Novus Therapeutics, Inc. (NASDAQ:NVUS) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

(e) At its meeting on May 24, 2017, the Compensation Committee of the Board of Directors (the “Committee”) of Novus Therapeutics, Inc. (the “Company”) took certain actions concerning the compensation of the Company’s Chief Executive Officer, Gregory J. Flesher, and Chief Financial Officer, Christine G. Ocampo, as described below.

Base Salary and Bonus Adjustments

The Committee approved base salary increases for Mr. Flesher and Ms. Ocampo. As a result of these increases, Mr. Flesher will receive an annual base salary of $450,000 and Ms. Ocampo will receive an annual base salary of $300,000. The increases will be effective as of the next practicable payroll cycle. The Committee also approved target bonus payout increases for Mr. Flesher and Ms. Ocampo. Starting in 2017, Mr. Flesher will have a target bonus payout of 50% of his base salary, while Ms. Ocampo will have a target bonus payout of 35% of her base salary. Bonuses will be paid annually upon achievement of performance goals established by the Committee.

All other material terms of Mr. Flesher’s and Ms. Ocampo’s employment remain unchanged.

Bonus Payouts

Also at its meeting on May 24, 2017, the Committee approved the payout of bonuses for 2016 to each of Mr. Flesher and Ms. Ocampo. The payouts, which were in the amount of $100,000 and $80,000, respectively, were based on fiscal year 2016 performance of Otic Pharma Ltd., which was acquired by the Company on May 9, 2017.

About Novus Therapeutics, Inc. (NASDAQ:NVUS)

Novus Therapeutics, Inc., formerly Tokai Pharmaceuticals, Inc., is a pharmaceutical company. The Company is focused on the acquisition, development, and commercialization of ear, nose, and throat products. It has two platforms: OP-01 Foam Platform and OP-02 Surfactant Program. OP-01 is developed with the intent to be used as a delivery vehicle for drugs treating ears, as well as the nasal and sinus cavities. OP-01 is currently being developed as an improved treatment option for acute otitis externa. OP-02 is a daily nasal spray that is designed to improve and maintain a healthy middle ear. OP-02 is being developed as a potential treatment option for patients with otitis media and Eustachian tube dysfunction. OP-02 is a combination drug product, which comprises two components: surfactant dipalmitoylphosphatidylcholine and a spreading agent cholesteryl palmitate. The product is sprayed through the nostrils toward the opening of the Eustachian tube at the back of the nasal cavity.

Novus Therapeutics, Inc. (NASDAQ:NVUS) Recent Trading Information

Novus Therapeutics, Inc. (NASDAQ:NVUS) closed its last trading session up +0.27 at 5.12 with 13,021 shares trading hands.