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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

 

Date of Report: December 13, 2022

(Date of earliest event reported)

 

TITAN PHARMACEUTICALS, INC.

(Exact name of registrant as specified in its charter)

 

Delaware   001-13341   94-3171940
(State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer
Identification No.)

 

400 Oyster Point Blvd., Suite 505, South San Francisco, CA 94080

(Address of principal executive offices, including zip code)

 

650-244-4990

(Registrant’s telephone number, including area code)

 

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.001 per share TTNP Nasdaq Capital Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company    

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

 

 

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

 

On December 14, 2022, the Company and David E. Lazar, the Company’s Chief Executive Officer, entered into an Employment Agreement (the “Lazar Agreement”), pursuant to which the Company hired Mr. Lazar to serve as the Company’s Chief Executive Officer, effective August 16, 2022.

 

Prior to being named Chief Executive Officer of the Company, Mr. Lazar, age 32, has served as the Chief Executive Officer of Custodian Ventures LLC, a company which specializes in assisting distressed public companies through custodianship, since February 2018, and Activist Investing LLC, an actively managed investment fund, since March 2018. Mr. Lazar served as Managing Partner at Zenith Partners International Inc., a boutique consulting firm, from July 2012 to April 2018.

 

Pursuant to the terms of the Lazar Agreement, Mr. Lazar will be paid a base salary of $406,000 per year, and will participate in the Company’s equity incentive plan (the “Plan”). Due to the Company’s current liquidity situation, approximately 70% of Mr. Lazar’s compensation will be deferred until such time as the Compensation Committee determines that the Company has sufficient liquidity to pay the full salary. Mr. Lazar will be eligible to receive an annual bonus, with a target of fifty percent (50%) of his base salary. In addition, Mr. Lazar will be eligible for three performance bonuses on an annual basis, payable in (i) cash and/or (ii) restricted stock under the Plan, each equal to fifty percent (50%) of his base salary, which shall be dependent on the achievement by the Company of certain milestones. Furthermore, in the event of a Change of Control (as defined in the Lazar Agreement), the Company shall pay Mr. Lazar a bonus equal to three percent (3%) of the increased valuation of the surviving corporation resulting from such Change of Control. The foregoing summary is qualified in its entirety by reference to the Lazar Agreement attached hereto as Exhibit 10.1 and incorporated by reference.

 

Item 8.01. Other Events.

 

On December 15, 2022, the Company issued a press release announcing the Company’s entry into a nonbinding letter of intent to acquire a leading developer of personal air and land vehicles specializing in urban air mobility. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated herein by reference.

 

Item 9.01. Financial Statements and Exhibits.

 

(d)   Exhibits

 

Exhibit No.   Description
10.1   Employment Agreement, dated December 14, 2022, between Titan Pharmaceuticals, Inc. and David E. Lazar.
99.1   Press Release of Titan Pharmaceuticals, Inc. dated December 15, 2022.
104   Cover Page Interactive Data (embedded within the Inline XBRL document).

 

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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.

 

Date: December 15, 2022   TITAN PHARMACEUTICALS, INC.
 
By: /s/ David E. Lazar
   

David E. Lazar

    Chief Executive Officer

 

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