Neuphoria Therapeutics Inc. 8-K

What Happened

• Neuphoria Therapeutics (NEUP) filed an 8‑K reporting that Spyridon “Spyros” Papapetropoulos will cease serving as full‑time President and CEO effective December 31, 2025 and his Employment Agreement will terminate on that date. He will remain a member of the Board of Directors.
• Simultaneously, Mr. Papapetropoulos entered a Consulting Agreement effective January 1, 2026 to serve as interim CEO for up to 12 months (or until a strategic merger, change of control or similar transaction is consummated).

Key Details

• Severance: Entitled to aggregate severance equal to his annual base salary, target bonus amount, and medical insurance premiums; 50% of the gross severance paid in calendar year 2025 and the balance paid in installments in 2026 per regular payroll practices.
• Consulting fees: $800 per hour for services up to approximately 40 hours per month; total consulting hours capped at no more than 20% of the hours he performed as full‑time CEO.
• Benefits and equity: Participation in employee compensation and benefits ends upon termination (except as required by law); outstanding stock options will continue to vest and be exercisable under the equity incentive plan.
• Consulting term: Automatically terminates upon the earlier of 12 months from entry or the closing of a strategic merger/change of control.

Why It Matters

• For investors, this documents a planned leadership transition where the CEO steps down from full‑time duties but remains involved as a board member and paid consultant to support a strategic transaction. The severance and consulting fees are defined and time‑limited, and equity rights remain in place—factors that affect governance continuity, potential transaction execution, and executive-related cash outflows.