Corporate GovernanceJun 9, 2026, 05:26 PM
Axsome Therapeutics Adopts Executive Severance Plan
AI Summary
Axsome Therapeutics, Inc. has adopted an Executive Severance and Change in Control Plan, effective June 5, 2026. This plan supersedes all prior severance arrangements and provides benefits to certain key employees, including named executive officers, upon qualifying termination events. The plan categorizes participants into three tiers, with varying severance benefits depending on whether the termination occurs outside or during a Change in Control period, including cash payments, COBRA premiums, and accelerated equity vesting.
Key Highlights
- Axsome Therapeutics adopted Executive Severance and Change in Control Plan, effective June 5, 2026.
- Plan supersedes all prior severance arrangements for key employees.
- Establishes three tiers: Tier 1 (CEO), Tier 2 (Section 16 officers), Tier 3 (VPs+).
- Outside Change in Control: Severance of 6-18 months base salary + COBRA, depending on tier.
- During Change in Control: Enhanced severance includes 9-24 months base salary + target annual incentive.
- During Change in Control: Also includes 100% vesting of time-based and performance-based equity awards.
- During Change in Control: Lump sum COBRA payments for 9-24 months, depending on tier.
- Change in Control period is 3 months prior to 12 months after the event.
Price Impact
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