UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 1.01 | Entry into a Material Definitive Agreement. |
The information provided in Item 5.02 of this Current Report on Form 8-K is incorporated by reference into this Item 1.01.
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Employment Agreement Amendment – Jonathan Kaufman
On August 4, 2023, Lipella Pharmaceuticals Inc. (the “Company”) and Dr. Jonathan Kaufman, Chief Executive Officer of the Company, entered into an amendment agreement, dated August 4, 2023 (the “Kaufman Amendment”), to Dr. Kaufman’s existing employment agreement with the Company, dated July 17, 2020 (the “Kaufman Agreement”). The Kaufman Amendment amends the Kaufman Agreement solely to increase Dr. Kaufman’s annual base salary by $50,000, to $233,300.
Employment Agreement Amendment – Michael Chancellor
On August 4, 2023, the Company and Dr. Michael Chancellor, Chief Medical Officer of the Company, entered into an amendment agreement, dated August 4, 2023 (the “Chancellor Amendment”), to Dr. Chancellor’s existing employment agreement with the Company, dated July 17, 2020 (the “Chancellor Agreement”). The Chancellor Amendment amends the Chancellor Agreement solely to increase Dr. Chancellor’s annual base salary by $50,000, to $225,000.
Except as modified by the Kaufman Amendment and the Chancellor Amendment, each of the Kaufman Agreement and the Chancellor Agreement, respectively, remains in full force and effect in accordance with its respective terms.
The foregoing descriptions of each of the Kaufman Amendment and the Chancellor Amendment are qualified in their entirety by reference to the complete copies of each of the Kaufman Amendment and the Chancellor Amendment, filed as Exhibits 10.1 and 10.2 to this Current Report on Form 8-K and are incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description | |
| 10.1 | Amendment No. 1 to the Employment Agreement, dated August 4, 2023, by and between Lipella Pharmaceuticals Inc. and Jonathan Kaufman. | |
| 10.2 | Amendment No. 1 to the Employment Agreement, dated August 4, 2023, by and between Lipella Pharmaceuticals Inc. and Michael Chancellor. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
| Date: August 8, 2023 | Lipella Pharmaceuticals Inc. | ||
| By: | /s/ Jonathan Kaufman | ||
Name: Jonathan Kaufman Title: Chief Executive Officer |
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