Ocuphire Pharma Inc.
04/17/2024 | Press release | Distributed by Public on 04/17/2024 14:24
Management Change/Compensation - Form 8-K
| Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On April 11, 2024, Ocuphire Pharma, Inc., a Delaware corporation (the "Company"), entered into a Consulting Agreement (the "Consulting Agreement"), pursuant to which Jay Pepose, M.D., a director sitting on the Company's board of directors, agreed to serve as a consultant of the Company. Pursuant to the Consulting Agreement, Dr. Pepose will be paid a monthly consulting fee of $39,583.00 and an award of 32,000 restricted stock units ("RSUs"), as well as stock options to purchase 48,000 shares of the Company's common stock, with an exercise price based on the closing price of the common stock on April 11, 2024, which was $1.79 (the "Options"). The RSUs will vest on April 11, 2025, subject to Dr. Pepose's continued service over that period.The Options will vest in 12 equal monthly installments beginning on May 11, 2024, subject to Dr. Pepose's continued service over that period. The Consulting Agreement will terminate on April 11, 2025 unless mutually extended.
The foregoing summary of the Consulting Agreement is qualified in its entirety by reference to the full text of such agreement, which is filed as Exhibit 10.1 hereto and incorporated herein by reference.