Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 921

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 9C
Chunk 921
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 provides executives with an opportunity for stock ownership to align their interests
with those of our stockholders.

In
November 2024, the board of directors, with the help of Aon, its independent compensation consultant, conducted a review of the long-term
incentive opportunities for our named executive officers. Based on a review of each executive’s individual performance, Mr. Bligh’s
additional duties as interim Chief Financial Officer, and the applicable market data, the board of directors approved the following stock
option grants: (i) Dr. Tapolczay received a stock option to purchase 8,400 shares, and (ii) Mr. Bligh received a stock option to purchase
18,900 shares. Each stock option vests 50% of the grant date and 50% in three equal annual installments thereafter. Also, Mr. Bligh received
a one-time grant of 372.72 full vested shares in June 2024, in recognition of his increased responsibilities as interim Chief Executive
Officer. These grant levels have been adjusted to reflect the 1-for-100 reverse stock split on January 24, 2025.

Employment
Agreements

We
entered into an employment agreement with our chief executive officer on September 22, 2023, which was the closing date of
the Business Combination. Mr. James Bligh is serving as the Company’s interim chief
financial officer. These agreements are summarized below.

Dr.
Tapolczay

On
September 22, 2023, we entered into an employment agreement (the “Tapolczay Employment Agreement”) with Dr. Tapolczay, pursuant
to which he serves as our Chief Executive Officer of and a member of our board of directors.

Under
the Tapolczay Employment Agreement, Dr. Tapolczay is entitled to (i) an annual base salary of $550,000 increased to $566,500 effective November 1, 2024, and (ii) a target annual
bonus opportunity equal to 50% of his base salary, payable based on the achievement of performance objectives as determined by our
board of directors. In addition, the Tapolczay Employment Agreement provides that Dr. Tapolczay is entitled to receive a sign-on
stock option award to purchase 0.40% of the shares of our Common Stock pursuant to the terms of the 2023 Stock Incentive Plan, which
shall vest in equal annual installments on the first four