Related Party Transactions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2023 | |||
| Related Party Transactions [Abstract] | |||
| Related Party Transactions |
On April 8, 2022, Ocuphire entered into a consulting agreement for medical advisory services 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, of which 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 $300,000
and $105,000 during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023 and 2022, $25,000 and $25,000 of the related
consulting expenses were unpaid, respectively.
On April 19, 2023, Ocuphire
appointed Richard Rodgers, a director of the Company, as interim President and Chief Executive Officer. In connection with his appointment, Ocuphire and Mr. Rodgers entered into a letter agreement concerning Mr. Rodgers’s services (the “Letter
Agreement”). The Letter Agreement provided that Mr. Rodgers (i) was to receive a $40,000 monthly salary, and (ii) is eligible for a
potential prorated bonus at the discretion of Ocuphire’s Board of Directors, at the end of his term as interim President and Chief Executive Officer. Mr. Rodgers also received 50,000 restricted stock units under the Company’s 2020 Equity Incentive Plan which will vest 12 months following the grant date. The Company incurred related expenses of $255,000 during the
year ended December 31, 2023. As of December 31, 2023, $100,000 of the related expenses were unpaid related to a prorated bonus.
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