Company: TVRD
Filing Date: 2025-05-30
Form Type: S-1
Source: 0001104659-25-054853
Chunk: 494

Company: Tvardi Therapeutics, Inc.
Filing Date: 2025-05-30
Form: S-1
Chunk 494
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3, respectively, to the Current Report on Form 8-K filed by Cara on April 15, 2025. Departure of Officers On April 15, 2025, effective upon the closing of the Merger, the employment of each of Cara’s President and Chief Executive Officer, Chief Financial Officer, and General Counsel, Secretary and Chief Compliance Officer, respectively, was terminated. In connection with their termination of employment, each entered into side letters with Cara which provided for (i) in the case of the Chief Executive Officer, a lump sum payment equal to 18 monthsof his current base salary, a lump sum payment equal to one and a halftimes his 2025 target annual bonus and payment of applicable COBRA premiums for up to 18 monthsfollowing termination, (ii) in the case of the Chief Financial Officer, a lump sum payment equal to 12 monthsof his current base salary, a lump sum payment equal to his 2025 target annual bonus and payment of applicable COBRA premiums for up to 12 monthsfollowing termination, and (iii) in the case of the Chief Compliance Officer, a lump sum payment equal to 12 monthsof his current base salary, a lump sum payment equal to his 2025 target annual bonus and payment of applicable COBRA premiums for up to 12 monthsfollowing termination. Each executed a release of claims in favor of Cara as a condition to receiving their respective severance benefits. As a result of the closing of the Merger on April 15, 2025, Cara paid approximately $ 5,400in aggregate for severance payments to all tenremaining employees of Cara that were terminated at closing, including the Chief Executive Officer, Chief Financial Officer and Chief Compliance Officer above. The Combined Company expects to pay these tenformer Cara employees approximately $ 300in aggregate for estimated COBRA premiums. The terms of the side letters are pursuant to, and consistent with, the terms of the Cara Therapeutics, Inc. Severance Plan and Form of Participation Agreement, which was filed as Exhibit 10.14 to the Annual Report on Form 10-K filed by Cara on March 1, 2022, and the Chief Executive Officer Employment Agreement, which was filed as Exhibit 10.1 to the Current Report on Form 8-K filed by Cara on November 3, 2021, as applicable. 2018 Equity Incentive Plan The Combined Company assumed, effective as of the closing of the Merger, the