BioDelivery Sciences International Inc. will pay its retiring chief executive officer a $1.574 million retirement package, according to a filing with the Securities and Exchange Commission.

The Raleigh-based pharmaceutical company filed an 8-K with the SEC on Aug. 23, which said that Mark Sirgo’s exact retirement date would be Jan. 2, 2018.

Following the retirement date, Sirgo will serve at the vice chairman of the board and director of the company until his term is concluded in 2019.

Sirgo will receive a cash payment of $787,000 within 10 days of the signature date and another $787,000 on Jan. 15, 2018. If there has been a change in company control before or within a year after the retirement date, the company has agreed to give Sirgo an additional cash payment equal to $236,000.

BioDelivery Sciences is a pharmaceutical company that deals specifically with pain management and addiction. Some of the products the company markets address serious conditions such as cancer pain, chronic pain and opioid addiction. Its approved drugs include Belbuca, Bunavail and Onsolis.

Sirgo joined BioDelivery Sciences in August 2004 as senior vice president of commercialization and corporate development upon its acquisition of Arius Pharmaceuticals, which he was the co-founder and CEO.

Sirgo was promoted to president in January 2005, and CEO in in August of that same year. He received his BS in pharmacy from Ohio State University and his doctorate from Philadelphia College of Pharmacy and Science.

The company’s stock closed at $3.15 on Aug. 23, down 10 cents, or 3.17 percent for the day.

The complete 8-K form can be found here.