On August 28, 2023, Genelux Corporation announced the appointment of Lourie Zak as the Company?s Chief Financial Officer and the designation of Ms. Zak as the Company?s principal financial officer and principal accounting officer, in each case effective as of August 28, 2023 (the ?Effective Date?). In connection with Ms. Zak?s appointment to the position of Chief Financial Officer, and as of the Effective Date, Thomas Zindrick, the Company?s President and Chief Executive Officer, will no longer serve as the Company?s principal financial officer, and Doug Samuelson, the Company?s former Chief Financial Officer, will no longer serve as the Company?s principal accounting officer. Ms. Zak, 60, most recently served as an Executive Consultant for CFO Assignments from March 2015 to August 2023.

Ms. Zak previously served as the Chief Financial Officer of Guitar Center Brands of Guitar Center Inc. from October 2014 to January 2015 and the Chief Financial Officer of SONIFI Solutions Inc. from February 2013 to October 2014. Pursuant to the terms of Ms. Zak?s employment agreement (the ?Zak Employment Agreement?), effective as of the Effective Date, Ms. Zak?s employment may be terminated at-will by either party, with or without notice, subject to the terms of the Zak Employment Agreement. Ms. Zak will receive a base salary of $360,000 per year and be eligible for an annual discretionary bonus with a target amount of up to 40% of her then-current base salary based on the achievement of certain performance goals determined by the Board of Directors of the Company.

Subject to approval by the Board of Directors of the Company, Ms. Zak will be issued an option to purchase 150,000 shares of common stock of the Company with a per share exercise price equal to the fair market value on the date of grant (the ?Option?). The shares subject to the Option will vest over four years of continuous service to the Company, with 25% of the shares subject to the Option vesting on the first-year anniversary of the Effective Date, and the remaining shares vesting in equal monthly installments over the subsequent 36 months of continuous service thereafter. In the event of a change in control, as defined in the Company?s 2022 Equity Incentive Plan, and subject to Ms. Zak?s continuous service through such change in control, 100% of the shares subject to the unvested portion of the Option will accelerate and vest in full.

The Option shall be governed in all respects by the terms of the Company?s 2022 Equity Incentive Plan, as amended, and the option agreement between Ms. Zak and the Company. Ms. Zak will be entitled to receive severance benefits in the event her employment is terminated by the Company without cause or if she resigns for good reason, provided she remains in compliance with the terms of the Zak Employment Agreement. In the event of such termination or resignation, Ms. Zak will receive (i) severance in a lump sum equal to twelve months of her then-current base salary plus her full target annual bonus for the calendar year in which such separation occurs (but only in connection with a separation occurring during the period beginning three months before and ending 18 months following a change in control), and (ii) up to twelve months of COBRA group health insurance continuation.

The foregoing severance benefits are conditioned upon Ms. Zak signing and not revoking a separation agreement and release of claims by no later than the 60th day after the employment termination.