Palladyne AI extends CEO Wolff to Nov 2027; adopts inducement plan for 500K shares

Palladyne AI Corp.

CEO Benjamin Wolff's term extended to November 1, 2027; first-year salary net ~$1/year, then $250K base plus 150% bonus target.
Phantom equity award of 1.8M shares (cliff vest at term end, cash-settled) or, with shareholder approval, restricted stock award of 1.5M shares.
Board adopted 2024 Inducement Plan reserving 500,000 shares for equity grants to new employees as material inducement, effective December 15, 2024.
Severance on qualifying termination includes salary, target bonuses, and full vesting of equity incentive.
Amendment is preliminary and subject to final agreement; Wolff's current employment term was set to expire February 23, 2025.

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