Rallybio Corporation

07/23/2024 | Press release | Distributed by Public on 07/23/2024 14:07

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 23, 2024, Martin Mackay, Ph.D., informed the Board of Directors (the Board) of Rallybio Corporation (Rallybio) that he will resign his Executive Chairman role and his employment with Rallybio, effective December 31, 2024. Following termination of his employment, Dr. Mackay will remain a director of Rallybio and serve as Chairman of the Board. No severance will be paid to Dr. Mackay in connection with his resignation of employment.
Rallybio and Dr. Mackay expect to enter into a Consulting Agreement on January 1, 2025. (the Consulting Agreement). The Consulting Agreement provides that Dr. Mackay will serve as a consultant to Rallybio from January 1, 2025 until January 1, 2026. The consulting period may be extended upon mutual agreement. The Consulting Agreement may be terminated by either Rallybio or Dr. Mackay with sixty days' advance notice at any time. During the consulting period, Dr. Mackay will be an independent contractor and receive a consulting fee of $18,750 per month during the initial consulting period. The consulting fee is payable in monthly installments in arrears. Dr. Mackay's equity awards will continue to vest in accordance with their existing terms due to his service as a director. The Consulting Agreement provides that in the event of a Change of Control (as defined in the Consulting Agreement), Dr. Mackay's equity awards that are outstanding as of December 31, 2024 will become immediately vested.
The foregoing description of the Consulting Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the complete text of such agreement. A copy of the Form of Consulting Agreement between Rallybio and Dr. Mackay, expected to be executed on January 1, 2025, is filed with this Form 8-K.