Celularity (CELU) has released an update.
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Celularity Inc. has made significant changes to its executive compensation program, implementing a 15% salary reduction for its executive team, except for Dr. Hariri, who took an 85% cut. These adjustments, effective February 16, 2024, are part of an agreement with Dragasac Limited and will revert in 2025. Additionally, a bonus program for Dr. Hariri will grant 125% of his unpaid salary upon meeting specific performance conditions. The company also approved stock option grants for executive officers under their 2021 Equity Incentive Plan, with options vesting quarterly over a year and a 10-year term.
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