8-K: Current report filing
Published on January 31, 2005
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 (Date of earliest event reported): January 31, 2005
Access Pharmaceuticals, Inc.
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(Exact name of registrant as specified in its charter)
Delaware 0-9314 83-0221517
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(State of Incorporation) (Commission File Number) (I.R.S. Employer
Identification No.)
2600 Stemmons Freeway, Suite 176, Dallas, Texas 75207
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (214) 905-5100
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Item 1.01 Entry into a Material Definitive Agreement.
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The Board of Directors of the Company approved modified compensation
arrangements for members of the Board and Committees of the Board as follows:
* the Chairman of the Corporation shall be paid an additional fee of $1,000
per quarter for service as Chairman of the Board of Directors
* the Chairman of each of the Audit and Finance and Compensation Committees
shall be paid an additional fee of $500 per quarter for service as Chairman
of such committees.
The new approved compensation is in addition to our previously reported
compensation of directors which includes:
Each director who is not our employee receives a quarterly fee of $3,000 and
$1,000 per quarter per committee (aggregate for all committees) in which
he/she is a member. Each director will have $2,000 deducted from their fee
if more than one Board meeting is missed and $1,000 deducted per committee
meeting missed. In addition, we reimbursed each director, whether an employee
or not, the expenses of attending board and committee meetings. Each
non-employee director is also entitled to receive options to purchase 12,500
shares of our common stock on the date of each annual meeting of stockholders
and options to purchase 20,000 shares of common stock when he/she is first
appointed as a director.
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SIGNATURE
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.
Access Pharmaceuticals, Inc.
(Registrant)
By: /s/ Stephen B. Thompson
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Stephen B. Thompson
Vice President and
Chief Financial Officer
Dated January 31, 2005
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