CEO Sammy Farah and COO Saryah Azmat depart; Farah receives severance, consulting role, merger-contingent payment

Turnstone Biologics Corp.

CEO Sammy Farah's employment ends July 31, 2025; receives lump-sum severance of $618,700 (12 months base salary).
Farah also gets $68,057 bonus severance and $33,265 COBRA payment; conditional $148,875 if XOMA Royalty merger closes.
Farah will serve as consultant through Dec 31, 2025 at $500/hr, max 10 hrs/week, assisting with transaction matters.
COO Saryah Azmat entered a separate separation agreement on July 11, 2025, with terms not fully detailed.
Company is pursuing merger with XOMA Royalty Corporation (announced June 26) and asset sale to Moffitt Cancer Center.

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