Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 385

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 3
Chunk 385
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 a subsequent
employer’s group health plan; and (v) accelerated vesting of 100% of his unvested equity awards (provided, however, that, any equity
awards that vest in whole or in part based on the attainment of performance-vesting conditions shall be governed by the terms of the
applicable award agreement).

Additionally,
to the extent that any payment or benefit received in connection with a change in control would be subject to an excise tax under Section
4999 of the Code, such payments and/or benefits will be subject to a “best pay cap” reduction if such reduction would result
in a greater net after-tax benefit to the executive than receiving the full amount of such payments.

In
exchange for the severance benefits described above, Dr. Tapolczay must (i) sign and not revoke a release of claims in favor of the Company,
(ii) comply with his proprietary information and inventions assignment agreement, (iii) refrain from soliciting employees of the Company
for a period of one year after his termination of employment, and (iv) comply with the other provisions of the Tapolczay Employment Agreement.

James Bligh

On November 15, 2024, Conduit
Pharmaceuticals Limited and Conduit UK Management LTD., wholly-owned subsidiaries of the Company, entered into an amended and restated
employment agreement (the “Bligh Employment Agreement”) with James Bligh, pursuant to which Mr. Bligh will
continue to be employed by Conduit UK Management LTD. and continue to serve as the Interim Chief Financial Officer and Senior
Vice President - Strategy of the Company. Under the Bligh Employment Agreement, Mr. Bligh will receive an annual base salary
of £400,000 and will be entitled to a discretionary cash bonus of up to 40% of his base salary, subject to the achievement of certain
milestones that may be established by the Board of Directors or a committee thereof, from time to time. Mr. Bligh is also entitled to
reimbursement for reasonable out-of-pocket expenses incurred by him in the performance of his duties, subject to the terms of any expenses
policy the Company may have.

The Bligh Employment Agreement requires at least six months’ advanced
written notice for Mr. Bligh or Conduit UK Management LTD. to terminate Mr. Bligh’s employment, except in the case
of a summary dismissal (as described in the Bl