Corporate GovernanceJul 14, 2026, 05:26 PM
Longeveron Amends CEO Stephen Willard's Compensation Package
AI Summary
Longeveron Inc. has entered into a Revised Letter Agreement with CEO Stephen Willard, amending his employment terms. The agreement removes the deferral period for his $500,000 annual base salary and introduces an annual cash bonus program with a target of 45% of his base salary. Additionally, severance provisions have been updated, and his initial equity awards, including 200,000 restricted stock units and 200,000 stock options, will now vest quarterly over a three-year period, accelerated from the original four years.
Key Highlights
- CEO Stephen Willard's $500,000 base salary no longer deferred.
- New annual cash bonus target set at 45% of base salary.
- Bonus structure: 80% based on corporate goals, 20% Board discretion.
- Enhanced severance includes earned/unpaid bonus and prorated current year bonus.
- Change in Control severance: 12 months base salary + 100% target bonus.
- 200,000 RSUs and 200,000 stock options vest over 3 years (previously 4 years).
Price Impact
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