Imunon, Inc. entered change of control agreements with three executives, providing severance benefits including lump sum payments and equity acceleration upon qualifying termination.
Key takeaways
CEO Stacy Lindborg gets 2.5x salary plus target bonus; other executives get 1.5x.
Benefits triggered by termination without cause or for good reason within 12 months after or 4 months before a change in control.
COBRA and life insurance premium payments for up to 24 months (CEO) or 18 months (others).
Full acceleration of outstanding equity awards; options remain exercisable for remainder of original term or 18 months post-vesting.
Benefits subject to execution of a release of claims and non-compete/non-solicit covenants for one year.