(f) Disclosure of Bonus Omitted From Summary Compensation Table of Registration Statement
As disclosed under the Summary Compensation Table in InMed Pharmaceuticals Inc.’s (the “Company’s”) registration statement on Form S-1, as amended, filed on October 8, 2020 and effective with the Securities Exchange Commission on November 12, 2020 (the “Registration Statement”), certain compensation of Eric A. Adams, the Company’s Chief Executive Officer and President, Bruce Colwill, the Company’s Chief Financial Officer and Secretary, and Alexandra Mancini, our Senior Vice President, Clinical and Regulatory Affairs (together, the Company’s “NEOs”) for the fiscal year ended June 30, 2020 could not be calculated as of the date of the filing of the Registration Statement, as such compensation had not yet been determined by the Company’s Compensation Committee. The Registration Statement mistakenly stated that the amounts unable to be determined at the time of filing were non-equity incentive plan compensation, but should have indicated that such undetermined amounts were bonus awards.
Subsequently, on November 30, 2020, the NEOs were awarded bonuses as follows: Mr. Adams received $67,505, Mr. Colwill received $42,580 and Ms. Mancini received $38,284. The NEOs are compensated in Canadian dollars and the amounts they received were converted using the Bank of Canada average daily rate of exchange for the year ended June 30, 2020 of U.S.$1.00 = C$ 1.3426 or C$1.00 = U.S.$0.7448.
Pursuant to Item 5.02(f) of Regulation 8-K, such bonus awards are set forth below, together with the other compensation previously reported and the new total compensation amounts for Mr. Adams, Mr. Colwill and Ms. Mancini for the fiscal year ended June 30, 2020. This table and footnotes supersede the Summary Compensation Table and footnotes set forth in the Registration Statement in their entirety.
Adams
Salary = $287,257
Bonus = $68,995
Options awarded = 313,656
Total compensation = $669,908
Colwill
Salary = $202,128
Bonus = $43,250
Options awarded = 81,636
Total compensation = $327,648
Mancini
Salary = $230,133
Bonus = $39,774
Options awarded = 109,651
Total compensation = $379,558
