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Posted 16 December, 2021

XOMA Corp appointed new CEO

CEO Change detected for ticker Nasdaq:XOMA in a 8-K filed on 16 December, 2021.


  On December 15, 2021, James R. Neal, Chief Executive Officer of XOMA Corporation (the "Company"), notified the Company of his decision to retire as the Company's Chief Executive Officer, effective at the earlier of (i) December 31, 2022 or (ii) the date that the Company hires a new Chief Executive Officer (the "Termination Date").  

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Overview of XOMA Corp
Health Care/Life Sciences • Biotechnology
XOMA Corp. operates as a biotech royalty aggregator, which engages in helping biotech companies for enhancing human health. It acquires the potential future economics associated with pre-commercial therapeutic candidates that have been licensed to pharmaceutical or biotechnology companies. The company focuses on early to mid-stage clinical assets primarily in Phase 1 and 2 with commercial sales potential that are licensed to partners. It has a portfolio with various assets that provides right to future potential royalty and milestone payments. The company was founded by Patrick J. Scannon in 1981 and is headquartered in Emeryville, CA.
Market Cap
$287M
View Company Details
XOMA Corp by TradingView
Relevant filing section
Item 5.02. 
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. 


On December 15, 2021, James R. Neal, Chief Executive Officer of XOMA Corporation (the "Company"), notified the Company of his decision to retire as the Company's Chief Executive Officer, effective at the earlier of (i) December 31, 2022 or (ii) the date that the Company hires a new Chief Executive Officer (the "Termination Date"). On December 15, 2021, the Board appointed Mr. Neal to the position of Chairman of the Board, effective immediately. 

Mr. Neal and the Company entered into an Amended and Restated Employment Agreement (the "Agreement"), dated December 15, 2021. Pursuant to the Agreement, Mr. Neal will remain the Company's Chief Executive Officer until the Termination Date, and will receive an annual base salary of $725,000, effective immediately, and starting on January 1, 2022, a bonus equal to 60% of his annual base salary. The Agreement also provides for the grant of a stock option to purchase 60,000 shares of the common stock of the Company (the "Option") pursuant to the Company's Amended and Restated 2010 Long Term Incentive and Stock Award Plan. The Option will have a per share exercise price equal to the closing price of the Company's common stock on the date of grant. 

Pursuant to the Agreement, if Mr. Neal's employment is terminated by the Company without cause or if he resigns for good reason prior to the Termination Date, Mr. Neal will be entitled to a continuity incentive in the amount of $1,160,000; furthermore, if Mr. Neal's employment is terminated by the Company without cause or if he resigns for good reason prior to September 30, 2022, his continuity payment will be increased to include the amount of salary and bonus he would have received had he remained employed through September 30, 2022. This continuity incentive will be paid in equal monthly installments over a twelve (12) month period, starting in January 2023, less deductions and withholdings. 

The foregoing description of the Agreement does not purport to be complete and is qualified in its entirety by reference to the Agreement, a copy of which will be filed as an exhibit to the Company's annual report on Form 10-K for the fiscal year ending December 31, 2021.