In connection with Dr. Haas's appointment, the Company entered into an offer letter with him on March 13, 2026. The offer letter stipulates an initial annual base salary of $500,000, eligibility for the Company’s annual performance-based cash bonus program with a target bonus opportunity equal to 55% of his eligible annual earnings, and a restricted stock unit award with a target value of $1,500,000, vesting over four years. Additionally, there is a performance-based restricted stock unit award with a target value of $1,500,000, contingent upon achieving performance objectives set by the Compensation Committee and continued service. These equity awards will be granted under the Company’s 2023 Equity Incentive Plan.
The Company will also enter into an indemnification agreement with Dr. Haas, similar to those previously approved for other executive officers. Importantly, there is no arrangement or understanding between Dr. Haas and any other person regarding his selection as an officer of the Company, and no family relationships exist between Dr. Haas and any of the Company’s directors or executive officers. Furthermore, there are no transactions involving Dr. Haas that would require disclosure under Item 404(a) of Regulation S-K. This leadership change is expected to enhance the Company’s operational execution and strategic outlook, particularly in the areas of technology development and innovation.
