Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On June 22, 2020, the Compensation Committee (the "Committee") of the Board of
Directors of Cocrystal Pharma, Inc. (the "Company") approved the following
increases in the base salary of the Company's executive officers effective June
1, 2020: (i) the annual base salary of the Chief Executive Officer was increased
from $200,000 to $315,000; (ii) the annual base salary of the President was
increased from $260,000 to $315,000; and (iii) the annual base salary of the
Chief Financial Officer was increased from $230,000 to $315,000.
Additionally, the Committee approved executive bonuses ranging from $20,000 to
$80,000, and a grant of 200,000 incentive stock options to the Chief Executive
Officer, 100,000 incentive stock options to the President and 150,000 incentive
stock options to the Chief Financial Officer. The options are ten-year incentive
stock options exercisable at $1.33 per share vesting as follows: ½ on the
one-year anniversary of the grant date and the remainder in eight equal
quarterly installments with the first such quarterly installment vesting on
September 30, 2021.
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