Very interesting. It appea4 to be about compensation…hmmm.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On October 10, 2021, the Compensation Committee and Board of Directors of Innovation Pharmaceuticals Inc. (the “Company”) approved the following matters:
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CEO Employment Agreement — The Compensation Committee approved, and the Board of Directors ratified, 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 has served without an employment agreement since such time. The new employment agreement is in the form previously approved for executive officers of the Company and filed as Exhibit 10.1 to the Company’s quarterly report on Form 10-Q for the quarterly period ended September 30, 2016. 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 (the “Plan”) 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.
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Amendments to the 2016 Equity Incentive Plan — The Compensation Committee approved, and the Board of Directors ratified, amendments to the Plan to increase the number of shares of common stock available for issuance thereunder to 225 million shares, among other amendments. The foregoing description of the amendments does not purport to be complete and is qualified in its entirety by the text of the amendments, a copy of which is filed as Exhibit 10.1 hereto and incorporated herein by reference.
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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 each of the non-independent director and the Company's Senior Vice President, Clinical Sciences and Portfolio Management.
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