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 23, 2020, the Board of Directors of Soleno Therapeutics, Inc., 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 2020, the payment of cash bonuses for fiscal year 2019 and certain refresh equity awards for certain named executive officers as follows:
| Name and Principal Position |
Fiscal Year 2020 Annual Base Salary ($)(1) |
Fiscal Year 2019 Cash Bonus Award ($) |
Restricted Stock Units | |||
| Anish Bhatnagar Chief Executive Officer |
$504,000 |
$82,250 |
381,000(2) | |||
| Kristen Yen Vice President of Clinical Operations |
$265,000 |
$21,875 |
55,500(2) | |||
| Patricia Hirano Vice President of Regulatory Affairs |
$300,000 |
$24,500 |
116,500(2) |
| (1) | Effective as of January 1, 2019 |
| (2) | One fourth of the restricted stock units (“RSUs”) shall vest on January 23, 2021, and one fourth of the RSUs shall vest each anniversary thereafter, such that all of the shares will have vested as of January 23, 2024, subject to the executive’s continued service on each such date. |
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 24, 2020 |
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| By: |
/s/ Anish Bhatnagar | |||||
| Anish Bhatnagar | ||||||
| Chief Executive Officer | ||||||