Xenetic Biosciences Appoints New Directors, Adjusts Executive Pay
Ticker: XBIO · Form: 8-K · Filed: Jun 21, 2024 · CIK: 1534525
| Field | Detail |
|---|---|
| Company | Xenetic Biosciences, Inc. (XBIO) |
| Form Type | 8-K |
| Filed Date | Jun 21, 2024 |
| Risk Level | medium |
| Pages | 3 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.001, $400,000, $100,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: management-change, board-of-directors, executive-compensation
Related Tickers: XBIO
TL;DR
Xenetic adds 2 directors, rejiggers CEO/CFO pay. Board shakeup incoming?
AI Summary
On June 18, 2024, Xenetic Biosciences, Inc. announced changes in its board of directors and executive compensation. The company elected two new directors, Dr. Jeffrey S. Henderson and Mr. David L. Dawson, to its Board. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Dr. Curtis R. Selby, and Chief Financial Officer, Mr. Michael J. McLellan, effective June 18, 2024.
Why It Matters
The appointment of new directors and adjustments to executive compensation can signal a shift in company strategy or governance, potentially impacting future performance and investor confidence.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts that may affect the company's future direction and performance.
Key Players & Entities
- Xenetic Biosciences, Inc. (company) — Registrant
- Dr. Jeffrey S. Henderson (person) — Newly elected director
- Mr. David L. Dawson (person) — Newly elected director
- Dr. Curtis R. Selby (person) — Chief Executive Officer
- Mr. Michael J. McLellan (person) — Chief Financial Officer
- June 18, 2024 (date) — Effective date of changes
FAQ
Who were the new directors elected to Xenetic Biosciences' Board?
Dr. Jeffrey S. Henderson and Mr. David L. Dawson were elected as new directors.
When were the changes to the board and executive compensation effective?
The changes were effective as of June 18, 2024.
What positions do Dr. Curtis R. Selby and Mr. Michael J. McLellan hold?
Dr. Curtis R. Selby is the Chief Executive Officer and Mr. Michael J. McLellan is the Chief Financial Officer.
What type of filing is this for Xenetic Biosciences?
This is a Form 8-K filing, reporting current events.
What is Xenetic Biosciences, Inc.'s state of incorporation?
Xenetic Biosciences, Inc. is incorporated in Nevada.
Filing Stats: 812 words · 3 min read · ~3 pages · Grade level 12.1 · Accepted 2024-06-21 16:30:43
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share XBIO The Nasdaq
- $400,000 — ncrease in Mr. Parslow's base salary to $400,000; (iii) a $100,000 cash retention bonus
- $100,000 — slow's base salary to $400,000; (iii) a $100,000 cash retention bonus if Mr. Parslow rem
Filing Documents
- xenetic_8k.htm (8-K) — 30KB
- 0001683168-24-004415.txt ( ) — 240KB
- xbio-20240618.xsd (EX-101.SCH) — 4KB
- xbio-20240618_def.xml (EX-101.DEF) — 26KB
- xbio-20240618_lab.xml (EX-101.LAB) — 36KB
- xbio-20240618_pre.xml (EX-101.PRE) — 25KB
- xenetic_8k_htm.xml (XML) — 5KB
02
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. As previously disclosed, on May 16, 2024, the Board of Directors of Xenetic Biosciences, Inc. (the "Company") appointed James F. Parslow, the Company's Chief Financial Officer, to the position of Interim Chief Executive Officer. In connection with the foregoing, on June 18, 2024, the Company and Mr. Parslow entered into an amendment (the "Amendment") to that certain employment agreement, dated March 23, 2017, by and between the Company and Mr. Parslow, to provide for, effective as of May 16, 2024: (i) certain changes to Mr. Parslow's title and responsibilities; (ii) an increase in Mr. Parslow's base salary to $400,000; (iii) a $100,000 cash retention bonus if Mr. Parslow remains employed with the Company for a ten month period; and (iv) a stock option grant to Mr. Parslow to purchase 20,000 shares of common stock of the Company with an exercise price equal to the fair market value of the Company's common stock on the effective date of the Amendment. Such option grant shall be issued pursuant to the terms and conditions of the Company's Amended and Restated Equity Incentive Plan, and shall vest one-fourth on the grant date and one-fourth upon the first, second and third anniversaries of the grant date, provided Mr. Parslow remains employed with the Company on the applicable vesting date. All other terms of Mr. Parslow's employment agreement as previously disclosed remain in full force and effect. On June 19, 2024, the Company entered into a confidential separation agreement and general release with each of and Jeffrey F. Eisenberg, the Company's former Chief Executive Officer (the "Eisenberg Separation Agreement"), and Curtis Lockshin, the Company's former Chief Scientific Officer (the "Lockshin Separation Agreement" and together, the "Separation Agreements") pursuant to which Messrs. Eisenberg and Lockshin
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. XENETIC BIOSCIENCES, INC. By: /s/ James Parslow Date: June 21, 2024 Name: James Parslow Title: Interim Chief Executive Officer and Chief Financial Officer 3