ProKidney discloses CEO Bruce Culleton's pay: $625k base, 3M share option at $1.69

PROKIDNEY CORP.

Base salary of $625,000 per year, eligible for annual bonus with 60% target.
Option award for 3,000,000 Class A shares at $1.69 exercise price under 2022 Incentive Equity Plan.
Vesting: 2M shares time-based (25% on Nov 15, 2024, then quarterly); 1M shares time and performance-based.
Severance: 12 months salary/benefits on without-cause or good-reason termination; 18 months and full vesting on change in control.
Employment agreement effective Nov 15, 2023; compensation details filed as Exhibit 10.1.

item 5.02 item 9.01

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Appointed

Bruce Culleton

Chief Executive Officer

PROK · PROKIDNEY CORP.

Effective: 2023-11-15
Filed: December 5, 2023, 6:59 PM ET

In connection with Mr. Culleton’s appointment to serve as the Company’s Chief Executive Officer, on December 3, 2023, Dr. Culleton and ProKidney, LLC, a Delaware limited company and subsidiary of the Company, entered into an employment agreement, effective as of November 15, 2023 (the “Employment Agreement”), pursuant to which Dr. Culleton will serve as Chief Executive Officer of the Company and its subsidiaries and affiliates.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Bruce Culleton was appointed as Chief Executive Officer at PROKIDNEY CORP..

Action: appointed
Role: Chief Executive Officer

Exact text from the filing

In connection with Mr. Culleton’s appointment to serve as the Company’s Chief Executive Officer, on December 3, 2023, Dr. Culleton and ProKidney, LLC, a Delaware limited company and subsidiary of the Company, entered into an employment agreement, effective as of November 15, 2023 (the “Employment Agreement”), pursuant to which Dr. Culleton will serve as Chief Executive Officer of the Company and its subsidiaries and affiliates.

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PROKIDNEY CORP. filing history →

Source: SEC EDGAR

accession 0000950170-23-068152

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