UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e) Named Executive Officer Compensation
On January 25, 2023, the Board of Directors of Soleno Therapeutics, Inc., (the “Company”) following a review of the Company’s executive compensation program by its Compensation Committee and recommendations, approved certain increases to the base salaries for fiscal year 2023, the payment of cash bonuses for fiscal year 2022 and certain equity awards for certain named executive officers as follows:
| Name and Principal Position |
Fiscal Year 2023 Annual Base Salary ($)(1) |
Fiscal Year 2022 Cash Bonus Award ($) |
Options(2) | |||||||||
| Anish Bhatnagar Chief Executive Officer |
$ | 556,800 | (3) | $ | 278,400 | 115,000 | ||||||
| James Mackaness Chief Financial Officer |
$ | 400,000 | $ | 154,000 | 30,000 | |||||||
| Patricia Hirano Vice President of Regulatory Affairs |
$ | 340,000 | $ | 97,800 | 20,000 | |||||||
| Kristen Yen Vice President of Clinical Operations |
$ | 325,000 | $ | 93,360 | 20,000 | |||||||
| (1) | Effective as of January 1, 2023. |
| (2) | One forty-eighth (1/48th) of the shares subject to the Option shall vest on the first month anniversary of January 1, 2023 (the Vesting Commencement Date), and one forty-eighth (1/48th) of the total number of shares subject to the Option shall vest each month thereafter on the same day of the month as the Vesting Commencement Date. |
| (3) | No change from Fiscal Year 2022 Annual Base Salary. |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| SOLENO THERAPEUTICS, INC. | ||||||
| Date: January 30, 2023 | ||||||
| By: | /s/ Anish Bhatnagar | |||||
| Anish Bhatnagar | ||||||
| Chief Executive Officer | ||||||
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