secwatch.observer — SEC 8-K summary
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Issuer:     ADIAL PHARMACEUTICALS, INC. (ADIL)
CIK:        0001513525
Form:       8-K
Filed at:   2022-08-23T23:59:59+00:00
Accession:  0001213900-22-050245
Event type: leadership
Sentiment:  neutral
Materiality: 0.70
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Adial appoints Cary Claiborne as CEO and Kevin Schuyler as Chairman; Stilley named Purnovate CEO
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- Cary Claiborne promoted from COO to President/CEO, base salary $450k, RSU grant of 1M shares vesting over 36 months.
- Kevin Schuyler appointed non-executive Chairman; previously Vice Chairman and director since 2016.
- William Stilley named CEO of Purnovate, subsidiary; base salary $260k, increasing to $430k when cash hits $3M; option for 100k shares.
- Claiborne's background includes CFO at Indivior and Sucampo; Schuyler is senior MD at CornerStone Partners.
- Stilley gets enhanced severance if terminated without cause before Aug 22, 2023, based on $430k base salary.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1513525/000121390022050245/0001213900-22-050245-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1513525/000121390022050245/ea164799-8k_adial.htm
  HTML page:      https://secwatch.observer/filing/0001213900-22-050245

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer