Advanced Cell Technology (ACTC +1.2%) hires Paul Wotton, Ph.D., as its President & CEO effective July 21. He joins the company from Antares Pharma where he was also Chief Executive.
Dr. Wotton will earn a base salary of $575,000 plus a cash incentive bonus of up to $316,250. In additional he will receive options to purchase 30M shares of common stock, stock unit awards equaling 30M shares of common stock and $50,000 for relocation expenses.
If his employment is terminated without cause or if he quits for good reason, he will receive a lump sum payment equal to his base salary plus unpaid expenses and vacation. If he signs a release of all claims against the company, he will be eligible for an additional lump sum payment equal to a year's salary plus unpaid incentive compensation plus 12 months or COBRA payments plus accelerated vesting of any unvested equity awards that are scheduled to vest within one year of his termination.
If he is terminated without cause or he quits for good reason within 12 months after a change in control, he will receive a lump sum payment equal to two years' base salary plus unpaid incentive comp plus COBRA plus accelerated vesting of 100% of all outstanding equity incentive awards (contingent on a claims release).