XOMA Corp Reports Officer/Director Changes, Comp Arrangements

TL;DR

**XOMA Corp just filed an 8-K about leadership changes and pay, keep an eye on what that means for strategy.**

AI Summary

XOMA Corp filed an 8-K on January 11, 2024, reporting an event that occurred on January 7, 2024, related to the departure or election of directors or officers and their compensatory arrangements. This filing also includes a Regulation FD Disclosure. While the specific details of the personnel changes and compensation are not provided in this summary, investors should note that changes in leadership and executive compensation can signal shifts in company strategy or financial health, potentially impacting future stock performance.

Why It Matters

Changes in executive leadership and compensation can signal strategic shifts or financial health, directly influencing investor confidence and the company's future direction.

Risk Assessment

Risk Level: medium — The filing indicates changes in leadership and compensation, which can introduce uncertainty regarding future company direction and performance, warranting a medium risk assessment.

Analyst Insight

Investors should monitor subsequent filings or company announcements for specific details regarding the personnel changes and compensatory arrangements, as these will provide crucial context for evaluating potential impacts on XOMA Corp's strategy and financial outlook.

Key Players & Entities

• XOMA Corp (company) — the registrant filing the 8-K
• 0000791908 (company) — XOMA Corp's Central Index Key (CIK)
• January 7, 2024 (date) — date of the earliest event reported
• January 11, 2024 (date) — date the 8-K was filed

FAQ

Key Financial Figures

• $0.0075 — ge on which registered: Common Stock, $0.0075 par value XOMA The Nasdaq Global Ma
• $0.05 — ve Perpetual Preferred Stock, par value $0.05 per share XOMAP The Nasdaq Global M
• $575,000 — his annual base salary was increased to $575,000 and his initial target annual cash bonu
• $15,000 — nth outplacement services not to exceed $15,000. In addition, upon a termination by the

Filing Documents

• d697979d8k.htm (8-K) — 29KB
• 0001193125-24-006629.txt ( ) — 190KB
• xoma-20240107.xsd (EX-101.SCH) — 4KB
• xoma-20240107_def.xml (EX-101.DEF) — 14KB
• xoma-20240107_lab.xml (EX-101.LAB) — 23KB
• xoma-20240107_pre.xml (EX-101.PRE) — 15KB
• d697979d8k_htm.xml (XML) — 6KB

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 7, 2024, the board of directors (the "Board") of XOMA Corporation, a Delaware corporation (the "Company"), appointed Owen Hughes, previously Interim Chief Executive Officer, to serve as the Company's Chief Executive Officer and to continue serving as principal executive officer and a director, effective immediately. In connection with this appointment, the Company and Mr. Hughes entered into an amendment and restatement of Mr. Hughes' employment agreement (the "Amended and Restated Employment Agreement"), pursuant to which his annual base salary was increased to $575,000 and his initial target annual cash bonus amount was increased to 60% of his base salary, subject to the achievement of annual performance milestones to be established by the Board. Under the Amended and Restated Employment Agreement, Mr. Hughes is eligible to receive upon a termination by the Company in certain circumstances that is not within the 2 months before or the 12 months following a change in control: (i) 1.0 times his annual base salary, (ii) payment of any bonus amount earned but unpaid for the year prior to the year of termination, (iii) payment of a pro-rata portion of the target bonus that he would have earned for the year in which the termination occurs, (iv) subsidized continued health coverage for up to 12 months, and (v) 12 month outplacement services not to exceed $15,000. In addition, upon a termination by the Company in certain circumstances, occurring within the 2 months before or the 12 months following a change in control, Mr. Hughes is eligible to receive: (i) 2.0 times his annual base salary, (ii) payment of any bonus amount earned but unpaid for the year prior to the year of termination, (iii) payment of 2.0x the target bonus in effect for the year in which the termination occurs, (iv) subsidized contin

01

Item 7.01 Regulation FD Disclosure. In connection with the foregoing, Mr. Hughes stepped down as Executive Chairman of the Board, and Jack Wyszomierski, previously the Company's Lead Independent Director, was appointed as the Company's Chairman of the Board, effective January 7, 2024. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. XOMA CORPORATION Date: January 11, 2024 By: /s/ Thomas Burns Thomas Burns Senior Vice President, Finance and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR