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.
(e) The 2024 Annual Meeting of Stockholders (the “Annual Meeting”) of Cyclacel Pharmaceuticals, Inc. (the “Company”) was held in a virtual format on June 21, 2024 at 11:00 AM EDT. At the Annual Meeting, the stockholders approved an amendment to the Cyclacel Pharmaceuticals, Inc. 2018 Equity Incentive Plan (the “Amended and Restated Plan”), reserving an additional 160,000 shares of common stock for further issuance under such plan. The Company’s board of directors approved the Amended and Restated Plan on May 3, 2024, subject to stockholder approval.
A summary of the principal features of the Amended and Restated Plan can be found in the Company’s proxy statement under the heading “Proposal 3: Amendment to 2018 Equity Incentive Plan to Increase the Number of Shares of Common Stock Available for the Grant of Awards by 160,000 Shares.” The summary of the Amended and Restated Plan contained in the 2024 Proxy Statement is qualified in its entirety by the full text of the Amended and Restated Plan filed as Exhibit 10.1 to this Current Report on Form 8-K.
Effective June 21, 2024, by resolution of the board of directors of the Company, Dr. Samuel L. Barker was appointed Chair of the board of directors to replace Dr. Christopher Henney, who requested to step down as Chair but will continue as a director of the Company. Additionally, the board of directors of the Company approved a deferral of $22,000 per month of salary payable to the Company’s Chief Executive Officer Spiro Rombotis until December 31, 2024. The terms of the deferral include a forfeiture of the amount owed to Mr. Rombotis to the extent such deferral is not paid by December 31, 2024.
Item 5.07 Submission of Matters to a Vote of Security Holders.
The actions set forth below were taken at the Annual Meeting.
Proposals Submitted to Holders of Common Stock
The following proposals were submitted to the holders of the Company’s shares of common stock and voted upon at the Annual Meeting: (i) the re-election of three Class 3 directors to the Company’s board of directors, (ii) the ratification of the selection of RSM US LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024, (iii) the approval of an amendment to the Company’s 2018 Equity Incentive Plan, and (iv) the approval, on an advisory basis, of the executive compensation of the Company’s named executive officers, as disclosed in the Company’s proxy statement.
(i) Votes of the common stockholders regarding the election of the Class 3 director nominees were as follows:
| Votes For | Votes Withheld | Broker Non-Votes | ||||||||||
| Dr. Christopher Henney | 232,944 | 49,767 | 412,340 | |||||||||
| Paul McBarron | 233,784 | 48,927 | 412,340 | |||||||||
| Dr. Robert Spiegel | 233,776 | 48,935 | 412,340 | |||||||||
Based on the votes set forth above, Dr. Christopher Henney, Paul McBarron and Dr. Robert Spiegel were duly re-elected as Class 3 directors of the Company to serve until the 2027 annual meeting of stockholders or until their respective successors are elected and qualified or until their earlier resignation or removal.
(ii) Votes of the common stockholders regarding the ratification of RSM US LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024 were as follows:
| Votes For | Votes Against |
Abstentions | Broker Non-Votes | |||
| 553,713 | 116,738 | 24,600 | 0 |
Based on the votes set forth above, the selection of RSM US LLP as the Company’s independent registered public accounting firm for the year ending December 31, 2024 was ratified.
(iii) Votes of the common stockholders regarding the approval of an amendment to the Company’s 2018 Equity Incentive Plan were as follows:
| Votes For | Votes Against |
Abstentions | Broker Non-Votes | |||
| 234,406 | 41,034 | 7,271 | 412,340 |
Based on the votes set forth above, the proposal to approve an amendment to the Company’s 2018 Equity Incentive Plan was approved.
(iv) Votes of the common stockholders, on an advisory basis, regarding the executive compensation of the Company’s named executive officers, as disclosed in the Company’s proxy statement, were as follows:
| Votes For | Votes Against |
Abstentions | Broker Non-Votes | |||
| 232,841 | 41,444 | 8,426 | 412,340 |
Based on the votes set forth above, the proposal to approve the executive compensation of the Company’s named executive officers, as disclosed in the Company’s proxy statement, was approved on an advisory basis.
Item 8.01 Other Events.
On June 21, 2024, the board of directors of the Company passed a resolution to suspend payment of the quarterly cash dividend on the Company’s 6% Convertible Exchangeable Preferred Stock scheduled for August 1, 2024. The Board of Directors will continue to evaluate the payment of a quarterly cash dividend on a quarterly basis.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits |
| Exhibit No. | Description |
| 10.1 | Cyclacel Pharmaceuticals, Inc. Amended and Restated 2018 Equity Incentive Plan |
| 104 | Cover Page Interactive Data File (embedded with 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 thereunto duly authorized.
| CYCLACEL PHARMACEUTICALS, INC. | ||
| By: | /s/ Paul McBarron | |
| Name: | Paul McBarron | |
| Title: | Executive Vice President-Finance, | |
| Chief Financial Officer and Chief Operating Officer | ||
Date: June 24, 2024