PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Files An 8-K Other Events
Item8.01.
| Other Events. |
The recently reconstituted Compensation Committee, comprised of
Bruce Horowitz, Dominic Rodrigues and Jan Koe (the
Compensation Committee), of the Board of Directors (the
Board) of Provectus Biopharmaceuticals, Inc. (the
Company) met on April12, 2017 to review and analyze the
existing compensation of the Board and the various Board
committees established in June 2016. At this meeting, the
Compensation Committee unanimously adopted the following policies
and practices regarding director (Director) compensation
for 2017, which were also approved by the Board by unanimous
written consent, effective April14, 2017:
Board, Committee, and committee chairperson
retainers:
|
Non-employee Directors will continue to be paid $40,000 per year for service on the Board. |
|
Directors serving on the Corporate Governance and Nominating Committee will continue to be paid $10,000 per year; the chairperson of the Corporate Governance and Nominating Committee will continue to be paid $15,000 per year. |
Modified committee and committee chairperson
retainers:
|
Compensation for Directors serving on the Audit Committee will be decreased from $20,000 per year to $15,000 per year; the Audit Committee Chairpersons compensation will be decreased from $25,000 per year to $15,000 per year. |
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Compensation for Directors serving on the Compensation Committee will be decreased from $15,000 per year to $10,000 per year; the Compensation Committee Chairpersons compensation will be decreased from $20,000 per year to $15,000 per year. |
|
The Board (rather than a search committee) will oversee the Companys search for a Chief Medical Officer, a new Chief Executive Officer, and other executive management positions, as appropriate; however, there will be no additional compensation paid to the Directors for their work during this executive management search. |
Other modifications:
|
Neither stock option grants to purchase shares of the Companys common stock nor shares of restricted common stock were awarded to non-employee Directors. |
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There will be no additional compensation for serving as Chairperson of the Board or Lead Independent Director. |
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Director fees will be paid on a monthly, pro-rated basis; provided, however, these fees will accrue until such time as the Board approves the payment of Director compensation. |
Committee chairpersons:
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Bruce Horowitz assumed the role of Chairpersonship of the Corporate Governance and Nominating Committee. |
|
Dominic Rodrigues assumed the role of Chairperson of the Audit Committee. |
|
Jan E. Koe remains as the Chairperson of the Compensation Committee. |
Director compensation for 2016 and
2017:
|
Director fees for 2016 earned or paid in cash to non-employee Directors ranged from $90,000 to $130,000. |
|
Director fees for 2017 are projected to be approximately $75,000 per Director, which results in a year-over-year decrease of approximately 17% to 42%. |
2
About PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT)
Provectus Biopharmaceuticals, Inc. is a development-stage biopharmaceutical company. The Company is engaged in developing pharmaceuticals for oncology and dermatology indications. The Company is focused on developing its prescription drug candidates, PV-10 and PH-10. It is developing PV-10 for treatment of several life threatening cancers, including metastatic melanoma, liver cancer and breast cancer. It is developing PH-10 to provide minimally invasive treatment of chronic severe skin afflictions, such as psoriasis and atopic dermatitis, a type of eczema. In addition to clinical trials, patients enrolled in the expanded access or compassionate use program for PV-10 are also receiving PV-10 treatments for cutaneous and subcutaneous cancer indications. The Company also focuses on over-the-counter (OTC) products and various other non-core technologies. PV-10 is a sterile injectable form of rose bengal disodium (Rose Bengal), for direct injection into tumors. PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) Recent Trading Information
PROVECTUS BIOPHARMACEUTICALS, INC. (OTCMKTS:PVCT) closed its last trading session down -0.0005 at 0.0405 with 660,982 shares trading hands.
