Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Reference is made to those certain employment letter agreements, dated December 31, 2018 (as the same were modified on or about June 14, 2019 and December 31, 2019, the “Agreements”), entered into by Inhibitor Therapeutics, Inc. (the “Company”) with each of Nicholas J. Virca, the Company’s President and Chief Executive Officer (“Virca”), and Garrison J. Hasara, the Company’s Chief Financial Officer, Treasurer, Secretary and Chief Compliance Officer (“Hasara”).
On September 17, 2020, the Compensation Committee (the “Committee”) of the Board of Directors of the Company (the “Board”) approved a reduction in the annual base salaries for each of Virca and Hasara in order to allow the Company to preserve the Company’s cash resources. Accordingly, effective as of the regular pay period following the Committee’s approval, Virca’s annual base salary was reduced from $62,186.76 to $0 (although the Company will continue to pay Mr. Virca’s health insurance coverage through October 31, 2020), and Hasara’s annual base salary was reduced from $59,586 to $0 (although the Company will continue to pay Mr. Hasara’s health insurance coverage thought October 31, 2020 unless he obtains alternative health insurance). Additionally, due to the reduction in annual base salary, the Committee granted each of Virca and Hasara options to purchase 100,000 shares of the Company’s common stock with an exercise price of $0.054 per share. Such options vested immediately upon issuance.
Aside from the reductions in annual base salary, there were no changes made to the Agreements.
For more information regarding the Agreements, see the Company’s Current Reports on Form 8-K filed with the Securities and Exchange Commission on December 31, 2018 (the “December Current Report”), June 19, 2019 and January 3, 2020. Each of the Agreements are attached as exhibits to the December Current Report. All descriptions of the Agreements herein are qualified in their entirety to the text of the exhibits contained in the December Current Report, which are incorporated herein by reference.
Cautionary Note on Forward-Looking Statements
This Current Report and any related statements of representatives and partners of the Company contain, or may contain, among other things, certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “will,” “could,” “would,” “should,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” or similar expressions. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks and uncertainties, including those detailed in the Company’s filings with the Securities and Exchange Commission. Actual may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company’s control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
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