XML 34 R21.htm IDEA: XBRL DOCUMENT v3.24.2.u1
Subsequent Events
6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent Events

Note 15: Subsequent Events

 

Company’s Amended and Restated 2018 Equity Incentive Plan

 

On July 1, 2024, the Company filed a Registration Statement registering additional shares of common stock under the Company’s Amended and Restated 2018 Equity Incentive Plan. The number of shares of the Company’s common stock available for grant and issuance under the Plan is subject to an annual increase on July 1 of each calendar year, by an amount equal to two percent (2%) of the then outstanding shares of the Company’s common stock. On July 1, 2024, the number of shares of the Company’s common stock available for grant and issuance under the 2018 Plan increased by 1,142,733 shares.

 

Company adopted Restated and Amended Bylaws

 

On July 31, 2024, the Company adopted Restated and Amended Bylaws. The Restated and Amended Bylaws revise the prior Bylaws by (i) removing or revising provisions in Section 1.4 of the prior Bylaws (the advance notice portion of the Bylaws) deemed unenforceable or invalid by the Delaware Supreme Court, (ii) revising other portions of Section 1.4 to ensure that the advance notice bylaws are otherwise appropriately tailored to further the intended procedural and informational functions of the advance notice bylaws, including in view of guidance from the Delaware Court of Chancery and Delaware Supreme Court in their opinions in the Kellner litigation, and (iii) making other conforming and clarifying changes to the prior Bylaws.

 

In addition, the Restated and Amended Bylaws add that, in the case of the Company’s 2024 annual meeting of stockholders, a Noticing Stockholder’s notice of nominations or proposed business shall also be considered timely if it is delivered to the Company’s Secretary at the principal executive offices of the Company not later than the Close of Business on September 13, 2024.

 

Amendment to Employment Agreements:

 

Mr. Equels’ employment agreement was amended by adding the following to the end of Section 3(a):

 

(a)(i) Notwithstanding the provisions of Section 3(a), during the one year period ending November 9, 2024, the Employee’s Short term compensation shall be revised and shall consist of a base salary of $750,000 and shares of the Company’s common stock, $.001 par value, valued at $100,000, such value equal to 100% of the closing price of the Company’s common stock on the NYSE American on the trading date immediately preceding the date of this Agreement.

 

Mr. Rodino’s employment agreement was amended by adding the following to the end of Section 3(a):

 

(a)(i) Notwithstanding the provisions of Section 3(a), during the one year period ending March 23, 2025, the Employee’s Short term compensation shall be revised and shall consist of a base salary of $375,000 and shares of the Company’s common stock, $.001 par value, valued at $50,000, such value equal to 100% of the closing price of the Company’s common stock on the NYSE American on the trading date immediately preceding the date of this Agreement.