In connection with his resignation, Dr. Berman entered into a Separation and General Release Agreement with Coya. Under the terms of this agreement, he will receive a prorated annual bonus for 2026 at 100% of target, and the company will cover his COBRA premiums until March 31, 2027, or until he secures coverage under another employer's health plan. Additionally, Dr. Berman's unvested stock options will continue to vest for twelve months following his separation, with an extended exercise period for his vested options.
To fill the vacancy left by Dr. Berman, the board appointed Mark H. Pavao as an independent director, effective April 1, 2026. Mr. Pavao brings over 30 years of experience in the biopharmaceutical industry, having held senior leadership roles in various companies. His expertise is expected to be valuable as Coya advances its clinical pipeline, particularly with its lead asset, COYA 302, which is currently in a Phase 2B trial for ALS.
The board's decision to appoint Mr. Pavao reflects Coya's commitment to strengthening its governance and operational execution as it navigates the complexities of clinical development and potential commercialization of its therapies. The company is optimistic about the future, with expectations for upcoming clinical trial readouts and continued growth in its pipeline of therapies targeting neurodegenerative disorders.
