23 In the event that a change of control occurs and within a period of one (1) year following the change of control, either her employment is terminated by the Company other than for cause or she terminates her employment for good reason, in exchange for her execution and non-revocation of a release of claims, she shall receive the payments and benefits set forth above, provided that the severance shall be for twelve (12) months (rather than six (6) months). Mr. Ludlum On April 14, 2022, the Company appointed Peter Ludlum as Interim Chief Financial Officer, effective as of April 18, 2022. Since December 2021, Mr. Ludlum has served as a consultant with Danforth Advisors, LLC (“Danforth”), a provider of strategic and operational finance and accounting for life science companies, and, since December 2021, Mr. Ludlum has served as the Company’s Strategic Advisor – Finance pursuant to a November 30, 2021 consulting agreement (the “Consulting Agreement”) between the Company and Danforth. Pursuant to the Consulting Agreement, Danforth will receive cash compensation at a rate of $400 per hour for Mr. Ludlum’s services. Each month Danforth and the Company shall evaluate jointly the current fee structure and scope of Services. Danforth reserves the right to an annual increase in consultant rates of up to 4%, effective January 1 of each year. Upon termination of the Consulting Agreement, no compensation or benefits of any kind shall be payable or issuable to Danforth after the effective date of such termination. In addition, the Company will reimburse Danforth for reasonable out-of-pocket business expenses, including but not limited to travel and parking, incurred by Danforth in performing the services, upon submission by Danforth of supporting documentation reasonably acceptable to the Company. Any such accrued expenses in any given three (3) month period that exceed $1,000 shall be submitted to the Company for its prior written approval. Pursuant to the Consulting Agreement, Mr. Ludlum will provide services to the Company under the Consulting Agreement as an independent contractor and employee of Danforth. The term of the Consulting Agreement will continue until such time as either party has given notice of termination. The Consulting Agreement may be terminated by either party hereto: (a) with cause (as defined in the Consulting Agreement) upon written notice to the other party; or (b) without cause upon 30 days prior written notice to the other party. Outstanding Equity Awards at Fiscal Year-End The following table sets forth information concerning the outstanding equity awards that have been previously awarded to each of our Named Executive Officers and which remain outstanding as of December 31, 2021 (amounts have been adjusted to reflect the 1-for-20 reverse stock split effected by the Company on February 28, 2022): Outstanding Equity Awards at Fiscal Year End Table 2021 Option Awards Name Number of securities underlying unexercised options (#) exercisable Number of securities underlying unexercised options (#) unexercisable Option exercise price ($) Option expiration date Teofilo Raad ................. 1,651 — 540.00 05/01/2027 3,704 — 93.60 06/05/2028 10,331 (1) 5,668 21.20 05/16/2029 18,733 (1) 20,356 30.80 01/09/2030 15,223 (1) 8,349 30.80 01/09/2030 218 (1) 281 25.60 04/02/2030 6,479 (1) 21,795 29.40 01/28/2031 Michelle S. Siegert........ 22 — 406.00 06/08/2022 15 — 376.00 10/11/2023 54 — 2,360.00 06/16/2025 8 — 2,200.00 06/24/2025 75 — 1,182.00 08/13/2025 66 — 560.00 02/03/2026 33 — 556.00 03/20/2027 904 — 93.60 06/05/2028 808 (1) 442 21.20 05/16/2029 3,696 (1) 4,003 30.80 01/09/2030 1,682 (1) 1,543 30.80 01/09/2030 1,056 (1) 3,538 29.40 01/28/2031 (1) Each of these options vests over a four (4) year period, with 2.08333% vesting on each monthly anniversary subsequent to the date of grant for a total of forty-eight (48) months.
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