Corporate GovernanceMay 4, 2026, 08:07 AM
Imunon Establishes Change of Control Agreements for Key Executives
AI Summary
Imunon, Inc. has established change of control agreements with its Chief Executive Officer, Chief Medical Officer, and General Counsel. These agreements, approved by the Compensation Committee, provide severance benefits to these executives if their employment is terminated under specific circumstances related to a change in control of the company. Benefits include a lump sum payment, continued health and life insurance coverage, and full acceleration of equity awards.
Key Highlights
- Imunon entered into change of control agreements with CEO Stacy Lindborg, CMO Douglas Faller, and General Counsel Susan Eylward.
- Agreements provide severance benefits if employment terminates without cause or for good reason within a specific period around a change in control.
- CEO Lindborg to receive 2.5 times the sum of annual base salary and target annual bonus.
- Other executive officers to receive 1.5 times the sum of annual base salary and target annual bonus.
- Company will cover health and life insurance premiums for up to 18 months (24 months for CEO Lindborg).
- Executives are entitled to full acceleration of outstanding equity awards.
- Benefits are subject to the executive executing a release of claims in favor of the Company.
Price Impact
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