- 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).
New chief gets a sweet deal at Advanced Cell Tech
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