Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
As described in Item 5.07 below, on December 12, 2022, the stockholders of
Biofrontera Inc. (the "Company") approved an amendment (the "Amendment") to the
Biofrontera Inc. 2021 Omnibus Incentive Plan (the "Plan") to increase the number
of shares authorized for issuance by 2,589,800 from 2,750,000 shares to
5,339,800 shares. The Amendment previously had been approved, subject to
stockholder approval, by the Board of Directors of the Company on October 20,
2022.
A copy of the Amendment and a description of the Plan is included in the
Company's definitive proxy statement filed with the Securities and Exchange
Commission on November 8, 2022 ("Proxy Statement") and is incorporated herein by
reference. The foregoing description of the Amendment and the Plan is qualified
by reference to the amended and restated Plan, a copy of which is filed hereto
as Exhibit 10.1 and is incorporated herein by reference.
Item 5.07 Submission of Matters to a Vote of Security Holders
On December 12, 2022, the Company held virtually its Annual General Meeting of
Shareholders (the "Annual Meeting") in which shareholders voted on three
proposals and casted their votes as described below. Details of the proposals
are described in Proxy Statement. There were present at the Annual Meeting,
represented by proxy or in person, holders of 12,454,388 shares of the Company's
common stock, constituting a quorum.
No other matters were considered and voted on by the stockholders at the Annual
Meeting.
The Company's independent inspector of election reported the final vote of the
stockholders as follows:
1.Election of Loretta Wedge as Class I Director
For Withheld Broker Non-Votes
7,486,331 2,034,869 2,933,188
As a result, Ms. Wedge was elected for a term expiring at the 2025 annual
meeting of stockholders or until her earlier death, resignation or removal.
2.Approval of Amendment to Increase the Number of Shares of Common Stock
Authorized for Issuance under the Plan
For Against Abstain Broker Non-Votes
4,768,084 4,739,209 13,907 2,933,188
As a result, the Amendment was duly approved by the Company's stockholders and
effective as of December 12, 2022, the total number of shares authorized for
issuance under the Plan was increased to 5,339,800 shares of stock.
3. Ratification of Appointment of Independent Public Accounting Firm
For Against Abstain Broker Non-Votes
10,267,203 2,059,792 127,393 N/A
As a result, the appointment of Grant Thornton LLP as the Company's independent
registered public accounting firm for the fiscal year ending December 31, 2022
was ratified.
Item 9.01 Financial Statements and Exhibits.
Biofrontera Inc. 2021 Omnibus Incentive Plan (as amended and restated on
10.1† December 12, 2022)
Cover Page Interactive Data File (the cover page XBRL tags are embedded
104 within the inline XBRL document)
†Indicates a management contract or compensatory plan or arrangement.
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