Company: LBRX
Filing Date: 2025-07-23
Form Type: DRS/A
Source: 0000950123-25-006557
Chunk: 267

Company: LB PHARMACEUTICALS INC
Filing Date: 2025-07-23
Form: DRS/A
Chunk 267
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 price of $1.50 per share, whereby 25% of the option vests and becomes exercisable upon the first anniversary of the effective date of the Prensky Employment Agreement,
and the remainder vests and becomes exercisable in thirty-six (36) substantially equal monthly installments thereafter and (ii) 1,500,000 shares of our common stock, at an exercise price of $1.50 per
share, whereby 25% of the option vests and becomes exercisable upon the first anniversary of the effective date of the amendment to the Prensky Employment Agreement, and the remainder vests and becomes exercisable in
thirty-six (36) substantially equal monthly installments thereafter, in each case, subject to Mr. Prensky continuing to have a service relationship (as defined in the 2023 Plan) with us through each
such date. Mr. Prensky was also entitled to certain severance benefits, pursuant to the Prensky Employment Agreement. In November 2024, we entered into a separation agreement with Mr. Prensky, the terms of which are described below under
“—Potential Payments Upon Termination or Change in Control.”

Roger Sawhney

In June 2024, we entered into an executive employment agreement with Roger Sawhney, our former Chief Financial Officer, who commenced
employment on June 21, 2024, or the Sawhney Employment Agreement. The Sawhney Employment Agreement provided for an annual base salary of $410,000 per year. Pursuant to the Sawhney Employment Agreement, Mr. Sawhney was eligible to receive
an annual performance cash bonus with a target bonus opportunity equal to 40% of his base salary, as adjusted from time to time, based on the achievement of corporate and individual objectives and milestones established by our board of directors.
Additionally, the Turner Employment Agreement provided for the grant of an option to purchase 950,000 shares of our common stock, at an exercise price of $1.50 per share, whereby 25% of the option vests and becomes exercisable upon the first
anniversary of the effective date of the Sawhney Employment Agreement, and the remainder vests and becomes exercisable in thirty-six (36) substantially equal monthly installments thereafter, subject to
Mr. Sawhney’s continuing to have a service relationship (as defined in the 2023 Plan) with us through each such date. Mr. Sawhney was also entitled to certain severance benefits, the terms of which