Corporate GovernanceJul 29, 2026, 05:27 PM
NEXGEL CEO Adam Levy Gets New Employment Agreement, $375K Salary
AI Summary
NEXGEL, INC. has entered into a new Executive Employment Agreement with its President and CEO, Adam Levy, effective July 23, 2026. The agreement supersedes a prior one and outlines Mr. Levy's compensation, including an annual base salary of $375,000, eligibility for a discretionary cash bonus up to $25,000, and an EBITDA-based cash bonus tied to company performance. Additionally, Mr. Levy received a grant of options to purchase 160,000 shares of common stock at an exercise price of $0.647, with a specified vesting schedule. The agreement also details severance provisions, including enhanced benefits in the event of a Change in Control.
Key Highlights
- NEXGEL entered into a new Executive Employment Agreement with President and CEO Adam Levy, effective July 23, 2026.
- Mr. Levy's annual base salary is set at $375,000.
- He is eligible for a discretionary cash bonus of up to $25,000 for fiscal year 2026.
- An EBITDA-based cash bonus for FY2026 ranges from 10% to 50% of base salary, tied to $4M, $6M, or $8M EBITDA targets.
- Mr. Levy received a grant of options to purchase 160,000 shares of common stock at an exercise price of $0.647.
- Options vest with 40,000 shares on December 31, 2026, and the remaining 120,000 shares in 36 monthly installments.
- Severance benefits include 12 months of base salary, pro-rata bonus, COBRA, and accelerated equity vesting.
- In a Change in Control scenario, severance includes a lump sum of 1x base salary plus 100% target bonus, COBRA, and full equity acceleration.
Price Impact
More from NXGL