VistaGen expands severance plan terms for executives beyond change-in-control events

VistaGen Therapeutics disclosed in an October 9, 2026 filing that its board approved an amendment and restatement of the company's Change in Control Executive Severance Plan on October 7, 2026. The plan was originally adopted effective August 11, 2026 and had been referenced in an earlier quarterly filing covering the period ended June 30, 2026.¹

The revised plan, effective October 7, 2026, broadens the situations in which eligible employees may collect severance benefits following an involuntary termination, along with other changes.¹

Under the updated terms, a qualifying termination generally covers a termination without cause by the company, or a resignation for good reason by the employee, occurring between three months before and eighteen months after a change in control.¹ This differs from the original plan, which paid benefits only for qualifying terminations tied to an actual change in control; the new version extends certain severance benefits to employees terminated without cause even outside a change-in-control scenario.¹

For a qualifying termination not connected to a change in control, and contingent on the employee signing and not revoking a release of claims, an eligible employee would generally receive a lump-sum payment based on monthly base salary times an applicable severance period, plus a lump-sum COBRA premium payment if continuation coverage is elected.¹

The amended plan also generally requires 12 months of full-time employment to qualify, and all of the company's current executive officers are considered eligible employees.¹ The plan further revises the definition of "Change in Control" to spell out directly which transactions qualify.¹

The amended plan was filed as Exhibit 10.1 to the filing, signed by President and CEO Shawn K. Singh.