Summary by Moomoo AI
On December 5, 2024, Adial Pharmaceuticals entered into an Amended and Restated Employment Agreement with CEO Cary Claiborne. This agreement, effective immediately, extends Mr. Claiborne's tenure for three years, replacing the previous agreement from December 2021.Under the new terms, Mr. Claiborne's bonus target is increased to 50% of his base salary, contingent on meeting objectives set by the board. Additionally, he received stock options for 350,000 shares, vesting monthly over 36 months, under the 2017 Equity Incentive Plan.This strategic move aims to align leadership incentives with company goals, potentially enhancing shareholder value. The full agreement is available as Exhibit 10.1 in the company's latest SEC filing.