Form 8-K - Current report
08 Août 2023 - 10:30PM
Edgar (US Regulatory)
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2023-08-08
2023-08-08
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): August 8, 2023 (August 4, 2023)
Lipella
Pharmaceuticals Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
005-93847 |
|
20-2388040 |
(State or other jurisdiction
of incorporation) |
|
(Commission File
Number) |
|
(IRS Employer
Identification No.) |
7800
Susquehanna St., Suite 505
Pittsburgh,
PA |
|
15208 |
(Address
of registrant’s principal executive office) |
|
(Zip
code) |
Registrant’s
telephone number, including area code: (412) 901-0315
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions (see General Instruction A.2. below):
|
☐ |
Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
☐ |
Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which
registered |
Common
Stock, par value $0.0001 per share |
|
LIPO |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item
1.01 | Entry
into a Material Definitive Agreement. |
The
information provided in Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
| Item
5.02 | Departure
of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
Compensatory Arrangements of Certain Officers. |
Employment
Agreement Amendment – Jonathan Kaufman
On
August 4, 2023, Lipella Pharmaceuticals Inc. (the “Company”) and Dr. Jonathan Kaufman, Chief Executive Officer of
the Company, entered into an amendment agreement, dated August 4, 2023 (the “Kaufman Amendment”), to Dr. Kaufman’s
existing employment agreement with the Company, dated July 17, 2020 (the “Kaufman Agreement”). The Kaufman Amendment
amends the Kaufman Agreement solely to increase Dr. Kaufman’s annual base salary by $50,000, to $233,300.
Employment
Agreement Amendment – Michael Chancellor
On
August 4, 2023, the Company and Dr. Michael Chancellor, Chief Medical Officer of the Company, entered into an amendment agreement,
dated August 4, 2023 (the “Chancellor Amendment”), to Dr. Chancellor’s existing employment agreement with the
Company, dated July 17, 2020 (the “Chancellor Agreement”). The Chancellor Amendment amends the Chancellor Agreement
solely to increase Dr. Chancellor’s annual base salary by $50,000, to $225,000.
Except
as modified by the Kaufman Amendment and the Chancellor Amendment, each of the Kaufman Agreement and the Chancellor Agreement,
respectively, remains in full force and effect in accordance with its respective terms.
The
foregoing descriptions of each of the Kaufman Amendment and the Chancellor Amendment are qualified in their entirety by reference
to the complete copies of each of the Kaufman Amendment and the Chancellor Amendment, filed as Exhibits 10.1 and 10.2 to this
Current Report on Form 8-K and are incorporated by reference herein.
| Item
9.01 | Financial
Statements and Exhibits. |
(d)
Exhibits
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: August 8, 2023 |
Lipella Pharmaceuticals Inc. |
|
|
|
|
|
|
By: |
/s/ Jonathan
Kaufman |
|
|
|
Name:
Jonathan Kaufman
Title:
Chief Executive Officer |
|
Exhibit 10.1
AMMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
Amendment No. 1, dated August 4, 2023 (the “Amendment”), to the Employment Agreement entered into as of July
17, 2020 by and between Jonathan Kaufman and Lipella Pharmaceuticals Inc., a Delaware corporation (the “Employment Agreement”).
The
parties hereto hereby agree as follows:
| 1. | Section
4.1 of the Employment Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof: |
“4.1
Base Salary. The Company shall pay the Executive an annual rate of base salary of $233,300 in periodic installments in
accordance with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than
monthly. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base
Salary”. ”
| 2. | All
other terms and conditions of the Employment Agreement remain in full force and effect. |
| 3. | This
Amendment shall be governed by, and construed in accordance with, the laws of the Commonwealth
of Pennsylvania without regard to conflicts of law principles. |
| 4. | This
Amendment may be executed in one or more counterparts, each of which shall be deemed
to be an original, but all of which shall be one and the same document. A signature to
this Amendment transmitted electronically shall have the same authority, effect, and
enforceability as an original signature. |
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
| LIPELLA
PHARMACEUTICALS INC. |
| | |
| By | /s/
Jonathan Kaufman |
| Name: Jonathan Kaufman |
| Title: Chief Executive Officer |
EXECUTIVE | |
Signature: | /s/
Jonathan Kaufman | |
Print Name: Jonathan Kaufman | |
Exhibit
10.2
AMMENDMENT
NO. 1 TO EMPLOYMENT AGREEMENT
This
Amendment No. 1, dated August 4, 2023 (the “Amendment”), to the Employment Agreement entered into as of July
17, 2020 by and between Michael Chancellor and Lipella Pharmaceuticals Inc., a Delaware corporation (the “Employment
Agreement”).
The
parties hereto hereby agree as follows:
| 1. | Section
4.1 of the Employment Agreement is hereby deleted in its entirety and the following is inserted in lieu thereof: |
“4.1
Base Salary. The Company shall pay the Executive an annual rate of base salary of $225,000 in periodic installments in
accordance with the Company’s customary payroll practices and applicable wage payment laws, but no less frequently than
monthly. The Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as “Base
Salary”. ”
| 2. | All
other terms and conditions of the Employment Agreement remain in full force and effect. |
| 3. | This
Amendment shall be governed by, and construed in accordance with, the laws of the Commonwealth
of Pennsylvania without regard to conflicts of law principles. |
| 4. | This
Amendment may be executed in one or more counterparts, each of which shall be deemed
to be an original, but all of which shall be one and the same document. A signature to
this Amendment transmitted electronically shall have the same authority, effect, and
enforceability as an original signature. |
IN
WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above written.
| LIPELLA
PHARMACEUTICALS INC. |
| | |
| By | /s/
Jonathan Kaufman |
| Name: Jonathan Kaufman |
| Title: Chief Executive Officer |
EXECUTIVE | |
Signature: | /s/
Michael Chancellor | |
Print Name: Michael Chancellor | |
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