Summary by Moomoo AI
Adial Pharmaceuticals, Inc., a Delaware-incorporated company listed on the Nasdaq Capital Market under the trading symbol ADIL, has filed a Form 8-K with the U.S. Securities and Exchange Commission on April 26, 2024. The report announces the departure of Dr. Bankole A. Johnson from the company. On April 24, 2024, Adial Pharmaceuticals entered into a Separation Agreement with Dr. Johnson, which includes a one-time separation fee of $54,375. Additionally, the company may engage Dr. Johnson for consulting services at a rate of $850 per hour and he may be eligible for payments under the company's grant incentive plan related to the development of AD04, with potential payments up to $225,000 upon achieving certain milestones by December 31, 2024. The agreement also features a general release of all claims against the company and a mutual non-disparagement clause. The full text of the Separation Agreement is attached to the report as Exhibit 10.1.
