In a recent development, biopharmaceutical company Ambrx (NASDAQ: AMAM) announced the resignation of its Chief Operating Officer, Andrew Aromando. The departure, effective as of last Thursday, entitles Mr. Aromando to severance payments and benefits outlined in his Executive Employment Agreement.
Under the terms of the agreement, dated October 11, 2023, and referenced in the company's Quarterly Report filed on November 13, 2023, Aromando is eligible for a Change of Control Termination. This includes an accelerated vesting and payment of his restricted cash award totaling $2,100,000.
The specifics of the severance package are based on the conditions set forth in the employment agreement, which was made public in the company's SEC filings. The agreement stipulates the compensation Aromando will receive upon his departure from the company.
Ambrx has not yet announced a successor or provided details on the transition plan following Aromando's resignation. The company's focus remains on the development of precision biologics in the treatment of various diseases.
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