Armata Pharmaceuticals (NYSE:ARMP), Inc. (NYSE American:ARMP), a biotechnology firm specializing in the development of biological products, has modified the compensation agreement for a key executive, according to a recent SEC filing. On Monday, the company announced amendments to the terms of Dr. Mina Pastagia's employment contract, reflecting her role as Chief Medical Officer since January 1, 2023.
The amended agreement, dated July 22, 2024, outlines that Dr. Pastagia's base salary has been set at $456,800 following her promotion. Starting from the 2024 fiscal year, she is eligible for a target annual bonus of 50% of her base salary, contingent on performance metrics set by the company's board or compensation committee.
Furthermore, Dr. Pastagia is set to receive additional equity grants under the company's 2016 Equity Incentive Plan, or any subsequent plan, beginning in 2025. The intended value of these grants is to be consistent with her executive position, currently projected at a grant date fair value of $300,000.
The filing also details that in the event of termination without cause or resignation for good reason, as defined in the Employment Agreement, Dr. Pastagia would be entitled to a continuation of her base salary for 12 months post-termination, subject to certain conditions including the execution of a release and adherence to post-termination restrictive covenants.
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