--- title: "BioRestorative's CEO and CFO resign and claim severance" url: "https://aibio.space/news/biorestoratives-ceo-cfo-resign-claim-severance-new-ceo-named/" publisher: "aibio.space (Biotech Investor Relations News)" date: "2026-07-08" section: "Company Updates" tickers: "NASDAQ:BRTX" source: "https://www.sec.gov/Archives/edgar/data/1505497/000149315226033593/form8-k.htm" summary: "Two executives gave notice on July 13, 2026 and asserted about $2.85 million in aggregate cash severance. The board does not accept the claims, and it name" --- By the aibio.space news desk. Sources - [BioRestorative Therapies, Inc. 8-K (2026-07-16)](https://www.sec.gov/Archives/edgar/data/1505497/000149315226033593/form8-k.htm) - [BioRestorative Therapies, Inc. 10-K (2026-03-26): business](https://www.sec.gov/Archives/edgar/data/1505497/000149315226012925/form10-k.htm) - [BioRestorative Therapies, Inc. financial data (SEC XBRL)](https://www.sec.gov/Archives/edgar/data/1505497/000149315226012925/) [BRTX](https://aibio.space/companies/biorestorative-therapies/) 2026-07-08 # BioRestorative's CEO and CFO resign and claim severance; a new CEO is named Tickers [BRTX](https://aibio.space/companies/biorestorative-therapies/) Two executives gave notice on July 13, 2026 and asserted about $2.85 million in aggregate cash severance. The board does not accept the claims, and it named Katharyn Field chief executive officer. ## Key facts - **Company**: BioRestorative Therapies, Inc. (NASDAQ: BRTX) - **News type**: Company Updates - **Primary source**: [BioRestorative Therapies, Inc. 8-K (2026-07-16)](https://www.sec.gov/Archives/edgar/data/1505497/000149315226033593/form8-k.htm) *Laboratory equipment and glassware. Photo: Belikov Maxim, CC BY 4.0, via Wikimedia Commons. The picture shows the field, not the companies named.* BioRestorative Therapies, Inc. (Nasdaq: [BRTX](https://aibio.space/companies/biorestorative-therapies/)) disclosed in an 8-K dated July 8, 2026, a series of director and officer changes. A director resigned on July 11, 2026. Two executives gave notice on July 13, 2026, and each asserted a right to severance. The board acknowledged the resignations for corporate-records purposes but has not accepted the claims. It named Katharyn Field chief executive officer. ## Amended employment agreements On July 8, 2026, the company amended the employment agreements, dated May 27, 2026, of Lance Alstodt, then President, Chief Executive Officer and Chairman of the Board, and Robert Kristal, then Chief Financial Officer. It also amended the June 10, 2026 agreement of Francisco Silva, Vice President, Research and Development. As executed, Section 9 of each agreement provided cash severance and accelerated vesting of all equity awards after a Change in Control of the type described in clause (i) or clause (ii), whether or not employment ended. The amendments limit those provisions to a Change in Control of the type described in clause (iii), in substance a reorganization, merger or consolidation, or a sale of all or substantially all of the company's assets. The amendments did not change the definitions of Change in Control or Good Reason. ## The resignations On July 11, 2026, David Rosa resigned as a director and from each board committee he served on, including the Compensation Committee. His notice gave no reason, and the company knows of no disagreement behind it. On July 13, 2026, the company received resignation notices from Mr. Alstodt, who had been President, Chief Executive Officer and Chairman, and from Mr. Kristal, who had been Chief Financial Officer. Each notice asserted that the resignation was for Good Reason, based on a Change in Control under clause (ii). Each notice tied that clause to board changes made in June 2026 in connection with a loan agreement. If the resignations were ultimately determined to be for Good Reason, the two executives would assert aggregate cash severance of approximately $2.85 million, acceleration of outstanding equity awards and continuation of certain benefits. The board has not accepted the validity of the agreements, and the company has reserved all of its rights, claims and defenses. By unanimous written consent, the board has authorized an investigation by special counsel into the negotiation, approval, execution and amendment of the agreements. Pending that investigation and further board action, no payments or benefits will be made under the agreements, other than accrued and unpaid base salary through each date of cessation of service and other amounts required by applicable wage-payment law. ## New leadership Effective July 13, 2026, the board appointed Katharyn Field, a director, as Chief Executive Officer and President. On an interim basis she also serves as Chief Financial Officer, Treasurer and Secretary, pending a permanent search. The board determined that Ms. Field is no longer an independent director under Nasdaq listing rules. She has left the board committees she served on, including her role as chair of the Nominating and Corporate Governance Committee. ## Financial position For the year ended December 31, 2025, research and development expense was $10.1 million, compared with $6.7 million for 2024. The net loss was $14.2 million for 2025 and $9.0 million for 2024. Cash used in operations was $10.8 million in 2025 and $8.2 million in 2024. At March 31, 2026, cash and cash equivalents were $3.1 million and short-term investments were $479,351. ## What comes next The amendments narrowing the severance triggers were signed on July 8. Five days later the two executives gave notice, relying on a clause (ii) Change in Control, a type the amendments no longer treat as a trigger. If their claims held, severance of about $2.85 million would fall on a company with $3.1 million in cash and cash equivalents at March 31, 2026 and $10.8 million of cash used in operations in 2025. The company has begun a search for a permanent Chief Financial Officer, and the investigation into the agreements remains pending. The company's 10-K says it has begun Phase 3 enabling activities for its lead program, BRTX-100, with the goal of submitting a Phase 3 IND during 2026. [Report an error](https://aibio.space/reputation/#correction) ## Companies in this story BRTX BioRestorative Therapies, Inc. 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Cite as: aibio.space, "BioRestorative's CEO and CFO resign and claim severance", 2026-07-08, https://aibio.space/news/biorestoratives-ceo-cfo-resign-claim-severance-new-ceo-named/