Separation Agreement with Chief Operating Officer

On August 7, 2026, the Company entered into a Separation Agreement (the "Separation Agreement") with Peter Pitsiokos, the Company's Chief Operating Officer, providing the terms for the termination of Mr. Pitsiokos' employment with the Company effective October 2, 2026 (the "Termination Date"). Pursuant to the Separation Agreement, the Company agreed to pay Mr. Pitsiokos his base salary through the Termination Date, as well as a six-months' severance payment of $100,000 as required under the terms of Mr. Pitsiokos' employment agreement for terminations without cause. Mr. Pitsiokos agreed to certain standard confidentiality and non-disparagement obligations and to deliver a general release to the Company following the Termination Date. The Separation Agreement becomes effective on the eighth day after Mr. Pitsiokos executes the release, provided he does not revoke it by such date. Following the Termination Date, the Company will have one full-time employee remaining to complete the liquidation process, and the Company expects the termination of Mr. Pitsiokos' employment to result in approximately $620,000 of savings over the remaining liquidation timeline, which the Company currently expects to be completed by the end of 2028. The foregoing description of the Separation Agreement is qualified in its entirety by reference to the full text of the Separation Agreement, filed as an exhibit to the Company's Current Report on Form 8-K referenced below.