, Mangoceuticals, Inc. officially entered into a Consulting Agreement with its Chief Financial Officer, Eugene M. Johnston. Effective from October 1, 2024, the agreement stipulates that Mr. Johnston will serve as the company’s CFO and offer services as reasonably requested over the 12-month term. For his services, Mangoceuticals will compensate Mr. Johnston with $4,000 per month and 25,000 shares of the company’s common stock under the 2022 Equity Incentive Plan. These shares vested upon the execution of the Consulting Agreement.

Additionally, the company has agreed to reimburse Mr. Johnston’s expenses, providing subject to pre-approval for any expense exceeding $500. The terms allow for the termination of the Consulting Agreement under several conditions, including mutual approval, breach of agreement, and voluntary termination by Mr. Johnston.

The agreement includes standard provisions such as assignment of inventions, indemnification, and confidentiality clauses, with Mr. Johnston bound by non-solicitation covenants during the agreement’s term and for 12 months afterward. Moreover, he is eligible for discretionary equity bonuses and cash awards as decided by the Compensation Committee and/or Board of Directors.

Mangoceuticals further reserves the right to adjust Mr. Johnston’s compensation under the Consulting Agreement at the discretion of the Compensation Committee or the Board of Directors, without the need for a revised agreement. The full text of the Consulting Agreement can be referred to in Exhibit 10.1 of the filing.

As an emerging growth company, Mangoceuticals is positioning itself for strategic growth with this newly established Consulting Agreement for its CFO, Eugene M. Johnston.

The company’s stock, MGRX, is listed on The NASDAQ Stock Market LLC, under the Nasdaq Capital Market. The financial details and intricate provisions of the Consulting Agreement underscore Mangoceuticals’ dedication to fostering a strong leadership team and strategic growth direction.

This marks a significant step for Mangoceuticals in its ongoing efforts to enhance its financial management and operational efficiency under the guidance of Mr. Johnston.

The full details of the agreement are available for review in the official filing.

The news of this strategic corporate development is expected to further solidify Mangoceuticals’ position in the market and drive continued growth and innovation in the sector. Investors and stakeholders will be keen to observe how this agreement contributes to the company’s financial performance and operational strategies moving forward.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Mangoceuticals’s 8K filing here.

About Mangoceuticals

Mangoceuticals, Inc develops, markets, and sells various men's wellness products and services through a telemedicine platform in the United States. It offers erectile dysfunction (ED) products under the Mango brand and hair loss products under the Grow brand name. The company markets and sells these branded ED and hair loss products online through its website at MangoRx.com.