Azora Therapeutics, Inc. (DE) 8-K, filed Sep 29, 2021
Azora Therapeutics, Inc. (DE) (AZR)
About this 8-K
Azora Therapeutics, Inc. (DE) filed this 8-K on September 29, 2021, reporting on events of September 27, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 5.07: Shareholder vote results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 27, 2021, Adial Pharmaceuticals, Inc. (the “Company”) held its 2021 Annual Meeting of Stockholders (the “Annual Meeting”). At the Annual Meeting, the Company’s stockholders re-elected J. Kermit Anderson and James W. Newman, Jr. as Class II directors, each to serve a three-year term expiring at the Company’s 2024 Annual Meeting of Stockholders and until such director’s successor is duly elected and qualified.
In addition, at the Annual Meeting, the Company’s stockholders approved Amendment No. 3 to the Company’s 2017 Equity Incentive Plan to increase the number of shares of common stock that the Company will have authority to grant under the plan by an additional 2,000,000 shares of common stock. A description of the 2017 Equity Incentive Plan, as amended, is set forth in the Company’s definitive proxy statement on Schedule 14A for the Annual Meeting, which was filed on August 23, 2021 with the Securities and Exchange Commission (the “Definitive Proxy Statement”) in the section entitled “Proposal 3—APPROVAL OF AN AMENDMENT TO OUR 2017 EQUITY INCENTIVE PLAN TO INCREASE THE NUMBER OF SHARES OF COMMON STOCK THAT WE WILL HAVE AUTHORITY TO GRANT UNDER THE PLAN FROM 5,500,000 TO 7,500,000”, which is incorporated herein by reference. The description is qualified in its entirety by reference to the full text of Amendment No. 3 to the 2017 Equity Incentive Plan, a copy of which is included as Exhibit 10.1 to this Current Report on Form 8-K, which is incorporated herein by reference.
Item 5.07. Submission of Matters to a Vote of Security Holders.
On September 27, 2021, at the Annual Meeting, the Company’s stockholders voted on the following three (3) proposals and votes were cast as described below. These matters are described in detail in the Definitive Proxy Statement.
The final results for Proposals 1, 2, and 3 as set forth in the Definitive Proxy Statement are as follows:
Proposal 1 — Election of Directors
The following two (2) individuals were re-elected as Class II directors, each to serve a three-year term expiring at the Company’s 2024 Annual Meeting of Stockholders and until such director’s successor is duly elected and qualified with the following votes:
| Name of Director | Votes For | Withheld | Broker Non-Votes | |||
| (1) J. Kermit Anderson | 8,030,982 | 509,794 | 4,343,150 | |||
| (2) James W. Newman, Jr. | 7,993,895 | 546,881 | 4,343,150 |
Proposal 2 — Ratification of the appointment of Friedman LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2021
The stockholders ratified and approved the appointment of Friedman LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2021, based on the votes listed below:
| Votes For | Votes Against | Abstentions | ||
| 12,752,625 | 25,901 | 105,400 |
Proposal 3 — Approval of an amendment to the Company’s 2017 Equity Incentive Plan to increase the number of shares of common stock authorized for grant under the plan from 5,500,000 to 7,500,000
The stockholders approved the amendment (Amendment No. 3) to the Company’s 2017 Equity Incentive Plan to increase the number of shares of common stock authorized for grant under the 2017 Equity Incentive Plan from 5,500,000 to 7,500,000 based on the votes listed below:
| Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
| 7,397,000 | 1,001,268 | 142,508 | 4,343,150 |
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Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit Number |
Exhibit Description | |
| 10.1 | Amendment No. 3 to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan | |
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded within the inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: September 29, 2021 | ADIAL PHARMACEUTICALS, INC. | |
| By: | /s/ William B. Stilley, III | |
| Name: | William B. Stilley | |
| Title: | President and Chief Executive Officer | |
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Exhibit 10.1
AMENDMENT NO. 3 TO
THE
ADIAL PHARMACEUTICALS, INC.
2017 EQUITY INCENTIVE PLAN
This amendment (the “Amendment”) to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan (the “Plan”), is hereby adopted this day of August 14, 2021, by the Board of Directors (the “Board”) of Adial Pharmaceuticals, Inc. (the “Company”). All capitalized terms used in this Amendment and not otherwise defined herein shall have the meanings set forth in the Plan.
WITNESSETH:
WHEREAS, the Company adopted the Plan for the purposes set forth therein; and
WHEREAS, pursuant to Section 15 of the Plan, the Board of Directors has the right to amend the Plan with respect to certain matters, provided that any material increase in the number of Shares available under the Plan shall be subject to stockholder approval; and
WHEREAS, the Board of Directors has approved and authorized this Amendment to the Plan and has recommended that the stockholders of the Company approve this Amendment; and
NOW, THEREFORE, BE IT RESOLVED, that the Plan is hereby amended, subject to and effective as of the date of stockholder approval hereof, in the following particulars:
1. Section 4(a) of the Plan is hereby amended by increasing the share references in such section from 5,500,000 to 7,500,000, so that Section 4(a) reads in its entirety as follows:
“(a) Shares Available for Awards. The maximum aggregate number of shares of Company Stock reserved for issuance under the Plan (all of which may be granted as Incentive Stock Options) shall be Seven Million Five Hundred Thousand (7,500,000) shares. Shares reserved under the Plan may be authorized but unissued Company Stock or authorized and issued Company Stock held in the Company’s treasury. The Compensation Committee may direct that any stock certificate evidencing shares issued pursuant to the Plan shall bear a legend setting forth such restrictions on transferability as may apply to such shares pursuant to the Plan.”
2. Except as specifically set forth herein, the terms of the Plan shall be and remain unchanged, and the Plan as amended shall remain in full force and effect.
The foregoing is hereby acknowledged as being the Amendment to the Adial Pharmaceuticals, Inc. 2017 Equity Incentive Plan, as adopted by the Board of Directors on August 14, 2021, and approved by the Company’s stockholders on September 27, 2021.
| ADIAL PHARMACEUTICALS, INC. | ||||
| By: | /s/ William B. Stilley | |||
| Name: | William B. Stilley | |||
| Title: | Chairman, President and Chief Executive Officer | |||