RALEIGH – The former CEO of BioDelivery Sciences International Inc. received retirement benefits that resulted in a 31.5 percent increase in total compensation in the company’s 2017 fiscal year, according to a Securities and Exchange Commission filing.
Mark A. Sirgo’s compensation for the year totaled $2.4 million, up from $1.8 million in the 2016 fiscal year. He received $827,000 in compensation related to his retirement agreement with BioDelivery.
The company also stated in the filing, that the agreement entitled Sirgo to an additional cash payment of $800,000 in January 2018.
Sirgo’s performance-based bonus compensation increased 60 percent, to $264,000 from $165,000 in 2016. That bonus increase was based partially on performance from the 2016 fiscal year.
He received $703,802 from stock award compensation, down 34.3 percent from $1,072,804 in 2016. His salary for 2017 was $590,000, up 3.2 percent from his 2016 salary.
Sirgo now vice chair
The retirement agreement was made Aug. 23, 2017, and Sirgo officially left the CEO role on Jan. 2, 2018. He still serves in the roles of vice chairman and director for the company.
BioDelivery also stated that its newly-appointed president, Scott M. Plesha, will receive $365,000 in salary compensation for the 2018 fiscal year. With that, Plesha has a target bonus compensation of $164,250.
BioDelivery’s annual meeting will be Thursday, Aug. 2, 2018, at 11 a.m., at The Hilton Garden Inn in Raleigh.
The company focuses on pain management and addiction medicine.
The company’s shares closed at $2.90 on Thursday. That is a 70.5 percent increase from the company’s May 11 close of $1.70.
This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism
