OPIANT PHARMACEUTICALS, INC. (OTCMKTS:OPNT) 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.
Option Grants to Directors
Effective as of June 13, 2018, the Board of Directors (the “Board”) of Opiant Pharmaceuticals, Inc. (the “Company”) unanimously approved an annual grant of 2,500 stock options (the “Annual Options”) to each independent board member, with the timing of each annual grant starting in 2019 to coincide with the date of the Company’s Annual Shareholder Meeting.
The initial grant of the 2,500 Annual Options to each independent board member was granted on June 13, 2018 to each of Ann MacDougall, Thomas T. Thomas and Dr. Gabrielle Silver. Richard Daly, who was appointed to the Board on June 12, 2018, did not receive a grant of Annual Options.
The Annual Options (i) are exercisable for the purchase of common stock of the Company at $15.56 per share, (ii) have an exercise period of ten years from the date of grant of the Annual Options, (iii) vest 50% on the one-year anniversary of the grant date, and (iv) were granted under the Company’s 2017 Long-Term Incentive Plan, which was filed as Exhibit 10.52 to the Company’s Annual Report on Form 10-K filed on October 13, 2017.
About OPIANT PHARMACEUTICALS, INC. (OTCMKTS:OPNT)
Opiant Pharmaceuticals, Inc., formerly Lightlake Therapeutics, Inc., is a specialty pharmaceutical company. The Company develops pharmacological treatments for substance use, addictive and eating disorders. The Company has developed NARCAN (naloxone hydrochloride) Nasal Spray, a treatment to reverse opioid overdoses, which was conceived, licensed, developed and approved by the United States Food and Drug Administration (FDA). The Company’s pipeline of product candidates includes a treatment for Binge Eating Disorder (BED), a treatment for Bulimia Nervosa (BN), a treatment for Cocaine Use Disorder (CocUD) and a heroin vaccine. The Company also is focused on other treatment opportunities.