BioCorRx Inc
For the period ended Dec 31, 2023. Filed Apr 1, 2024.
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FY2023 · Filed Apr 1, 2024
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Item 11. Executive Compensation
Summary Compensation Table
The following table summarizes information concerning the compensation awarded to, earned by, or paid to, our Chief Executive Officer (“Principal Executive Officer”) and our two most highly compensated executive officer other than the Principal Executive Officer during fiscal years 2023 and 2022 (collectively, “Named Executive Officers”).
| Name and principal position | FiscalYear | Salary($) | Bonus($) | StockAwards($)(2) | OptionAwards($) | Non-equity incentiveplan compensation($) | Non-qualified deferred compensation($) | All othercompensation($)(1) | Total($) |
|---|---|---|---|---|---|---|---|---|---|
| (1) Brady Granier, President (resigned on January 31, 2024) and Director | 2023 | 215,000 | 0 | 0 | 54,466 | 0 | 0 | 60,000 | 329,466 |
| 2022 | 215,000 | 0 | 0 | 13,327 | 0 | 0 | 60,000 | 288,327 | |
| (2) Lourdes Felix, CEO, CFO and Director | 2023 | 190,000 | 0 | 15,000 | 0 | 0 | 0 | 60,000 | 265,000 |
| 2022 | 190,000 | 0 | 20,000 | 0 | 0 | 0 | 60,000 | 270,000 | |
| Thomas Welch, Executive Vice President (resigned on December 15, 2023) | 2023 | 165,000 | 0 | 0 | 0 | 0 | 0 | 0 | 165,000 |
| Thomas Welch, Executive Vice President (resigned on December 15, 2023) | 2022 | 165,000 | 0 | 0 | 0 | 0 | 0 | 0 | 165,000 |
| (1) | Director of the Company receives a quarterly cash stipend of $15,000 in compensation for their services. |
| (2) | Director of the Company receives a quarterly cash stipend of $15,000 and a quarterly number of shares of the Company’s common stock equivalent to $5,000 in compensation for their services. The 2023 fourth quarter shares equivalent to $5,000 were issued subsequent to December 31, 2023, which is not included in the above table. |
Outstanding Equity Awards at Fiscal Year-End Table
The following table sets forth information for the named executive officers regarding the number of shares subject to both exercisable and unexercisable stock options, as well as the exercise prices and expiration dates thereof, as of December 31, 2023.
| Options Outstanding · Options Exercisable | ||||
|---|---|---|---|---|
| Weighted · Weighted | ||||
| Average · Exercisable · Average | ||||
| Exercise | Number of | Remaining Life | Number of | Remaining Life |
| Price | Options | In Years | Options | In Years |
| $ 0.01-2.50 | 392,802 | 2.7 | 392,802 | 2.7 |
| 2.51-5.00 | 54,474 | 2.0 | 54,474 | 2.0 |
| 5.01 and up | 444,167 | 3.4 | 441,875 | 3.4 |
| 891,443 | 3.0 | 889,151 | 3.0 | |
Employment/Consulting Contracts, Termination of Employment, Change-in-Control Arrangements
On June 13, 2018, the Company entered into an Executive Service Agreement (each an “Executive Agreement” and together, the “Executive Agreements”) with each of the Company’s Executive Officers, Mr. Brady Granier and Ms. Lourdes Felix (each an “Executive Officer” and together, the “Executive Officers”). As of December 31, 2019, the annual salary of Mr. Brady Granier remained $190,000 and Ms. Lourdes Felix remained at $175,000. As of December 31, 2020, the annual salary of Mr. Brady Granier is $215,000 and for Ms. Lourdes Felix is $190,000. Mr. Brady Granier also receives 44,313 stock options valued at $54,466 and 7,350 stock options valued at $13,327 during the year ended December 31, 2023 and 2022. On December 29, 2023, Brady Granier submitted his letter of resignation as President of BioCorRx Inc. and Chief Executive Officer of BioCorRx Pharmaceuticals, a subsidiary of the Company, effective January 31, 2024. Mr. Granier remains a member of the Board.
Director Compensation
The Company entered into a Director Agreement with each of its’ directors pursuant to which each director will receive a quarterly cash stipend of $15,000 in compensation for their services and shall be issued, upon the last day of each fiscal quarter, provided they are a member of the Board as of such date, the number of shares of the Company’s common stock equivalent to $5,000 as determined based on the average closing price on the three trading days immediately preceding the last day of such quarter
The following table sets forth summary information concerning the total compensation paid to our non-employee directors. For the other two employee directors, please refer to the Summary Compensation Table.
| Name | FiscalYear | StockAwards($)(1) | Option Awards($) | All othercompensation($) | Total($) |
|---|---|---|---|---|---|
| Kent Emry, Director since March 1, 2019 | 2023 | 15,000 | 0 | 60,000 | 75,000 |
| 2022 | 20,000 | 0 | 60,000 | 80,000 | |
| Louis C. Lucido, Director since March 1, 2019 | 2023 | 15,000 | 0 | 60,000 | 75,000 |
| 2022 | 20,000 | 0 | 60,000 | 80,000 | |
| Luisa Ingargiola, Director since March 1, 2019 | 2023 | 15,000 | 0 | 60,000 | 75,000 |
| 2022 | 20,000 | 0 | 60,000 | 80,000 | |
| Joseph J. Galligan since February 16, 2021 | 2023 | 15,000 | 0 | 106,500 | 121,500 |
| 2022 | 20,000 | 0 | 106,500 | 126,500 | |
| Harsha Murthy, Director since January 20, 2023 | 2023 | 13,949 | 0 | 56,846 | 70,795 |
| 2022 | 0 | 0 | 0 | 0 |
| (1) | The 2023 fourth quarter shares equivalent to $5,000 were issued subsequent to December 31, 2023, which is not included in the above table. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.