SER: Serina Therapeutics locks in $500,000 CEO salary with 1.5x change-in-control severance
A new employment contract for Serina Therapeutics Chief Executive Officer Steve Ledger, executed July 19, 2026 and disclosed via SEC Form 8-K, sets a $500,000 annual base salary and a 50% target annual bonus, lifting the total target cash figure to $750,000 annually. The Amended and Restated Employment Agreement replaces the prior arrangement dated September 9, 2024. Shares of the Huntsville, Alabama biotech trade on NYSE American as SER.
Key takeaways
- Serina Therapeutics CEO Steve Ledger's new employment agreement, executed July 19, 2026, sets a $500,000 annual base salary with a 50% target bonus, bringing total target cash to $750,000.
- The Amended and Restated Employment Agreement replaces Ledger's prior agreement dated September 9, 2024.
- Within the change-in-control window—three months before to 12 months after a qualifying transaction—a covered termination pays 1.5x base salary plus 1.5x target bonus, a pro-rated bonus, 18 months of COBRA, and full vesting of unvested time-based equity.
- Outside a change-in-control window, termination without Cause or resignation for Good Reason pays 12 months of base salary plus a pro-rated target bonus and up to 12 months of COBRA reimbursement.
- The agreement includes a two-year non-compete, 18-month non-solicitation and no-hire provisions, and a non-disparagement covenant, each measured from the termination date.
A new employment contract for Serina Therapeutics Chief Executive Officer Steve Ledger, executed July 19, 2026 and disclosed via SEC Form 8-K, sets a $500,000 annual base salary and a 50% target annual bonus, lifting the total target cash figure to $750,000 annually. The Amended and Restated Employment Agreement replaces the prior arrangement dated September 9, 2024. Shares of the Huntsville, Alabama biotech trade on NYSE American as SER.
Base pay and bonus framework
Ledger's $250,000 target bonus is tied to annual goals established by the board of directors. The updated agreement acknowledges his previously granted stock options and preserves his eligibility for further equity awards at board discretion. No specific grant counts or strike prices were disclosed in the filing.
Severance provisions and the change-in-control window
A termination without Cause or a resignation for Good Reason, outside any change-in-control window, pays 12 months of base salary plus a pro-rated target bonus in a lump sum within 60 days, with COBRA reimbursement for up to 12 months. In the event of death or disability, the same COBRA period applies alongside accrued and vested amounts and a pro-rated annual bonus.
The change-in-control window spans three months before through 12 months after a qualifying transaction closes. A covered termination within that period pays 1.5 times base salary plus 1.5 times the target annual bonus, plus a pro-rated annual bonus, all in a single lump sum within 60 days. COBRA reimbursement extends to 18 months, and unvested time-based equity awards vest in full. The filing also requires the company to cause Ledger's outstanding equity awards to be assumed, continued, or substituted by any successor entity. Payments that constitute parachute payments under Section 280G of the Internal Revenue Code face a "best-net" reduction with no excise tax gross-up.
Post-termination restrictions and what to watch
The agreement includes a two-year non-compete, 18-month non-solicitation and no-hire provisions, and a non-disparagement covenant, each measured from the termination date.
The full text is filed as Exhibit 10.1 to the July 19, 2026 Form 8-K, signed by Chief Financial Officer Greg Curhan on July 23, 2026. The next datapoint for SER is any board action on equity grants or an event that activates the change-in-control provisions now formalized in Ledger's contract.
Filed by the macro desk of MarketPR on July 23, 2026. Source: sec.gov. Indicative figures are not investment advice.