MAIA Biotechnology Amends Employment Agreements with Executive Officers

MAIA Biotechnology, Inc. (NYSEAMERICAN:MAIA) recently disclosed updates to the employment agreements of key executive officers in a Form 8-K filing dated February 1, 2025. The company entered into amended agreements with Dr. Vlad Vitoc, Chairman of the Board of Directors and Chief Executive Officer, and Dr. Sergei Gryaznov, Chief Scientific Officer.

Dr. Vitoc’s revised employment terms include an annual base salary of $625,000, up from $473,000 in the previous agreement. He is eligible for an annual cash bonus of up to 55% of his base salary based on individual and corporate performance goals. Additionally, Dr. Vitoc may receive performance incentive options based on objectives set by the board of directors. The agreement outlines severance payments in case of termination without Cause or for Good Reason, including continued benefits and coverage under the company’s health insurance plan post-termination.

The terms of Dr. Gryaznov’s new agreement stipulate an annual base salary of $489,000, a rise from $363,000 in the prior agreement. Similar to Dr. Vitoc, he is entitled to a cash bonus of up to 45% of his base salary based on performance goals. The terms related to severance, benefits, and coverage align with Dr. Vitoc’s agreement.

Furthermore, the Base Salary under Jeffrey Himmelreich’s employment agreement was increased to $275,000 annually, effective February 1, 2025.

The 8-K filing also included exhibits of the employment agreements with Dr. Vitoc and Dr. Gryaznov, dated as of February 1, 2025. These agreements outline the detailed terms and conditions of their employment, including compensation, bonuses, benefits, and termination clauses.

The modifications to the executive officers’ employment agreements signify MAIA Biotechnology’s commitment to nurturing its leadership team and aligning compensation with performance objectives. The company’s proactive approach to retaining top talent reflects its dedication to driving growth and innovation in the biotechnology sector.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MAIA Biotechnology’s 8K filing here.

About MAIA Biotechnology

MAIA Biotechnology, Inc, a clinical stage biotechnology company, engages in the discovery, development, and commercialization of therapies targeting cancer. The company's lead product candidate is THIO, a telomere-targeting agent that is in Phase II clinical study to evaluate its activity in patients with non-small cell lung cancer.