Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
2020 Omnibus Equity Incentive Plan
On January 18, 2021, the Board of Directors of Silo Pharma, Inc. (the "Company")
approved the Silo Pharma, Inc. 2020 Omnibus Equity Incentive Plan (the "Plan")
to incentivize employees, officers, directors and consultants of the Company and
its affiliates. The Plan provides for the grant, from time to time, at the
discretion of the Board or a committee thereof, of cash, stock options,
including incentive stock options and nonqualified stock options, restricted
stock, dividend equivalents, restricted stock units, stock appreciation units
and other stock or cash-based awards. The Plan shall terminate on the tenth
anniversary of the date of adoption by the Board of Directors. Subject to
certain restrictions, the Board of Directors may amend or terminate the Plan at
any time and for any reason. An amendment of the Plan shall be subject to the
approval of the Company's stockholders only to the extent required by applicable
laws, rules or regulations. The Plan is subject to the approval of the Company's
stockholders, and shall become effective on the date that it is approved by the
Company's stockholders.
The foregoing description of the Plan does not purport to be complete and is
subject to, and qualified in its entirety by reference to the full text of the
Plan, a copy of which is attached as Exhibit 10.1 to this Current Report on Form
8-K and incorporated herein by reference.
Amendment to Eric Weisblum's Employment Agreement
On January 18, 2021, the Company entered into an amendment (the "Amendment") to
Eric Weisblum's employment agreement dated April 17, 2020, effective as of
January 1, 2021, pursuant to which Mr. Weisblum's base salary was increased from
$120,000 per year to $180,000 per year.
The foregoing description of the Amendment does not purport to be complete and
is subject to, and qualified in its entirety by reference to the full text of
the Amendment, a copy of which is attached as Exhibit 10.2 to this Current
Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibits
Exhibit No. Description
10.1+ Silo Pharma, Inc. 2020 Omnibus Equity Incentive Plan
10.2+ First Amendment to Employment Agreement, dated January 18, 2021,
by and between the Company and Eric Weisblum
+ Indicates a management contract or any compensatory plan, contract or
arrangement.
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