Cocrystal Pharma Inc. filed SEC Form 8-K: Leadership Update
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On October 9, 2024, the Board of Directors of Cocrystal Pharma, Inc. (the “Company”) ratified certain actions of the Compensation Committee effective as of August 12, 2024.
The Board of Directors approved increases in the base salary of each of the Company’s executive officers consisting of James Martin, the Company’s Chief Financial Officer and Co-Chief Executive Officer, and Dr. Sam Lee, the Company’s President and Co-Chief Executive Officer, from $400,000 to $416,000. Additionally, each executive officer received a bonus of $200,000 and a grant of 40,000 restricted stock units (“RSUs”).
The Board of Directors also approved the following cash stipends and RSU grants to the Company’s non-employee directors: (i) a $60,500 cash stipend for service as a director, a $100,000 cash stipend for service on the Company’s Scientific Advisory Board, and 28,109 RSUs to Dr. Roger Kornberg; (ii) a $44,770 cash stipend and 27,100 RSUs to Dr. Philip Frost; (iii) a $82,280 cash stipend and 18,957 RSUs to Steven Rubin; (iv) a $36,300 cash stipend and 8,067 RSUs to Fred Hassan; (v) a $36,300 cash stipend and 8,067 RSUs to Richard Pfenniger; and (vi) a $54,450 cash stipend and 14,924 RSUs to Dr. Anthony Japour.
With respect to each grant of RSUs described above, half of the RSUs are fully vested as of the grant date and the remaining half vest in eight equal quarterly installments on the last day of March, June, September, and December, commencing on September 30, 2025, subject to the applicable recipient continuing to serve as an officer or director of the Company, as applicable, on each applicable vesting date.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Dated: October 10, 2024
| Cocrystal Pharma, Inc. | ||
| By: | /s/ James Martin | |
| Name: | James Martin | |
| Title: | Chief Financial Officer and Co-Chief Executive Officer | |