AVHHL · AVITA Medical, Inc.

AVITA Medical has finalized its leadership transition by permanently appointing Cary Vance as President and CEO, removing the 'interim' designation he held since October 2025. The Board unanimously selected Mr. Vance following a comprehensive search conducted with a top-tier international executive search firm, citing his decisive leadership over the past six months in stabilizing the business and sharpening strategic focus. Mr. Vance brings 30 years of healthcare leadership experience, including prior CEO roles at PhotoniCare, Titan Medical, and Hansen Medical, providing deep operational and commercial expertise relevant to AVITA's therapeutic acute wound care business.

Concurrently, the Board structure was streamlined with the appointment of Jan Stern Reed as independent Chair, a role newly separated from the CEO position. Ms. Reed had served as Lead Independent Director since October 2025; that position was terminated upon her appointment as Chair. This governance structure ensures independent oversight while Mr. Vance continues as an executive Board member.

The compensation package reflects a significant commitment to the new CEO. The employment agreement establishes a $702,000 base salary with an 80% target bonus, positioning compensation competitively for a medical technology executive. The equity awards, totaling approximately $3.35 million in aggregate grant date value, are structured to incentivize long-term retention but carry an unusual contingency: they require stockholder approval at the 2027 Annual Meeting. This creates a deferred vesting timeline, with the first tranche vesting only upon that approval. The 'double-trigger' vesting acceleration provision in the event of a Change in Control provides additional security for Mr. Vance. Severance terms of 18 months salary plus COBRA are standard for executive-level agreements, offering protection in the event of involuntary termination without cause.