Company: CRVO
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001437749-25-013543
Chunk: 37

Company: CervoMed Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 37
---
 heading “—Post-Termination Severance and Change in Control Arrangements,” non-competition and non-solicitation provisions (each applicable during employment and for 24 months thereafter), and confidentiality and non-disparagement provisions (each applicable during employment and at all times thereafter). The employment agreement has an indefinite term. On April 14, 2025, the Board approved the terms the Separation Agreement with Dr. Cobuzzi, pursuant to which his employment with the Company will conclude effective July 1, 2025.

William R. Elder, Chief Financial Officer, General Counsel & Corporate Secretary. Effective June 1, 2024, we entered into an amended and restated employment agreement with Mr. Elder, pursuant to which he serves as our Chief Financial Officer, General Counsel & Corporate Secretary. Mr. Elder’s annual base salary for the year ended December 31, 2024 was $429,000 following his appointment as Chief Financial Officer on June 1, 2024 and $374,760 from January 1, 2024 to May 31, 2024, and his target annual bonus was 35 percent of his base salary. Pursuant to the employment agreement, the Board may increase (but not decrease) Mr. Elder’s base salary at its discretion. In addition, the employment agreement contains certain severance and change of control provisions as described in more detail under the heading “—Post-Termination Severance and Change in Control Arrangements,” non-competition and non-solicitation provisions (each applicable during employment and for 24 months thereafter), and confidentiality and non-disparagement provisions (each applicable during employment and at all times thereafter). The employment agreement has an indefinite term.

Cash Bonus Compensation

Each of our executive officers has a target annual cash bonus amount based on a percentage of the executive’s annual base salary in the applicable year, as described above under “—Employment Agreements.” The actual amount of cash bonuses is determined annually by the Compensation Committee. The Compensation Committee determines whether bonuses are earned and the amounts of the bonus payout by considering a number of factors, the principal factor being based upon performance goals developed by the Compensation Committee at the beginning of each year. Important factors that may be considered by the Compensation Committee when developing these performance goals each year or otherwise in determining the amount of executive cash bonus compensation include, among other things, clinical trial progress, business development activities, status of public filings, capital raising transactions, and stock price performance.

Long-Term Equity Incent