ADAMIS PHARMACEUTICALS CORPORATION

(ADMP)
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08/17ADAMIS PHARMACEUTICALS : Meeting adjourned only with respect to reverse stock split proposal until September 8, 2022 - Form 8-K
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ADAMIS PHARMACEUTICALS CORP : Entry into a Material Definitive Agreement, Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

06/24/2022 | 04:37pm EDT

Item 1.01 Entry into a Material Definitive Agreement.

The information set forth in Item 5.02 of this Current Report on Form 8-K is incorporated herein by reference.


  Item 5.02.   Departure of Directors or Certain Officers; Election of Directors;
               Appointment of Certain Officers; Compensatory Arrangements of
               Certain Officers.

On June 22, 2022, Adamis Pharmaceuticals Corporation (the "Company") entered into an employment agreement (the "Agreement") with David C. Benedicto, the Company's Chief Financial Officer. Under the Agreement, the Company has agreed to employ Mr. Benedicto as Chief Financial Officer. The Agreement provides for an initial base salary at a rate of $330,000 per annum. Mr. Benedicto is eligible to participate in benefit programs that are routinely made available to officers, including any stock ownership plans or equity incentive plans, profit sharing plans, incentive compensation or bonus plans, retirement plans, Company-provided life insurance, or similar benefit plans maintained or sponsored by the Company, including without limitation eligibility to receive an annual cash bonus under the Company's Bonus Plan at the target percentage of annual base salary applicable to his position. Mr. Benedicto is eligible to receive such discretionary bonuses as the Board or the Compensation Committee of the Board may approve, and the Board may in its discretion make discretionary cash or equity payments, awards, changes in base salary, bonuses or other payments to its officers. Mr. Benedicto is also eligible to participate in the Company's employee health benefit plans, including medical, dental and vision. The Agreement is terminable at any time by either party. Under the terms of the Agreement, if the Company terminates Mr. Benedicto's employment, he will be entitled to receive any unpaid prorated base salary along with all required benefits and expense reimbursements. If Mr. Benedicto's employment is terminated without cause or if he terminates his employment for Good Reason (as such terms are defined in the Agreement), then conditioned on timely execution of a general release and waiver, he is entitled to receive severance compensation at his then-annual base salary rate for a period of nine months, and assuming eligibility and timely elections pursuant to the Consolidated Omnibus Budget Reconciliation Act, the Company will pay (subject to certain conditions and limitations) the same portion of premiums for such coverage that it pays for similarly-situated employees for the same level of group medical coverage, as in effect as of the effective date of termination, for the period from the effective date of termination through the earliest of nine months after the effective date of termination or the date that Mr. Benedicto becomes eligible for group medical care coverage through other employment. In addition, in the event of a change in control, all unvested options held by Mr. Benedicto will accelerate and be exercisable in full and any unvested shares will vest in full.

Item 9.01 Financial Statements and Exhibits



(d)    Exhibits

Exhibit No.   Description

  10.1        Executive Employment Agreement between the Company and David C.
              Benedicto dated as of June 22, 2022.
104           Cover Page Interactive Data File (embedded within the Inline XBRL
              document)

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Financials (USD)
Sales 2022 6,30 M - -
Net income 2022 -22,7 M - -
Net Debt 2022 - - -
P/E ratio 2022 -2,20x
Yield 2022 -
Capitalization 49,5 M 49,5 M -
Capi. / Sales 2022 7,86x
Capi. / Sales 2023 4,34x
Nbr of Employees 15
Free-Float 98,6%
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Mean consensus HOLD
Number of Analysts 1
Last Close Price 0,33
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Managers and Directors
David J. Marguglio Director & Vice President-Business Development
David C. Benedicto Chief Financial & Accounting Officer
Richard C. Williams Chairman
Ronald B. Moss Chief Medical Officer
Howard C. Birndorf Independent Director
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