SEC Contract Filing

Filing Date: 2021-03-22

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>opiant_directoragreementlo.htm
<DESCRIPTION>EX-10.1
<TEXT>
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<title>Document</title></head><body><div id="i90ad85bd2e2a45c1bcfcf72a1edb3d35_1"></div><div style="min-height:45pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.1</font></div></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">OPIANT PHARMACEUTICALS, INC. </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">DIRECTOR AGREEMENT</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">This DIRECTOR AGREEMENT (this &#8220;Agreement&#8221;) by and between Dr. Lorianne Masuoka (&#8220;Director&#8221;) and Opiant Pharmaceuticals, Inc. (&#8220;Company&#8221;), with its corporate headquarters at 233 Wilshire Blvd., Suite 280, Santa Monica, CA 90401, is dated and effective as of March 18, 2021 (the &#8220;Appointment Date&#8221;). </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">W I T N E S S E T H&#58;</font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Company wishes to retain Director to provide certain services to Company as set forth in Paragraph 1 below&#59; and </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">WHEREAS, Director has agreed to provide the services on the terms and conditions set forth in this Agreement. </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">NOW, THEREFORE, in consideration of the promises and of the mutual representations, warranties and agreements set forth herein, Director and Company agree as follows&#58; </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">1. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Duties</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. During the Term (as defined in Paragraph 4 below), Director shall provide advisory services to Company as reasonably needed by Company (e.g., attend at least four (4) in person Board meetings to the extent such are scheduled and be available for Board calls upon reasonable notice) and serve as a member of the Board of Directors (the &#8220;Board&#8221;) of Company (the &#8220;Duties&#8221;). Director shall serve on committees and as Chair of committees as reasonably determined by the Board. Director agrees to use his best efforts in connection with performing the Duties under this Agreement. Director acknowledges and agrees that he does not have the authority to bind Company with respect to any matters, including the execution of agreements, without authorization from a majority of the Board. </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2. </font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">Fees</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. Director shall be compensated for performing the Duties as follows&#58; </font></div><div style="margin-bottom:5pt;margin-top:5pt;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The cash compensation shall be equivalent to $40,000 per annum, paid in $10,000 installments after the end of each calendar quarter during which Director serves, and pro-rated as appropriate. The Board may consider additional cash compensation, as appropriate.</font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> On the date of the annual shareholder meeting, the Director also shall receive 2,000 restricted stock units (&#8220;RSUs&#8221;) convertible into the Company&#8217;s common stock under the 2017 Long-Term Incentive Plan. The RSUs vest on the one-year anniversary of the grant date or the next annual shareholder meeting, whichever is earlier.</font></div><div style="text-indent:36pt"><font><br></font></div><div style="text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%">On March 18, 2021, the Director also shall receive stock option compensation equal to 5,000 options to purchase the Company Common Stock under the 2017 Long-Term Incentive Plan, each with a ten-year life and the following terms&#58; </font><