Eloxx Pharmaceuticals Inc. filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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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. |
Option Repricing
On October16, 2024, the Board of Directors (the “Board”) of Eloxx Pharmaceuticals, Inc. (the “Company”) approved a stock option repricing (the “Option Repricing”).
Pursuant to the Option Repricing, the exercise price of each Relevant Option (defined below) was amended to reduce such exercise price to $0.0001, the closing price per share of the Company’s common stock as reported on the OTC Pink Marketplace on October 16, 2024 (the “Effective Date”). “Relevant Options” are all outstanding eligible stock options (vested and unvested) granted under the Company’s 2018 Equity Incentive Plan (the “2018 Plan”) to the Chief Executive Officer of the Company.
The Relevant Options include the following stock options held by the Company’s Chief Executive Officer.
| Number of Shares | Weighted Average | |||||||
| Underlying | Exercise Price of | |||||||
| Relevant | Relevant Options | |||||||
| Name and Position | Options | ($) | ||||||
| Sumit Aggarwal, Chief Executive Officer | 196,880 | $ | 0.90 | |||||
Stock Option Agreement Amendment
On the Effective Date, October 16, 2024, the Compensation Committee of the Board approved pursuant to the 2018 Plan an amendment and restatement (the “Amendment”) of existing options previously granted to the Company’s Chief Executive Officer (the “Existing Options”). The Amendment accelerates the exercisability of each such Existing Option such that the Existing Options are exercisable in full as of the Effective Date without regard to the vested status of such Existing Options.
The foregoing description of the Amendment is not complete and is qualified in its entirety by reference to the terms of the Amendment, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Exhibit No. |
Description | |
| 10.1* | Form of Amendment to Stock Option Agreement, dated October 16, 2024. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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.
| Date: October 17, 2024 | ELOXX PHARMACEUTICALS, INC. | |
| By: | /s/ Sumit Aggarwal | |
| Name: | Sumit Aggarwal | |
| Title: | President and Chief Executive Officer | |