Cytodyn Inc (CYDY)

[justdafactss]

Plenty of shareholder panic and justifiably so, 8K says it all-

Effective June 15, 2020, the Company and Nader Z. Pourhassan, Ph.D., President and Chief Executive Officer, entered into a second amended and restated employment agreement. The primary changes to the agreement include a modification to the severance payable to Dr. Pourhassan in the event his employment is terminated by the Company without cause, by increasing severance payable to 18 months from 12 months upon termination without cause and deleting the limitation from his prior agreement that the severance would not be payable if the Company had less than $4 million in cash on hand or net worth of less than $5 million. The amended agreement also clarifies that vesting on option grants will only accelerate upon termination of employment if permitted by the underlying stock option award agreement.

Effective June 15, 2020, the Company and Michael D. Mulholland, Chief Financial Officer, entered into an amended and restated employment agreement. With the exception of the severance-pay period which remains 12 months, the changes to Mr. Mulholland’s agreement mirror those of Dr. Pourhassan described above.

https://www.sec.gov/Archives/edgar/data/1175680/000119312520174232/d696347d8k.htm