Cyngn Inc. enters into Severance and Change of Control Agreement with CFO Donald Alvarez

Cyngn Inc.

On May 15, 2024, Cyngn Inc. entered into a Severance and Change of Control Agreement with CFO Donald Alvarez.
The agreement provides a lump sum of six months base salary and pro-rated annual bonus for termination without cause or for good reason.
Upon a change of control, the officer receives six months salary, six months bonus, 50% equity vesting, and COBRA premium payments.
Severance benefits are contingent on the officer executing a release in a form acceptable to the Company.

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