Management Change/Compensation Form 8 K

On January 7, 2025, BioXcel Therapeutics, Inc. (the "Company") entered into an amendment to the Employment Agreement, dated March 7, 2018, between the Company and Vimal Mehta, PhD, the President and Chief Executive Officer of the Company (the "Mehta Amendment"). The Mehta Amendment provides for, among other things, (i) a reduction in Dr. Mehta's 2025 cash compensation to $706,558 and (ii) a grant of options to purchase 660,000 shares of the Company's common stock (the "Mehta Options") pursuant to the Company's 2020 Incentive Award Plan (the "Plan"), in each case, subject to the conditions set forth in the Mehta Amendment.

On January 7, 2025, the Company entered into an amendment to the Employment Agreement, dated October 2, 2017, between the Company and Richard Steinhart, the Chief Financial Officer of the Company (the "Steinhart Amendment"). The Steinhart Amendment provides for, among other things, (i) a reduction in Mr. Steinhart 2025 cash compensation to $289,800 and (ii) a grant of options to purchase 270,000 shares of the Company's common stock (the "Steinhart Options") pursuant to the Company's Plan, in each case, subject to the conditions set forth in the Steinhart Amendment.

On January 7, 2025, the Company entered into an amendment to the Employment Agreement, dated February 12, 2018, between the Company and Frank Yocca, the Chief Scientific Officer of the Company (the "Yocca Amendment"). The Yocca Amendment provides for, among other things, (i) a reduction in Dr. Yocca's 2025 cash compensation to $290,500 and (ii) a grant of options to purchase 270,000 shares of the Company's common stock (the "Yocca Options") pursuant to the Company's Plan, in each case, subject to the conditions set forth in the Yocca Amendment.

Each of the Mehta Options, the Steinhart Options and the Yocca Options have an exercise price of $0.4713 per share and will vest in twelve equal monthly installments over a twelve-month period.

The foregoing descriptions of the Mehta Amendment, the Steinhart Amendment and the Yocca Amendment do not purport to be complete and are qualified in their entirety by reference to the full text of the Mehta Amendment, the Steinhart Amendment and the Yocca Amendment, a copy of each which are filed as Exhibit 10.1, 10.2 and 10.3 to this Current Report on Form 8-K and are incorporated by reference herein.