Flex Pharma,Inc. (NASDAQ:FLKS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
In its Form 8-K filed with the Securities and Exchange Commission on June 6, 2017 (File No.001-36812), Flex Pharma, Inc. (the "Company") disclosed that William McVicar, Ph.D. would replace Christoph Westphal, M.D., Ph.D. and become the Company's interim President and Chief Executive Officer on July 3, 2017. In connection with such appointment, the Company and Dr. McVicar have entered into an Amendment to Executive Employment Agreement (the "Amendment"), effective July 6, 2017, to which Dr. McVicar's employment agreement was amended to provide Dr. McVicar an additional $5,000 monthly stipend while he remained the Company's interim President and Chief Executive Officer. In addition, the Company agreed to grant Dr. McVicar an option to purchase 50,000 shares of the Company's Common Stock at a price per share equal to the closing price of the Company's Common Stock on the date of grant. The stock option will vest monthly over a four-year period.
On July 5, 2017, the Company's Board of Directors (the "Board") approved an amendment to the Company's Director Compensation Policy to provide that during the period in which Dr. McVicar continued to serve as the Company’s Chief Executive Officer on an interim basis, Dr. Westphal would receive a monthly retainer of $30,000 for his service as the Chairman of the Board.
The foregoing summary of the Amendment is qualified in its entirety by the full text of the Amendment, which is filed herewith as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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ExhibitNo. |
Description |
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10.1 |
Amendment to Executive Employment Agreement, effective as of July 6, 2017, by and between the Company and William McVicar |
Flex Pharma, Inc. ExhibitEX-10.1 2 mcvicaramendment.htm EXHIBIT 10.1 Exhibit AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENTThis AMENDMENT TO EXECUTIVE EMPLOYMENT AGREEMENT (the “Amendment”) between Flex Pharma,…To view the full exhibit click here
About Flex Pharma,Inc. (NASDAQ:FLKS)
Flex Pharma, Inc. is a biotechnology company. The Company develops treatments for nocturnal leg cramps, muscle cramps and spasms associated with severe neuromuscular conditions, and exercise associated muscle cramps (EAMCs). The Company’s product candidates activate certain receptors in primary sensory neurons, which then act through neuronal circuits to reduce the repetitive firing, or hyperexcitability, of alpha-motor neurons in the spinal cord, thereby preventing or reducing the frequency and intensity of muscle cramps and spasms. The Company operates through developing and commercializing products for nocturnal leg cramps, muscle cramps, spasms and spasticity associated with severe neuromuscular conditions, and exercise-associated muscle cramps segment. The Company’s lead drug product candidate is FLX-787, which is in the Phase II clinical trial stage. It is developing a consumer brand and products specifically formulated to treat athletes suffering from EAMCs.
