ContraFect Corporation announced that on August 14, 2022 Cara Cassino, M.D. notified the Company of her resignation from her position as Chief Medical Officer and Executive Vice President of Research and Development of the Company effective immediately . In connection with her resignation, the Company entered into a transition agreement and release with Dr. Cassino pursuant to which (i) Dr. Cassino will cease to serve as the Company's Chief Medical Officer and Executive Vice President of Research and Development as of the Effective Date, and (ii) Dr. Cassino's employment with the Company and its subsidiaries will terminate on August 31, 2022 (the “Resignation Date”) or such earlier date as Dr. Cassino's employment is terminated in accordance with the terms of the Transition Agreement (the actual date of Dr. Cassino's termination of employment, the “Separation Date”). Under the Transition Agreement, Dr. Cassino will be entitled to receive continued payment of her annual base salary and to participate in the Company's employee benefit plans through the Separation Date.

Additionally, if Dr. Cassino remains continuously employed by the Company through the Resignation Date or the Company terminates Dr. Cassino's employment on or prior to the Resignation Date without “cause” (as defined in Dr. Cassino's offer letter with the Company), then, subject to Dr. Cassino's continued compliance with certain restrictive covenants and execution of a general release of claims, Dr. Cassino will be entitled to receive (i) a severance payment equal to the sum of 18 months of her annual base salary plus 150% of her target bonus, payable in accordance with the Company's normal payroll practices over the 18 month period following the Separation Date (the “Severance Period”), (ii) direct payment of or reimbursement for continued medical, dental or vision coverage pursuant to COBRA for up to 18 months following the Separation Date, (iii) extension of the right to exercise certain vested stock options until the date that is two years following the Separation Date and (iv) a lump sum payment of $62,120.