Management ChangeJul 16, 2026, 05:32 PM
BioRestorative Therapies CEO, CFO Resign Amid Severance Dispute
AI Summary
BioRestorative Therapies announced the resignations of CEO Lance Alstodt and CFO Robert Kristal, effective July 13, 2026, and Director David Rosa, effective July 11, 2026. Alstodt and Kristal claim their resignations are for "Good Reason" due to a "Change in Control" and are seeking approximately $2.85 million in severance and accelerated equity. The company disputes these claims, has authorized an investigation into the employment agreements, and will withhold payments pending its completion.
Key Highlights
- CEO Lance Alstodt and CFO Robert Kristal resigned effective July 13, 2026.
- Director David Rosa resigned effective July 11, 2026, stating no reason.
- Alstodt and Kristal claim 'Good Reason' resignation due to a 'Change in Control'.
- Executives assert entitlement to approximately $2.85 million in cash severance and accelerated equity awards.
- Company disputes the validity of these claims and has initiated an investigation.
- No payments or benefits will be made under the employment agreements pending investigation completion.
- Employment agreements for Alstodt, Kristal, and Silva were amended on July 8, 2026.
Price Impact
More from BRTX