Company: CDT
Filing Date: 2025-03-28
Form Type: 10-K
Source: 0001641172-25-001246
Chunk: 530

Company: CDT Equity Inc.
Filing Date: 2025-03-28
Form: 10-K
Item: Item 5
Chunk 530
---
 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 anniversaries of the Business Combination. The Tapolczay Employment
Agreement provides that if we terminate Dr. Tapolczay’s employment other than for cause or disability, or if he terminates his
employment for good reason, in either case other than the change in control protection period (described below), he would be
entitled to receive (i) continued payment of his annual base salary for 12 months following the date of termination, (ii) a lump sum
payment of his annual cash performance bonus that had