Business Context and Reporting Period
This Form 8-K filing by Cocrystal Pharma, Inc. reports events occurring on November 16, 2015. The filing details the appointment of a new Interim Chief Financial Officer and the consolidation of the company's operations to its Tucker, Georgia headquarters.
Key Financial Metrics
The filing text does not provide revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive personnel changes and compensation arrangements.
Material Changes
- Executive Departure: Gerald McGuire stepped down as Chief Financial Officer, electing not to relocate from Bothell, Washington, to the new Georgia headquarters.
- Executive Appointment: Curtis Dale was appointed Interim Chief Financial Officer, effective immediately following the November 17, 2015 filing of the Form 10-Q for the quarter ended September 30, 2015.
- Operational Consolidation: The company is consolidating operations at its Tucker, Georgia location.
Compensation and Management Commentary
Mr. Dale serves as Interim CFO on an at-will basis without a formal employment agreement for that specific role. His compensation structure includes:
- Interim CFO Fee: $6,000 per month.
- Controller Salary: $125,000 annual base salary (per existing agreement).
- Bonus: Eligible for a discretionary annual bonus determined by the Compensation Committee.
- Equity: Subject to Board approval, Mr. Dale will receive 100,000 ten-year stock options vesting in four equal annual increments, with the first vesting date one year from the grant date.
Investor Verification Checklist
- Verify the status of the 100,000 stock option grant for Curtis Dale, as it is subject to Board approval.
- Review the Form 10-Q filed on November 17, 2015, for the most recent financial performance data.
- Monitor future filings for the appointment of a permanent Chief Financial Officer.
- Confirm the timeline and cost implications of the operational consolidation in Tucker, Georgia.