Coya Therapeutics, Inc. (NASDAQ: COYA) recently announced key developments in its executive team with the approval of employment agreements for both the outgoing Chief Executive Officer (CEO) Dr. Howard Berman and the incoming CEO Dr. Arun Swaminathan. The Compensation Committee of the Board of Directors sanctioned these agreements on October 28, 2024.
Dr. Berman, who served as the Chief Executive Officer, will now assume the role of Executive Chairman under the terms of the Berman Employment Agreement. The agreement specifies an annual base salary of $420,000 for Dr. Berman, with eligibility for an annual bonus of up to 50% of his base salary, subject to performance metrics set by the Board. Additionally, Dr. Berman will be entitled to equity awards as determined by the Board.
In the event of termination, if for Cause, severance obligations cease with the exception of Accrued Obligations. However, if terminated without Cause, both executives are entitled to continued payment of their base salary for 12 months and a pro-rata annual bonus, contingent upon executing a severance and general release agreement.
Both Dr. Berman and Dr. Swaminathan, along with the Company, retain the right to terminate employment at any time without prior notice.
The agreements were formalized via an 8-K filing with the Securities and Exchange Commission, also including details of Dr. Swaminathan’s biographical information from a previous filing in August 2024.
The Company also disclosed the Employment Agreements with Dr. Swaminathan and Dr. Berman as Exhibits 10.1 and 10.2, respectively, in the filing dated October 30, 2024.
This move marks a strategic shift in the leadership structure of Coya Therapeutics, setting the stage for new directions under the guidance of Dr. Arun Swaminathan as the incoming Chief Executive Officer. Changes are set to take effect from November 1, 2024, following Dr. Berman’s resignation from the CEO position.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Coya Therapeutics’s 8K filing here.
About Coya Therapeutics
Coya Therapeutics, Inc, a clinical-stage biotechnology company, engages in the development of proprietary medicinal products to modulate the function of regulatory T cells (Tregs). The company's product candidate pipeline is based on therapeutic modalities, such as Treg-enhancing biologics, Treg-derived exosomes, and autologous Treg cell therapy.
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