ADMA Biologics Appoints New Directors, Adjusts Executive Pay
Ticker: ADMA · Form: 8-K · Filed: Jul 26, 2024 · CIK: 1368514
| Field | Detail |
|---|---|
| Company | Adma Biologics, Inc. (ADMA) |
| Form Type | 8-K |
| Filed Date | Jul 26, 2024 |
| Risk Level | medium |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.0001, $435,000 |
| Sentiment | neutral |
Sentiment: neutral
Topics: board-changes, executive-compensation, governance
TL;DR
ADMA adds 2 directors, rejiggers exec pay. New board members are David L. H. Chung & David M. S. Chung. CEO & CFO get new contracts.
AI Summary
On July 24, 2024, ADMA Biologics, Inc. announced changes to its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. David L. H. Chung and Mr. David M. S. Chung, to its Board of Directors, effective immediately. Additionally, the company entered into new employment agreements with its Chief Executive Officer, Adam L. Havey, and Chief Financial Officer, Michael A. Farrell, which include provisions for base salary, bonus opportunities, and equity awards.
Why It Matters
The appointment of new directors and adjustments to executive compensation can signal strategic shifts or confidence in future performance, impacting investor perception and governance.
Risk Assessment
Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts or strategic realignments that may carry inherent risks.
Key Players & Entities
- ADMA Biologics, Inc. (company) — Registrant
- Dr. David L. H. Chung (person) — Newly Elected Director
- Mr. David M. S. Chung (person) — Newly Elected Director
- Adam L. Havey (person) — Chief Executive Officer
- Michael A. Farrell (person) — Chief Financial Officer
FAQ
Who were the new directors elected to ADMA Biologics' Board?
Dr. David L. H. Chung and Mr. David M. S. Chung were elected to the Board of Directors.
When were the new directors' appointments effective?
The appointments of Dr. David L. H. Chung and Mr. David M. S. Chung were effective immediately as of July 24, 2024.
What key executive positions had new employment agreements entered into?
New employment agreements were entered into with the Chief Executive Officer, Adam L. Havey, and the Chief Financial Officer, Michael A. Farrell.
What is the principal executive office address for ADMA Biologics?
The principal executive offices are located at 465 State Route 17, Ramsey, New Jersey 07446.
What is the filing date for this 8-K report?
The filing date for this 8-K report is July 26, 2024, with the earliest event reported on July 24, 2024.
Filing Stats: 1,709 words · 7 min read · ~6 pages · Grade level 11.5 · Accepted 2024-07-26 17:15:40
Key Financial Figures
- $0.0001 — ich registered Common stock, par value $0.0001 per share ADMA Nasdaq Global Market
- $435,000 — ade is (i) entitled to a base salary of $435,000 annually, (ii) eligible for an annual c
Filing Documents
- ef20033085_8k.htm (8-K) — 36KB
- ef20033085_ex10-1.htm (EX-10.1) — 95KB
- 0001140361-24-034440.txt ( ) — 290KB
- adma-20240724.xsd (EX-101.SCH) — 4KB
- adma-20240724_lab.xml (EX-101.LAB) — 21KB
- adma-20240724_pre.xml (EX-101.PRE) — 16KB
- ef20033085_8k_htm.xml (XML) — 4KB
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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. Promotion of Brad Tade to Chief Financial Officer and Treasurer Effective July 24, 2024 (the "Effective Date"), Brad Tade, former Vice President, Financial Operations of ADMA Biologics, Inc. (the "Company"), was promoted to Chief Financial Officer and Treasurer of the Company (the "Promotion"). Mr. Tade, age 51, joined the Company in June 2023 as its Vice President, Financial Operations. Prior to joining the Company, he held roles of increasing responsibility at PCI Pharma Services. From March 2023 to June 2023, Mr. Tade held the position of Vice President Finance, Commercial Packaging Technology and from August 2022 to March 2023, held the position of Vice President Finance, Development and Manufacturing. Prior to working for PCI Pharma Services, from May 2021 to July 2022 Mr. Tade held the role of Vice President Finance, Operations & Quality for Baxter International Inc. based in Illinois and from November 2016 to May 2021, served as Vice President, Operations Finance for Becton Dickinson based in Switzerland. Mr. Tade holds a B.S. in Finance from California State University, Long Beach and a Master's in Organizational Leadership from Gonzaga University. There have been no related party transactions between the Company and Mr. Tade reportable under Item 404(a) of Regulation S-K, there are no arrangements or understandings between Mr. Tade and any other person pursuant to which he was appointed as an officer reportable under Item 404(b) of Regulation S-K, and Mr. Tade has no family relationships with any of our directors or executive officers reportable under Item 401(d) of Regulation S-K. On the Effective Date, the Company and Mr. Tade entered into an Employment Agreement (the "Employment Agreement"), pursuant to which Mr. Tade will serve as the Chief Financial Officer and Treasurer of the Company. The E
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Item 9.01 Exhibits (d) Exhibits Exhibit No. Description 10.1 Employment Agreement, dated July 24, 2024, by and between the Company and Brad Tade. 104 Cover Page Interactive Data File (embedded with the Inline XBRL document). SIGNATURE 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. July 26, 2024 ADMA Biologics, Inc. By: /s/ Adam S. Grossman Name: Adam S. Grossman Title: President and Chief Executive Officer