vest upon the achievement of those milestones and the other 50% vest one year following achievement of those milestones. For a description of the performance vesting conditions, see the description above under “— Compensation Discussion & Analysis — Equity Awards.”
(8)
Includes the unvested portion of the December 2020 option grant under the Avadel 2020 Omnibus Plan, 125,000 of which will vest on each of December 8, 2022, December 8, 2023, and December 8, 2024.
(9)
Includes the unvested portion of the December 2021 option grant under the Avadel 2020 Omnibus Plan, 77,500 of which will vest on each of December 7, 2022, December 7, 2023, December 7, 2024, and December 7, 2025.
(10)
Includes the unvested portion of the 2019 option grant under the Avadel 2017 Omnibus Plan, 62,500 of which vest on each of October 22, 2022, and October 22, 2023.
(11)
Includes the unvested portion of the December 2020 option grant under the Avadel 2020 Omnibus Plan, 50,000 of which will vest on each of December 8, 2022, December 8, 2023, and December 8, 2024.
(12)
Includes the unvested portion of the December 2021 option grant under the Avadel 2020 Omnibus Plan, 50,000 of which will vest on each of December 7, 2022, December 7, 2023, December 7, 2024, and December 7, 2025.
(13)
Includes the unvested portion of the February 2021 option grant under the Avadel 2020 Omnibus Plan, 87,500 of which will vest on each of February 15, 2022, February 15, 2023, February 15, 2024, and February 15, 2025.
(14)
Includes the unvested portion of the December 2021 option grant under the Avadel 2020 Omnibus Plan, 34,75 of which will vest on each of December 7, 2022, December 7, 2023, December 7, 2024, and December 7, 2025.
The following table sets forth specified information concerning share options exercised and share awards vested for each of the named executive officers during fiscal year 2021:
Options Exercised and Shares Vested During Fiscal Year 2021
|
|
|
Option Awards
|
|
|
Share Awards
|
|
Name
|
|
|
Number of
shares
acquired on
exercise (#)
|
|
|
Value
realized on
exercise ($)
|
|
|
Number of
shares
acquired on
vesting (#)
|
|
|
Value
realized on
vesting ($)
|
|
Gregory J. Divis
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
12,000 |
|
|
|
|
|
92,640 |
|
|
Thomas S. McHugh
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
Richard J. Kim
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
|
|
|
— |
|
|
Employment Agreements
We have written employment agreements with each of our Named Executive Officers. Each employment agreement provides that the individual’s employment will continue until either we or the Named Executive Officer provides written notice of termination in accordance with the terms of the agreement. In addition, each of these agreements prohibit the Named Executive Officer from disclosing confidential information and competing with us during the term of their employment with the Company and for a specified time period thereafter. The agreements also contain customary non-solicitation and non-disparagement provisions. Under the terms of their respective employment agreements, each of the Named Executive Officers is entitled to receive an annual base salary, subject to annual review, an annual cash incentive and an annual equity award, each component of which is subject to the discretion of our board.
Payments upon Termination of Employment
Pursuant to their employment agreements, each of our Named Executive Officers is to certain severance benefits in the event he or she terminates his or her employment for “Good Reason” or if his or her employment is terminated by the Company for any reason other than for “Cause,” including non- renewal by the Company at the end of the employment term. Upon such a termination, each of the Named Executive Officers is entitled to receive all accrued but unpaid bonuses for any completed fiscal year and vacation pay,