Related Party Transactions |
9 Months Ended | ||
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Sep. 30, 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.
On April 8, 2022, Ocuphire entered into a consulting agreement with a director of the Company. The consulting
agreement provides 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 Company incurred related consulting expenses of $30,000 and $60,000 during the three and nine months ended September 30, 2022, respectively. There were no
related consulting expenses incurred during the three and nine months ended September 30, 2021. As of September 30, 2022, $10,000 of the related consulting expenses were
unpaid.
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