Enzo Biochem Inc.

25/07/2024 | Press release | Distributed by Public on 25/07/2024 21:22

Management Change/Compensation Form 8 K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On July 24, 2024, the Compensation Committee (the "Committee") of the board of directors (the "Board") of Enzo Biochem, Inc. (the "Company") approved an employment agreement, effective as of June 3, 2024, with Patricia Eckert, Chief Financial Officer of the Company (the "CFO Agreement").

Under the CFO Agreement, Ms. Eckert's annual base salary increased from $275,000 to $300,000, effective as of June 3, 2024, and she is entitled to receive a sign-on equity grant (the "Equity Grant") of options to purchase 100,000 shares of the Company's common stock at an exercise price equal to $2.00 per share, subject to the terms and conditions of the Company's 2011 Amended and Restated Incentive Plan. The options will have a five-year term and vest in equal annual installments over three years, commencing on the first anniversary of the grant date, provided Ms. Eckert remains employed in good standing on any such vesting date. In addition, Ms. Eckert remains eligible to receive (i) an annual discretionary bonus and (ii) an annual equity grant, as determined by the Board in its sole discretion. Ms. Eckert also remains eligible to receive reimbursement for reasonable business expenses and to participate in customary employment benefits.

The foregoing description of the CFO Agreementis not complete and is qualified in its entirety by reference to full text of the CFO Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.