Benjamin L. Palleiko, the company’s president, chief financial officer, and chief business officer, was named chief executive officer and principal executive officer by the Board of Directors of KalVista Pharmaceuticals, Inc. He will continue to serve as primary financial officer. Additionally, Mr. Palleiko was named a Class I director to the Board of Directors.
The Company’s official proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission on August 14, 2023, contains Mr. Palleiko’s biographical information.
Along with Mr. Palleiko’s appointment, the Company signed a Third Amended and Restated Executive Employment Agreement, which calls for an annual bonus objective equivalent to 60% of his basic pay in addition to a (i) base salary of $661,800 annually, subject to periodic review. In addition, Mr. Palleiko will be entitled to the following under the terms of the Palleiko Employment Agreement: (1) a lump sum payment equal to 15 months of his base salary; and (2) reimbursement for continuation coverage under COBRA for a period of 15 months, if his employment is terminated by us without cause or by Mr. Palleiko for good reason (as such terms are defined in the Palleiko Employment Agreement). If, within two years of the completion of a change in control (as that term is defined in the Palleiko Employment Agreement), Mr. Palleiko’s employment is terminated by us without cause or by Mr. Palleiko for good reason (as such terms are defined in the Palleiko Employment Agreement), he will be entitled to the following: (1) a lump sum cash payment equal to twenty-one months of his base salary; (2) a lump sum payment equal to his full target bonus for the fiscal year in which such termination of employment occurs; (3) reimbursement for continuation coverage under COBRA for twenty-one months (with months 19–21 consisting of a taxable lump sum cash bonus); and (4) full vesting and exercisability (where applicable) of all outstanding unvested equity-based awards (with per Furthermore, the Board awarded Mr. Palleiko restricted stock units (the RSUs), par value $0.001 per share, covering 250,000 shares of the Company’s common stock. Subject to Mr. Palleiko’s continuous service through each vesting date, the RSUs will vest as to one-sixteenth of the total number of shares subject to the RSUs on each quarterly anniversary of the vesting commencement date.
