Eugene Johnston
About Eugene Johnston
Chief Financial Officer of Mangoceuticals, Inc. (MGRX) since October 2022; age 60; Bachelor of Science in Business Administration from the University of North Carolina Charlotte . He serves as principal financial and accounting officer, signing SOX 302/906 certifications on the company’s Q3 2025 10‑Q and 10‑Q/A, evidencing responsibility for financial reporting and controls . Company performance context: FY 2023 and FY 2024 revenues and EBITDA shown below to frame tenure impact (values retrieved from S&P Global)*.
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Revenues ($USD) | * | * |
| EBITDA ($USD) | * | * |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Peoplesway.com, Inc. | Chief Executive Officer | Aug 1999 – Sep 2014 | Led skincare/nutritional products firm; continued board service thereafter . |
| RMC Group, Inc. | Chief Executive Officer | Jan 1999 – Jul 1999 | Executive leadership in skincare/nutritional products . |
| WeCare Distributors, Inc. | Vice President of Sales Administration | Apr 1987 – Jan 1989 | Sales administration leadership in consumer products . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Greentree Financial Group, Inc. | Audit Manager | Since Feb 2015 | Accounting/auditing firm role . |
| Peoplesway.com, Inc. | Board Member | Aug 1999 – present | Ongoing directorship . |
Fixed Compensation
| Component | FY 2022 | FY 2023 | FY 2025 |
|---|---|---|---|
| Base Salary ($) | — | $14,000 | — |
| Monthly Salary Agreement | — | $2,000/month under Oct 1, 2023 Summary of Terms (12‑month term) | — |
| Target Bonus % | — | Not disclosed (no non‑equity incentive plan compensation reported) | — |
| Actual Cash Bonus ($) | — | — | — |
Performance Compensation
| Metric/Instrument | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary Stock Bonus (2025) | — | — | 100,000 shares | Common stock | Fully vested and earned on grant, Sept 9, 2025 . |
| Restricted Stock (Offer Letter 2022) | — | — | 150,000 shares | Common stock | Vested 25,000/month over 6 months beginning Nov 1, 2022 . |
| Common Stock Issuance (Summary of Terms 2023) | — | — | 50,000 shares | Common stock | Issued Oct 1, 2023; vesting not specified (no unvested balance at 12/31/23) . |
Notes:
- The company disclosed no formal performance metrics (revenue/EBITDA/TSR weightings) tied to executive payouts; compensation has been discretionary or time‑based with no non‑equity incentive plan compensation reported for the periods shown .
- Options: Johnston had no options outstanding or unexercised at 12/31/2023 .
Equity Ownership & Alignment
| Data Point | 2023 (Record Date Feb 2024 proxy) | 2024 (Record Date May 2024 proxy) | 2025 (Feb 2025 proxy) |
|---|---|---|---|
| Beneficial Ownership (shares) | 200,000 | 200,000 | 38,334 |
| Percent of Shares Outstanding | Less than 1% | Less than 1% | Less than 1% |
| Vested vs Unvested (as of 12/31/23) | No unvested stock awards; no options outstanding | — | — |
| Pledging/Hedging | No equity ownership policy; hedging/short sales not prohibited (short sales discouraged); plan to implement anti‑hedging policy in future | — | — |
Supply overhang indicators:
- Fully vested discretionary grants to officers/directors totaled 900,000 shares on Sept 9, 2025, including 100,000 shares to Johnston, which may create near‑term selling pressure given immediate vesting .
