Cassava Sciences settles shareholder derivative suit; CEO bonus now tied to FDA approval of simufilam

FILANA THERAPEUTICS, INC.

Settlement modifies CEO Remi Barbier's $74.9M bonus: payment requires FDA approval of simufilam or recalculation upon sale.
Corporate governance reforms: new Compensation Disclosure Committee, retention of compensation consultant by board.
Court approval hearing set for Sept 9, 2024; settlement includes dismissal of derivative claims with prejudice.
Cassava also achieved removal of non-employee directors from bonus plan and appointment of three independent directors.

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