ADMA BIOLOGICS, INC. (NASDAQ:ADMA) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June 28, 2018, upon recommendation of the Compensation Committee of the Board of Directors (the “Compensation Committee”) of ADMA Biologics, Inc. (the “Company”), the Board of Directors (the “Board”) approved, retroactive to January 1, 2018, the following increases in annual base salary for the Company’s named executive officers as set forth in the table below:
| Name | Position | Annual Base Salary, Retroactive to January 1, 2018 |
| Adam S. Grossman |
President, Chief Executive Officer and Director |
$536,000 |
| Dr. James Mond |
Executive Vice President, Chief Scientific Officer and Chief Medical Officer |
$401,800 |
| Brian Lenz |
Executive Vice President and Chief Financial Officer |
$366,800 |
As previously disclosed by the Company in its Current Report on Form 8-K filed with the Securities and Exchange Commission on February 15, 2018, the Compensation Committee and the Board agreed to revisit the named executive officers’ annual base salaries following the Company’s 2018 Annual Meeting of Stockholders.
The raises in base salary for the Company’s named executive officers were approved in order to compensate such individuals at the 50th percentile of the Company’s approved peer group as determined by the independent compensation consultant of the Compensation Committee. The data obtained by the Company’s independent compensation consultants was measured against a group of peer companies chosen following the Company’s acquisition of the Biotest Therapy Business Unit. At the time of the acquisition, it was determined by the Board that no salary increases were to be granted until the Company made progress with its integration and remediation activities. Prior to this increase, the Company’s named executive officers last received raises in January 2016.
About ADMA BIOLOGICS, INC. (NASDAQ:ADMA)
ADMA Biologics, Inc. is a late-stage biopharmaceutical company that develops, manufactures and intends to market specialty plasma-based biologics for the treatment and prevention of infectious diseases. The Company is engaged in the development and commercialization of human plasma and plasma-derived therapeutics. Its segments include Plasma Collection Centers, which includes its operations in Georgia; Research and Development, which includes its plasma development operations in New Jersey, and Corporate. Its targeted patient populations are immune-compromised individuals suffering from an underlying immune deficiency disorder or may be immune-suppressed for medical reasons. Its product candidates are intended to be used by physician specialists focused on caring for immune-compromised patients at risk of contracting infectious diseases. Its intravenous immunoglobulin product candidate, RI-002, is intended for the treatment of primary immune deficiency disease.
