HUNTSVILLE, AL - Serina Therapeutics, Inc., a pharmaceutical company specializing in drug preparations, announced the appointment of Steven Ledger as its new Chief Executive Officer. The appointment, which took effect on Saturday, September 8, 2024, was confirmed by the company's Board of Directors.
Ledger, who has been serving as the Interim CEO since March 2024, brings over 35 years of experience in various roles with early-stage companies. His background includes being a Managing Partner at Form & Fiction Ventures, Inc. and a co-founder of Entourage Genomics, Inc.
The company has entered into an employment agreement with Ledger that includes an annual base salary of $450,000, set to increase to $500,000, and a potential annual bonus of up to 50% of his base salary.
Additionally, Ledger has been granted 501,851 stock options under the company's 2024 Equity Incentive Plan, with 75% vesting over time and 25% contingent upon achieving specific strategic goals.
The employment agreement also outlines post-employment non-compete and non-solicitation clauses. If Ledger's employment is terminated without cause, he is entitled to 12 months of base salary and a pro-rated bonus.
In other recent news, Serina Therapeutics, a pharmaceutical company based in Huntsville, Alabama, announced the retirement of its Chief Operating Officer, Tacey Viegas. This development involves a separation agreement that includes the continuation of Viegas's base salary and additional monthly compensation for a year following his retirement.
The company has also entered into a consulting agreement with Viegas, which will commence the day before his official retirement. Viegas will provide consultation on various company projects under this agreement.
Furthermore, the consulting agreement extends the term of Viegas's existing stock options, allowing him to purchase 341,889 shares of Serina Therapeutics' common stock at $0.06 per share. The company clarified that no further compensation will be given to Viegas outside the terms stipulated in the consulting agreement.
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