Related Party Transactions |
3 Months Ended | ||
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Mar. 31, 2023 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
On April 8, 2022, Ocuphire entered into a consulting agreement with Jay Pepose, 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, Dr. Pepose received a stock option grant for 50,000 options, 25% vested 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 $75,000 during the three months ended March 31, 2023. There were no related consulting expenses incurred during the three months ended March 31, 2022. As of March 31, 2023 and December 31, 2022, $50,000 and $25,000 of the
related consulting expenses were unpaid, respectively.
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- References No definition available.
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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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