Sunshine Biopharma Files 8-K on Governance Changes

TL;DR

Sunshine Biopharma's 8-K details director changes and executive appointments, plus financial filings.

AI Summary

Sunshine Biopharma Inc. filed an 8-K on October 21, 2024, reporting on the departure of directors, election of new directors, appointment of officers, and compensatory arrangements. The filing also includes financial statements and exhibits, indicating ongoing corporate governance and financial reporting activities for the company.

Why It Matters

This filing signals potential shifts in the company's leadership and strategic direction, which could impact its operational focus and future performance.

Risk Assessment

Risk Level: medium — Changes in directorship and officer appointments, coupled with financial reporting, can indicate internal restructuring or strategic shifts that carry inherent business risks.

Key Players & Entities

• Sunshine Biopharma Inc. (company) — Filer of the 8-K report
• October 21, 2024 (date) — Earliest event reported date

FAQ

Key Financial Figures

• $0.001 — ch Registered Common Stock, par value $0.001 SBFM The Nasdaq Stock Market LLC
• $543,753 — y will receive an annual base salary of $543,753 CAD, which will increase annually in th
• $14 million — l be entitled to a severance payment of $14 million USD. On October 21, 2024, the Company
• $411,000 — y will receive an annual base salary of $411,000 CAD, which will increase annually in th
• $2 million — l be entitled to a severance payment of $2 million CAD. On October 21, 2024, the Company
• $328,800 — i will receive an annual base salary of $328,800 CAD, which will increase annually in th

Filing Documents

• sunshine_8k.htm (8-K) — 31KB
• sunshine_ex1001.htm (EX-10.1) — 56KB
• sunshine_ex1002.htm (EX-10.2) — 47KB
• sunshine_ex1003.htm (EX-10.3) — 45KB
• 0001683168-24-007323.txt ( ) — 426KB
• sbfm-20241021.xsd (EX-101.SCH) — 3KB
• sbfm-20241021_def.xml (EX-101.DEF) — 29KB
• sbfm-20241021_lab.xml (EX-101.LAB) — 36KB
• sbfm-20241021_pre.xml (EX-101.PRE) — 26KB
• sunshine_8k_htm.xml (XML) — 5KB

02 Departure of Directors

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 21, 2024, Sunshine Biopharma Inc. (the "Company") entered into an amended employment agreement with Dr. Steve N. Slilaty, the Company's chief executive officer. Pursuant to the amended employment agreement, deemed effective January 1, 2024, Dr. Slilaty will continue to serve as the Company's chief executive officer, and will also serve as the chief executive officer of the Company's wholly-owned subsidiary, Nora Pharma Inc. ("Nora"). Dr. Slilaty will receive an annual base salary of $543,753 CAD, which will increase annually in the minimum amount of 5% or the change in the US Consumer Price Index, whichever is higher. Dr. Slilaty will also be entitled to an annual bonus in an amount to be determined by the Company's board of directors. The agreement has an indefinite term. If the agreement is terminated by the Company without cause, or by Dr. Slilaty for good reason (each as defined in the agreement), Dr. Slilaty will be entitled to a severance payment of $14 million USD. On October 21, 2024, the Company entered into an employment agreement with Camille Sebaaly, the Company's chief financial officer. Pursuant to the employment agreement, deemed effective January 1, 2024, Mr. Sebaaly will continue to serve as the Company's chief financial officer and will also serve as secretary of Nora. Mr. Sebaaly will receive an annual base salary of $411,000 CAD, which will increase annually in the minimum amount of 5% or the change in the US Consumer Price Index, whichever is higher. Mr. Sebaaly will also be entitled to an annual bonus in an amount to be determined by the Company's board of directors. The agreement has an indefinite term. If the agreement is terminated by the Company without cause (as defined in the agreement), Mr. Sebaaly will be entitled to a severance payment of $2 million CAD. On October 2

Financial Statements and Exhibits

Financial Statements and Exhibits. Exhibit No. Description 10.1 Employment Agreement, dated October 21, 2024, between the Company and Dr. Steve N. Slilaty 10.2 Employment Agreement, dated October 21, 2024, between the Company and Camille Sebaaly 10.3 Employment Agreement, dated October 21, 2024, between the Company and Dr. Abderrazzak Merzouki 2

SIGNATURES

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. Dated: October 23, 2024 SUNSHINE BIOPHARMA INC. By: /s/ Dr. Steve N. Slilaty Dr. Steve N. Slilaty, Chief Executive Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR