Anyone else catch this sneaky move by Adams and company?
I was looking over section 5.02 (compensatory arrangements of certain officers) and look what I found. The last pp in Feb. was done so that Adams, Colwill and Mancini could get a bonus! Well, well, well. How shocking.....
(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. This award reflected 50% of the NEOs potential bonus.
In addition, on February 26, 2021, following the completion of the Company’s private placement on February 12, 2021, the NEOs received additional bonus amounts, equal to the November 30, 2020 awards, as follows: Mr. Adams received $67,505, Mr. Colwill received $42,580 and Ms. Mancini received $38,284.
Adams and his crew are literally giving themselves bonuses to dilute the company into oblivion!
