Pain Therapeutics, Inc. (NASDAQ:PTIE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Pain Therapeutics, Inc. (NASDAQ:PTIE) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
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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Approval of the 2018 Omnibus Incentive Plan

Pain Therapeutics, Inc. (the “Company”) held its Annual Meeting of Stockholders (the “Annual Meeting”), on May 10, 2018 at which time the Company’s stockholders approved the Company 2018 Omnibus Incentive Plan (the “2018 Plan”), which had been previously approved by the Company’s Board of Directors.

The 2018 Plan reserves 1,000,000 shares of the Company’s Common Stock to be used for the Company’s compensation programs for its executive, employee, independent contractors, consultants and directors. The 2018 Plan will allow the Company to continue to offer equity and other award, which the Company believes is necessary to retain, motivate and attract experienced and highly qualified service providers.

The 2018 Plan is described in detail in the Company’s 2018 Definitive Proxy Statement filed with the Securities and Exchange Commission(“SEC”) on March 27, 2018.The summary descriptions of the 2018 Plan set forth above and in the 2018 DefinitiveProxy Statement do not purport to be complete and are qualified in their entirety by reference to the full text of the 2018 Plan which is filed as Exhibit 10.1 to this Current Report on SEC Form 8-K.

Item 5.07 Submission of Matters to a Vote of Security Holders.

The Annual Meeting of Stockholders of Pain Therapeutics, Inc. was held on May 10, 2018. Of the 6,895,509 shares of our common stock entitled to vote at the meeting, 6,010,394 shares, representing approximately 87 % of the total votes eligible to be cast, were represented at the meeting in person or by proxy, constituting a quorum. Final results of the stockholder vote on each proposal brought before the Annual Meeting were as follows:

Proposal One – Each of the three (3) nominees for election to the Board of Directors was elected to serve for a three-year term, and until his successor is duly elected and qualified, based upon the following votes:

Director

For

Withheld

BrokerNon-Vote

Remi Barbier

2,063,052

1,408,827

2,538,065

Sanford R. Robertson

1,990,797

1,481,532

2,538,065

Patrick J. Scannon M.D., Ph.D.

2,145,074

1,327,255

2,538,065

Proposal Two – The 2018 Plan and the reservation of a total of 1,000,000 shares of the Company’s common stock for issuance was approved based upon the following votes:

For

Against

Abstain

Broker Non-Vote

1,903,862

1,559,290

9,177

2,538,065

Proposal Three – The appointment of Ernst & Young LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2018, was ratified based upon the following votes:

For

Against

Abstain

5,863,086

124,472

22,836

Proposal Four – The Company’s 2017 executive compensation was approved on a non-binding advisory basis based upon the following votes:

For

Against

Abstain

Broker Non -Vote

1,883,175

1,574,515

14,639

2,538,065

Item 9.01.Financial Statements and Exhibits

(d)Exhibits.

Exhibit No.

Description

10.1

2018 Omnibus Incentive Plan


PAIN THERAPEUTICS INC Exhibit
EX-10.1 2 ptie-20180511xex10_1.htm EX-10.1 PTI 8K Annual Meeting 2018 – Exhibit 101 Exhibit 10.1 PAIN THERAPEUTICS,…
To view the full exhibit click here

About Pain Therapeutics, Inc. (NASDAQ:PTIE)

Pain Therapeutics, Inc. is a biopharmaceutical company. The Company is focused on drug development efforts on disorders of the nervous system, such as chronic pain. The Company’s lead drug candidate, REMOXY, is an abuse-deterrent, oral formulation of oxycodone (CII). The Company’s other products is FENROCK. REMOXY is a painkiller with a formulation designed to reduce potential risks of unintended use. The Company has developed REMOXY to make oxycodone difficult to abuse yet provide approximately 12 hours of steady pain relief when used by patients. REMOXY is intended to meet the needs of healthcare prescribing opioid drugs and seeking to minimize the risks of drug diversion, abuse or accidental patient misuse. The Company’s drug candidate FENROCK is an abuse-deterrent transdermal pain patch in the pre-Investigational new drug-stage of development. FENROCK is designed to provide pain relief over 72 hours.

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