secwatch.observer — SEC 8-K summary
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Issuer:     IGC Pharma, Inc. (IGC)
CIK:        0001326205
Form:       8-K
Filed at:   2023-05-08T23:59:59+00:00
Accession:  0001185185-23-000448
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IGC Pharma enters 5-year employment agreement with PFO Claudia Grimaldi; $200k base salary
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- Five-year initial term with auto-renew; $200,000 annual base salary, subject to annual Board review.
- Eligible for annual bonus and equity grants under 2018 Omnibus Incentive Plan.
- Severance: if terminated without cause or for good reason, receives either base pay for remainder of term or 1.5x avg total compensation of prior 2 years; plus health and D&O coverage.
- In change-of-control scenario within 12 months, severance multiplier rises to 2.99x and all unvested equity vests immediately.
- Executive receives auto allowance ($95/month personal use), 20 days vacation, 8 days sick leave, and indemnification.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1326205/000118518523000448/0001185185-23-000448-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1326205/000118518523000448/igcpharma20230505_8k.htm
  HTML page:      https://secwatch.observer/filing/0001185185-23-000448

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