Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensation for Named Executive Officers
On January 26, 2021, the Compensation Committee (“Committee”) and the Board of Directors (“Board”) of Opiant Pharmaceuticals, Inc. (“Company”), and in consultation with the Company’s independent compensation consultant, Radford, approved the following annual base salary increases for the following named executive officers of the Company, effective January 1, 2021:
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Name
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Title
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2021 Base Salary
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Dr. Roger Crystal
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Chief Executive Officer
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$634,540
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Dr. Phil Skolnick
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Chief Scientific Officer
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$446,708
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David O’Toole
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Chief Financial Officer
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$407,272
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Option Grants
On January 26, 2021, the Committee and the Board also approved a grant of stock options to each of Dr. Crystal, Dr. Skolnick and Mr. O’Toole, in the amounts of 31,250 shares, 10,750 shares and 10,750 shares, respectively. Such stock option grants (i) are exercisable for the purchase of common stock of the Company at $12.15 per share, (ii) have an exercise period of ten years from the date of grant, (iii) vest in forty-eight equal monthly amounts starting on the first monthly anniversary of the date of grant, and (iv) were granted under the Company’s 2017 Long-Term Incentive Plan (“2017 LTIP”), which was filed as Exhibit 10.52 to the Company’s Annual Report on Form 10-K filed on October 13, 2017.
On January 26, 2021, the Committee and the Board also approved a grant of restricted stock units (“RSU”) to each of Dr. Crystal, Dr. Skolnick and Mr. O’Toole, in the amounts of 15,650 shares, 5,400 shares and 5,400 shares, respectively. Such RSU grants (i) are for common stock of the Company, (ii) vest in four equal annual amounts starting on the first anniversary of the date of grant, and (iii) were granted under the Company’s 2017 LTIP.
On January 26, 2021, the Committee and the Board also approved paying a portion of the annual bonus opportunity in equivalent value of RSUs to each of Dr. Crystal, Dr. Skolnick and Mr. O’Toole, in the amounts of 3,766 shares, 2,798 shares and 2,450, respectively. Such RSU grants (i) are for common stock of the Company, (ii) vest in one installment on the first anniversary of the date of grant, and (iii) were granted under the Company’s 2017 LTIP.