Company: CRVO
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0001437749-25-013543
Chunk: 41

Company: CervoMed Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 41
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 us without cause or by the executive for good reason, in either case, upon or within 24 months following a change of control, then the executive will be entitled to full vesting of all equity awards received by him from us (with any equity awards that are subject to the satisfaction of performance goals deemed earned at not less than target performance, and with any equity award that is in the form of a stock option or stock appreciation right to remain outstanding and exercisable for 24 months following the termination date (but in no event beyond the expiration date of the applicable option or stock appreciation right)).

In connection with the conclusion of Dr. Cobuzzi’s employment, the Company and Dr. Cobuzzi intend to enter into the Separation Agreement, which will provide, among other things, that Dr. Cobuzzi shall be eligible to receive: (i) a lump-sum payment of $479,723, subject to lawful deductions, equal to twelve months gross base salary, (ii) a lump-sum payment of $119,602, subject to lawful deductions, equal to Dr. Cobuzzi’s pro-rated target annual bonus for the year ending December 31, 2025, and (iii) a lump-sum payment, subject to lawful deductions, equal to the aggregate premium for 12 months of COBRA continuation coverage for Dr. Cobuzzi and his eligible dependents. Additionally, notwithstanding any terms of the 2015 Equity Plan or any stock option award agreements to the contrary, all Company stock options previously granted to Dr. Cobuzzi will remain exercisable and continue to vest in accordance with their respective vesting schedules through September 30, 2026. The Separation Agreement also includes a standard release and waiver by Dr. Cobuzzi and other customary provisions.

Under the employment agreement with Mr. Elder, in the event that the executive’s employment is terminated by us other than for “cause”, death or “disability” or upon the executive’s resignation for “good reason” (as such terms are defined in the applicable employment agreement), the executive will be entitled to any unpaid bonus earned in the year prior to the termination, a pro-rata portion of the bonus earned during the year of termination, continuation of base salary for 9 months, plus 12 months of COBRA premium reimbursement, provided that if such termination occurs within 60 days before or within 24 months following a “change of control” (as defined in the applicable employment agreement), then the executive will be entitled to receive the same severance benefits as described above