Innovation Pharmaceuticals Inc (IPIX)

[kfcyahoo]

¨Maybe Dr M is ill and can’t resign.¨

Maybe, though well enough to serve on the Board of Directors?

Your logic, please.

Maybe someone at HQ read this: https://investorshub.advfn.com/boards/read_msg.aspx?message_id=143647327, which states:

¨
"Leo Ehrlich, the Company’s Chief Executive and Financial Officer, and Dr. Krishna Menon, Chief Scientific Officer, presently have no employment agreement with the Company."
Why not? The ineffective Board isn't like to chase either of them off if the spirit moves them but if the statement that followed that one in the 10-K is true ("The loss of a member of the senior management team could have an adverse impact on our business.") one wouldn't want them to toddle off on their own without notice, which they can now do. Unlikely? Maybe.

"The Compensation Committee held one meeting in fiscal 2018." I suspect that was about AB's bonus (or KM's pay cut...don't remember the exact timing of that).

In the last (and only) Annual Shareholder Meeting two legally required votes were taken:
"The proposal to approve, on an advisory basis, the compensation of the Company's named executive officers as described in the proxy statement was approved by the stockholders".
"At the Annual Meeting, the Company's Board of Directors recommended, and approximately 52% of the stockholders voting on the proposal (not including 79,381 abstentions) chose, to have the Company hold future advisory votes on executive compensation on an annual basis. In light of the foregoing, the Company intends to hold future advisory votes on executive compensation on an annual basis."

It's just "on an advisory basis" and that vote is almost 3 years old so maybe people have forgotten about it, but the rule requiring the vote was instituted primarily to 1)keep investors aware of the level of Officer's compensation and 2)to allow them to express their feelings about it publicly. As far as I know the Company hasn't complied.


In the discussion of potential partnerships the focus has properly been on the drugs, but if there should come a day when the Company itself is the target a Partner would want these things...contracts and salaries...settled and in writing even if shareholders don't see that as a priority.


ps. KM signed the 10-K Certifications as President of Research and Director. Shouldn't he appear here?
ITEM 11. EXECUTIVE COMPENSATION
SUMMARY COMPENSATION TABLE

I know he's a part timer but can he be an Officer for the purpose of the Certification and not an Executive for the purpose of Compensation Table?


pps. This is more important and maybe more confusing than any of the above:
I looked at the Company's Entity file at NVSOS.gov and it shows two things of interest.
One is that AB is the President and based on the Certification requirements would appear to be the appropriate second signer versus KM who isn't listed as an Officer (Director only) and whom the Company calls its "President of Research". The Certification requirements call for the signatures of the two people who have the duties of CEO and CFO.
But that's not nearly as confusing as why, at what I would expect to be a time for the Company to be exercising an abundance of caution, they have allowed the Company to slip into Default status with the State. Their Annual Report (a very simple filing) was due on 8/31 and it wasn't made. I don't know why. The State provides a notification (actually more than one) to the Company and its Registered Agent in advance of the due date.
It's NOT a big deal (unless one of the Officers/Directors to be listed on the Annual List is a problem for some reason) so I would expect the Company to address it immediately.

https://www.nvsos.gov/SOSEntitySearch/FeeDetails.aspx?ctok=P141b32cuDeU7D3TKsnZcg%253d%253d ¨

IDK