Item 5.02 Departure of Directors or Certain Officers; Election of Directors,
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Salary Adjustments
On February 18, 2023, the Board of Directors ("Board") of Genprex, Inc.
("Company") approved the recommendations of the Compensation Committee of the
Board ("Compensation Committee") to adjust the base salaries of J. Rodney
Varner, the President and Chief Executive Officer of the Company, to $586,600;
Catherine Vaczy, the Executive Vice President, General Counsel and Chief
Strategy Officer of the Company, to $480,500; Ryan Confer, the Chief Financial
Officer of the Company, to $430,000; Mark Berger, MD, the Chief Medical Officer
of the Company, to $486,500; and Hemant Kumar, PhD, the Chief Manufacturing and
Technology Officer of the Company, to $430,000.
Bonuses
On February 18, 2023, the Board approved the recommendations of the Compensation
Committee for the payment of a bonus in the amount of $282,000 to Mr. Varner;
$184,800 to Ms. Vaczy; $158,800 to Mr. Confer; $187,120 to Dr. Berger; and
$160,000 to Dr. Kumar in consideration for their efforts during the 2022 fiscal
year in advancing the business of the Company.
Equity Grants
On February 18, 2023, the Board approved the recommendations of the Compensation
Committee for the grant of restricted stock units ("RSUs") pursuant to the
Company's 2018 Equity Incentive Plan in the amount of 625,000 RSUs to Mr.
Varner; 245,000 RSUs to Ms. Vaczy; 245,000 RSUs to Mr. Confer; 245,000 RSUs to
Dr. Berger; and 200,000 RSUs to Dr. Kumar. Each of these RSU grants vest in
installments of 50% on the first anniversary of the date of grant and the
remaining 50% on the second anniversary of the date of grant. Vested RSUs will
be paid in shares of the Company's common stock on a one-to-one basis.
Item 8.01 Other Events.
Abstract data were released today highlighting the potential of the Company's
gene therapy for Type 1 diabetes. This data were released in conjunction with
the upcoming presentation by the Company's research collaborators at the
University of Pittsburgh ("Pitt") at the 16th International Conference on
Advanced Technologies & Treatments for Diabetes (ATTD 2023) taking place
February 22-25, 2023 in Berlin, Germany. The presentation will be delivered on
February 25th at 2:25 pm CET by Ranjeet S. Kalsi, DO, a member of the laboratory
of George Gittes, MD, from Pitt's Division of Pediatric Surgery, Pittsburgh,
Pennsylvania. The presentation titled, "Pancreatic Intraductal Infusion of
Adeno-Associated Virus ("AAV") to Treat Non-Human Primates in a Toxin-Induced
Diabetes Model," will report results from eight non-human primates ("NHPs") with
toxin-induced diabetes after streptozocin administration. They received a novel
infusion process that used an AAV vector to deliver Pdx1 and MafA genes directly
to the pancreas. The statistically significant study results show that
post-infusion of the AAV engineered construct, the eight NHPs had decreased
insulin requirements (p<0.001); increased c-peptide levels (p<0.05); and
improved glucose tolerance compared to baseline (p<0.05) with one demonstrating
reestablished normoglycemia. Immunohistochemistry revealed insulin and glucagon
staining, which suggest the formation of insulin-producing cells.
Item 9.01: Financial Statements and Exhibits.
(d) Exhibits.
Exhibit
Number Description
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document).
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