Tuesday, November 09, 2021 2:06:20 PM
CEO Employment Agreement
The Compensation Committee approved and the Board of Directors ratified on October 10, 2021, a new employment agreement between the Company and Leo Ehrlich, the Company’s Chief Executive Officer. Mr. Ehrlich’s previous employment agreement expired in January 2015 and Mr. Ehrlich had served without an employment agreement since such time. The employment agreement continues Mr. Ehrlich’s current base salary of $475,000 per year and provides for (i) performance share awards under the Company’s 2016 Equity Incentive Plan, as amended with a maximum value of up to $35.0 million, contingent upon the achievement of certain market capitalization, licensing revenue and clinical trial performance goals, and (ii) cash awards with a maximum value of up to $14.0 million, contingent upon the achievement of certain market capitalization and licensing revenue goals.
Amendments to the 2016 Equity Incentive Plan
The Compensation Committee approved, and the Board of Directors ratified on October 10, 2021, amendments to the Plan to increase the number of shares of common stock available for issuance thereunder to 225 million shares, among other amendments.
Annual Stock Option Awards
The Compensation Committee approved stock option awards under the Plan relating to one million shares of common stock to each independent director and 500,000 shares of common stock to Mr. Ehrlich and the Company's Senior Vice President, Clinical Sciences and Portfolio Management.
Equity Transaction
On November 4, 2021, the Company issued 2,036 shares of its Series B-2 5% convertible preferred stock, for aggregate gross proceeds of approximately $2 million, upon exercise of 2,036 Series 2 warrants issued by the Company.
The Company has evaluated events subsequent to September 30, 2021 through the issuance of these financial statements and determined that there were no additional events requiring disclosure.
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