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REVIVA PHARMACEUTICALS HOLDINGS, INC.

(RVPH)
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REVIVA PHARMACEUTICALS HOLDINGS, INC. : Change in Directors or Principal Officers (form 8-K)

06/16/2021 | 04:18pm EDT

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

Non-Employee Director Compensation

On June 14, 2021, the Compensation Committee (the "Compensation Committee") of the Board of Directors (the "Board") of Reviva Pharmaceuticals Holdings, Inc. (the "Company") recommended to the Board a non-employee director compensation policy (the "Non-Employee Director Compensation Policy"), which the Board approved on June 15, 2021, with such policy effective as of December 14, 2020.

The Non-Employee Director Compensation Policy provides for the following cash compensation:



  ? Each non-employee director is entitled to receive an annual cash retainer fee
    of $32,500, except that the Chairman of the Board is entitled to receive an
    annual cash retainer fee of $57,500;


  ? Each non-employee director sitting on the Audit Committee is entitled to
    receive an annual cash retainer fee of $7,500, except that the Chairman of the
    Audit Committee is entitled to receive an annual cash retainer fee of $15,000;


  ? Each non-employee director sitting on the Compensation Committee is entitled
    to receive an annual cash retainer fee of $5,000, except that the Chairman of
    the Compensation Committee is entitled to receive an annual cash retainer fee
    of $10,000;


  ? Each non-employee director sitting on the Governance Committee is entitled to
    receive an annual cash retainer fee of $3,750, except that the Chairman of the
    Governance Committee is entitled to receive an annual cash retainer fee of
    $7,750; and


  ? No per meeting fees shall be paid.



All annual cash retainer fees under the Non-Employee Director Compensation Policy will be paid quarterly in arrears.

The Non-Employee Director Compensation Policy also provides generally for the following equity compensation under the Company's existing Reviva Pharmaceuticals Holdings, Inc. 2020 Equity Incentive Plan (the "Plan"), or any other equity incentive plan the Company may adopt in the future:



  ? Each non-employee director is entitled to receive, upon initial election, a
    one-time initial equity grant of nonqualified stock options (the "Initial
    Equity Grant") in respect of a whole number of shares of the Company's Common
    Stock (as defined in the Plan) with an approximate value of $20,000. All of
    the shares subject to the Initial Equity Grant shall vest 33% per year over
    three years from the date of initial election, provided that the recipient
    remains a director of the Company through each vesting date.


  ? Each non-employee director is entitled to receive an annual equity grant of
    nonqualified stock options (the "Annual Equity Grant") in respect of a whole
    number of shares of the Company's Common Stock with an approximate value of
    $20,000. All of the shares subject to the Annual Equity Grant shall cliff vest
    after 1-year, provided that the recipient remains a director of the Company
    through the vesting date.





Award of Initial Equity Grants

On June 15, 2021, the Board approved the grant of the Initial Equity Grants to each of the current non-employee directors, for an aggregate of 16,000 shares subject to stock options, with an exercise price of $4.73 per share (the closing price of Company common stock on June 15, 2021). The number of shares awarded subject to stock options, and corresponding vesting provisions, were determined in accordance with the Non-Employee Director Compensation Policy described above.

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© Edgar Online, source Glimpses

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