Adial Pharmaceuticals Enters into Amended Employment Agreement with CEO Cary Claiborne

Adial Pharmaceuticals, Inc. (NASDAQ: ADIL) announced in a recent SEC filing that it has entered into an Amended and Restated Employment Agreement with its Chief Executive Officer, Cary Claiborne, effective December 5, 2024. The agreement extends Mr. Claiborne’s tenure as CEO for a three-year term.

The Amended Employment Agreement outlines changes, including an increase in Mr. Claiborne’s bonus target to 50% of his base salary upon achieving set objectives as determined by the company’s board of directors. Additionally, Mr. Claiborne was granted stock options to purchase 350,000 shares of the company’s common stock under the 2017 Equity Incentive Plan. These stock options will vest monthly on a pro-rata basis over 36 months.

The specifics of the agreement have been detailed in an exhibit attached to the filing. The full text of the Amended Employment Agreement can be found in Exhibit 10.1 of the filing.

Adial Pharmaceuticals, listed on the Nasdaq Stock Market LLC, confirmed that the Amended Employment Agreement replaces and supersedes the previous employment agreement dated December 7, 2021, as amended on August 22, 2022.

The company, classified as an emerging growth company as defined in Rule 405 of the Securities Act of 1933, expressed its commitment to the newly structured employment terms for its CEO.

Adial Pharmaceuticals, Inc. signed the filing on December 6, 2024, with Cary J. Claiborne, President and Chief Executive Officer, representing the company.

This information was disclosed in a Form 8-K filing submitted to the Securities and Exchange Commission. Investors and stakeholders may refer to the filing for a comprehensive understanding of the terms of the Amended Employment Agreement between Adial Pharmaceuticals and CEO Cary Claiborne.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Adial Pharmaceuticals’s 8K filing here.

About Adial Pharmaceuticals

Adial Pharmaceuticals, Inc, a clinical-stage biopharmaceutical company, focuses on the development of therapeutics for the treatment or prevention of addiction and related disorders. Its lead product is AD04, a serotonin-3 antagonist, which is in Phase III clinical trial for the treatment of alcohol use disorder.