Opiant Announces Inducement Grants Under Nasdaq Listing Rule 5635(c)(4)

Rhea-AI Summary

Opiant Pharmaceuticals (NASDAQ: OPNT) has granted stock options and restricted stock units to two new employees, including Matthew Ruth, the new Chief Commercial Officer. The Compensation Committee approved 50,000 stock options and 15,000 restricted stock units for Ruth, with an exercise price of $16.41 per share. Additionally, another employee received 6,500 stock options and 3,200 restricted stock units. The vesting period for these awards is four years, with 25% vesting annually, contingent on continued employment.

Positive

• Inducement awards may enhance employee retention and motivation.
• Appointment of a Chief Commercial Officer could strengthen commercial strategies.

Negative

• None.

SANTA MONICA, Calif., July 20, 2021 (GLOBE NEWSWIRE) -- 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) 598-5410
batkins@opiant.com

FAQ

What stock options were granted to new employees at Opiant Pharmaceuticals?

Opiant Pharmaceuticals granted 50,000 stock options and 15,000 restricted stock units to new CCO Matthew Ruth, along with 6,500 options and 3,200 units to another employee.

What is the exercise price of the stock options granted by Opiant?

The exercise price for the stock options is $16.41 per share.

When will the stock options granted by Opiant vest?

The stock options will vest over four years, with 25% vesting each year.

How does the new CCO appointment affect Opiant Pharmaceuticals?

The appointment of a Chief Commercial Officer is expected to bolster Opiant's commercial strategy.