BioRestorative CEO and CFO resign; board appoints new CEO, investigates employment agreements

BioRestorative Therapies, Inc.

CEO Lance Alstodt and CFO Robert Kristal resigned July 13, 2026, claiming 'Good Reason' under alleged Change in Control; seek ~$2.85M aggregate severance plus equity acceleration.
Board appointed director Katharyn Field as CEO, President, and interim CFO; she also serves as CEO of iSpecimen (ISPC).
Board elected Esha Randhawa and Steven Brown as new directors; committees reconstituted with new chairs.
Board authorized investigation into negotiation and approval of employment agreements; no severance payments pending outcome.
Employment agreements amended July 8, 2026 to limit change-in-control severance to only certain transaction types.

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