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.
Approval of Cash Bonus Plan
On March 7, 2023, the Board of Directors of the Company adopted cash bonus targets for its employees, including its named executive officers and its principal financial officer. Target bonuses for these executive officers of the Company will range from 30% to 50% of such executive’s 2023 salary. The amount of bonus, if any, for these executive officers will be based on the Company meeting the 2023 corporate objectives approved by the Board, relating to to clinical milestones, commercial/business development milestones, and financial objectives.
The target bonuses for the Company’s named executive officers and principal financial officer for 2023 are as follows:
| Named Executive Officer | Target Bonus (as a percentage of FY 2023 Base Salary) | |||
| Mahesh V. Patel | 50 | % | ||
| Nachiappan Chidambaram | 30 | % | ||
| Krista Fogarty | 30 | % | ||
Item 8.01 Other Events
On April 3, 2023, the Company issued a press release announcing the first subject dosed in the clinical bridge study with Lipocine depression candidate, LPCN 1154. The press release is filed as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
| (d) | Exhibits |
The following exhibits are filed with this report:
| Exhibit No. | Description | |
| 99.1 | Press Release announcing “First Subject Dosed in the Clinical Bridge Study with Lipocine Depression Candidate, LPCN 1154” | |
| 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.
| LIPOCINE INC. | ||||
| Date: | April 3, 2023 | By: | /s/ Mahesh V. Patel | |
| Mahesh V. Patel | ||||
President and Chief Executive Officer | ||||