BioDelivery Sciences CEO Compensation Decreases by $10.6 Million

BioDelivery Sciences International’s chief executive officer saw his total compensation decrease by $10.6 million during 2016, according to a filing Wednesday with the Securities and Exchange Commission.

Mark Sirgo received $1.8 million in total compensation in 2016, compared to $12.4 million in fiscal 2015, a decrease of 500 percent.

Sirgo’s base salary was $571,154 according to the filing, an increase of 4 percent.

Sirgo’s stock awards fell significantly, receiving $1 million in 2016, and $11.8 million the previous year.

Sirgo has been CEO since 2005 and became vice chairman of the board in 2016.

Chief Financial Officer Ernest De Paolantonio and Chief Technology Officer Niraj Vasisht also saw substantial declines in their stock awards.

Paolantonio’s stock awards fell over 300 percent,to $345,544 in fiscal 2016.from $1,509,450 in fiscal 2015

Vasisht’s stock awards fell over 400 percent, receiving $570,000 in 2016, compared to $2,945,624 the previous year.

BioDelivery announced Sirgo’s retirement in August, stating that he will retire by the end of 2017, but will continue to serve as vice chairman of the board. A successor has not been announced.

The company’s annual meeting will be held Dec. 7 at 11 a.m. at the Hilton Garden Inn in Raleigh.

BioDelivery’s shares rose 3 cents to $2.90 on Wednesday.

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