Opiant Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)
July 20 2021 - 4:05PM
Opiant Pharmaceuticals, Inc. (“Opiant”) (NASDAQ: OPNT), a
specialty pharmaceutical company developing medicines to treat
addictions and drug overdose, today announced, as required by
Nasdaq Stock Market rules, the grant of inducement awards to two
new employees.
The Compensation Committee of the Board of Directors
(“Committee”) of Opiant approved the grant of a non-qualified stock
option to purchase 50,000 shares of common stock and an award of
restricted stock units covering 15,000 shares of common stock as an
inducement material to Matthew Ruth, Opiant’s new Chief Commercial
Officer, entering into employment with the Company in accordance
with Nasdaq Listing Rule 5635(c)(4). In addition, the Committee
approved the grant of additional non-qualified stock options to
purchase an aggregate of 6,500 shares of common stock and
restricted stock units covering an aggregate of 3,200 shares of
common stock to another new employee, who joined the commercial
organization, as a material inducement to that individual becoming
employed with Opiant.
The options have an exercise price of $16.41 per share, which is
equal to the closing price of Opiant’s common stock on the Nasdaq
Stock Market on July 19, 2021, the date of grant. Each option and
award of restricted stock units will vest over a four-year period,
with 25% of the shares subject to the award vesting on the one-year
anniversary of the date of grant, and thereafter an additional 25%
of the shares subject to the award vesting on each succeeding
annual anniversary of the date of grant, subject to such employee’s
continued employment with Opiant through such vesting dates. Each
option and award of restricted stock units is subject to the terms
and conditions of Opiant’s existing Inducement Plan and the terms
and conditions of the stock option and restricted stock unit
agreements covering the grants.
About Opiant Pharmaceuticals,
Inc. Opiant Pharmaceuticals, Inc., the company that
developed NARCAN® Nasal Spray, is building a
leading franchise of new medicines to combat addictions
and drug overdose. For more information
visit: www.opiant.com.
For Media and Investor Inquiries:Ben Atkins, Opiant(310)
598-5410batkins@opiant.com
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