Related Party Transactions |
12 Months Ended | ||
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Dec. 31, 2022 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
Pre-Merger Financing and Waiver Agreements
Five directors of Ocuphire Pharma, Inc., prior to the
Merger, and one director of Rexahn participated in the Pre-Merger Financing, investing an aggregate of $300,000. Following the closing of the Merger, these directors received 17,729 converted initial shares of common stock, 53,189
converted shares of additional common stock, 80,366 Series A Warrants and 9,444 Series B Warrants. In connection with the Pre-Merger Financing, six
directors of the Company signed Waiver Agreements, waiving certain reset provisions and financing restrictions. These directors did not receive any of the additional Series B Warrants that were issued in connection with the Waiver Agreements. See
Note 3 – Pre-Merger Financing.
Other
On April 8, 2022, Ocuphire entered into a consulting agreement with a director of the Company. The consulting agreement provided for $10,000 a month in cash payments, effective as of April 1, 2022. Additionally, on April 8, 2022, in connection with the consulting arrangement, the
director received a stock option grant for 50,000 options, 25% of which will vest on March 31, 2023, with the remainder vesting in equal monthly installments over 36 months. The consulting agreement was amended on September 19, 2022 to provide for vesting acceleration for stock-based awards in the event of a change in control. The
consulting agreement was also amended effective December 1, 2022 to increase the cash payment to $25,000 per month. The Company
incurred related consulting expenses of $105,000 during the year ended December 31, 2022. There were no related consulting expenses incurred during the year ended December 31, 2021. As of December 31, 2022, $25,000 of the related consulting expenses were unpaid.
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