Employment Terms
| Term | Details |
|---|---|
| Offer Letter (Oct 1, 2022) | CFO for 12 months; granted 150,000 restricted shares vesting 25,000/month starting Nov 1, 2022; eligible for future benefits/plans; equity/cash awards at Board discretion; grant valued $0.28/share ($41,763) . |
| Summary of Terms (Oct 1, 2023) | CFO for 12 months through Oct 1, 2024; issued 50,000 shares; $2,000/month compensation; shares under 2022 Equity Incentive Plan . |
| Severance Framework | Company materials define “Severance Months”: 3 (<1 year), 6 (1–<2 years), 9 (2–<3 years), 12 (>3 years); specific application to Johnston’s contract not disclosed . |
| Change‑of‑Control | No automatic acceleration; may occur if provided in award agreements or other written agreements; otherwise no acceleration . |
| Repricing Authority | 2022 Plan permits repricing, cancellation and re‑grant of options/SARs subject to participant consent if materially impaired . |
| Clawback | Mandatory recovery policy adopted Oct 26, 2023 (effective Oct 2, 2023) under SEC Rule 10D‑1/Nasdaq 5608; applies to current/former executive officers over a 3‑year lookback in case of restatement . |
| Ownership/Hedging Policy | No stock ownership guidelines; hedging/short sales not currently prohibited (short sales discouraged); plan to implement prohibitions in future . |
Multi‑Year Compensation (Reported)
| Metric | FY 2022 | FY 2023 |
|---|---|---|
| Salary ($) | — | $14,000 |
| Bonus ($) | — | — |
| Stock Awards ($) | $41,763 (150,000 shares RS; $0.28/share) | $42,500 (50,000 shares; $0.85/share) |
| Option Awards ($) | — | — |
| All Other Compensation ($) | — | — |
| Total ($) | $41,763 | $56,500 |
2025 Equity Grants (Potential Selling Pressure)
| Date | Recipient | Position | Shares | Vesting |
|---|---|---|---|---|
| Sept 9, 2025 | Eugene Johnston | CFO | 100,000 | Fully vested/earned on grant |
Performance & Track Record
- Role execution: CFO and principal financial/accounting officer; executed SOX 302/906 certifications on Q3 2025 filings, indicating oversight of disclosure controls and internal control over financial reporting .
- Company performance framing (during tenure): FY 2023 and FY 2024 Revenues and EBITDA shown above; no executive‑specific TSR or metric‑linked payout disclosures were provided . Values retrieved from S&P Global*.
Investment Implications
- Pay‑for‑performance risk: Absence of disclosed performance metrics and reliance on discretionary/fully‑vested equity (e.g., 2025 bonus shares) weakens alignment and may incentivize near‑term liquidity events rather than long‑term value creation .
- Selling pressure overhang: Fully vested grants (900,000 shares aggregate; 100,000 to Johnston) increase float and potential insider selling pressure post‑grant dates; Form 4 data could refine timing but was not available in these filings .
- Alignment concerns: No stock ownership guidelines and no current hedging prohibitions reduce alignment; Johnston’s beneficial stake is small (<1%), limiting “skin in the game” despite recent grants .
- Governance red flags: Plan permits option/SAR repricing and re‑grants; change‑of‑control does not automatically accelerate awards—terms depend on specific agreements. Clawback policy is a positive mitigant but reactive in nature .
- Retention: Cash compensation is modest (e.g., $14,000 reported salary in 2023; $2,000/month arrangement in 2023–2024) with equity as the primary incentive. Fully vested share grants provide immediate value but limited long‑term retention hooks versus PSUs/RSUs with multi‑year vesting .
Citations:
- Role, age, education: **[1938046_0001493152-24-020141_formdef14a.htm:29]** **[1938046_0001493152-24-020141_formdef14a.htm:31]**
- Certifications/tenure evidence: **[1938046_0001493152-25-023640_ex31-2.htm:0]** **[1938046_0001493152-25-023640_ex32-2.htm:0]** **[1938046_0001493152-25-023566_ex31-2.htm:0]** **[1938046_0001493152-25-023566_ex32-2.htm:0]** **[1938046_0001493152-25-023566_form10-qa.htm:88]**
- Offer Letter/vesting/valuation: **[1938046_0001493152-24-020141_formdef14a.htm:43]**
- 2023 Summary of Terms/monthly pay/shares: **[1938046_0001493152-24-020141_formdef14a.htm:55]**
- Summary compensation: **[1938046_0001493152-24-020141_formdef14a.htm:36]**
- Outstanding awards (none for Johnston at YE 2023): **[1938046_0001493152-24-020141_formdef14a.htm:37]**
- Beneficial ownership tables: **[1938046_0001493152-24-008415_formdef14a.htm:13]** **[1938046_0001493152-24-020141_formdef14a.htm:17]** **[1938046_0001493152-25-007103_formdef14a.htm:17]**
- 2025 discretionary bonus grant (100,000 shares to Johnston; 900,000 aggregate): **[1938046_0001493152-25-023640_form10-q.htm:52]**
- Ownership/hedging/clawback policies: **[1938046_0001493152-24-020141_formdef14a.htm:27]**
- Change‑of‑control and repricing authorities: **[1938046_0001493152-24-008415_formdef14a.htm:41]** **[1938046_0001493152-25-007103_formdef14a.htm:40]**
- Severance months framework: **[1938046_0001493152-24-020141_formdef14a.htm:50]**