Company: CDT
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010405
Chunk: 112

Company: CDT Equity Inc.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 112
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 (the “Board”) of
Company of his resignation from both the Board and his position as Chief Executive Officer effective immediately. Dr.
Tapolczay’s decision to resign was not the result of any disagreement with the Company on any matter relating to the
Company’s operations, policies, or practices. In connection with Dr. Tapolczay’s resignation, Dr. Tapolczay’s
existing employment contract as Chief Executive Officer was terminated and Conduit UK Management LTD, a wholly owned subsidiary of
the Company, entered into an Employment Agreement (the “Employment Agreement”) with Dr. Tapolczay pursuant to which Dr.
Tapolczay will provide strategic advisory services as Head of Licensing & Strategy, reporting to the Chief Executive Officer. In
exchange for Dr. Tapolczay’s services, he will receive a sign-on bonus of $129,000
(£100,000) base salary of $311,000
(£240,000). Consistent with the terms of the Company’s 2023 Stock Incentive Plan and subject to Dr. Tapolczay’s continued
service pursuant to his Employment Agreement, his outstanding equity awards he has previously received will remain outstanding and
continue to vest based on the vesting dates thereof. Dr. Tapolczay will provide the Company with a release of claims and will be
subject to certain non-competition, non-solicitation, non-disparagement, and confidentiality covenants.

Appointment
of Andrew Regan

On
April 15, 2025, the Company appointed Andrew Regan as Chief Executive Officer, effective immediately (the “Appointment”).
As a result of the Appointment, Dr. Regan will serve as Chief Executive Officer of the Company and will continue to serve as a director
on the Board. Dr. Regan has not entered into any compensation plans and will continue to waive all compensation fees in connection with
his service as Chief Executive Officer and will be entitled to reimbursement of expenses incurred in connection with his role as Chief
Executive Officer, although the Board may assess this determination from time to time.

Resignation
of Faith Charles

On April 16, 2025, Ms. Faith
Charles notified the Board of her resignation due to personal reasons, and resigned as a member of the Board of the Company and from all
committees on which she served, effective immediately. Ms. Charles’s resignation was not due to any disagreement with management
or the Company’s operations, policies or practices