Executive retention bonuses outlined at Aardvark Therapeutics (NASDAQ: AARD)

Filing Impact

(Moderate)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

Aardvark Therapeutics, Inc. approved cash retention arrangements for two senior executives. On June 10, 2026, the company entered into a retention bonus agreement with Chief Financial Officer and Chief Operating Officer Nelson Sun, providing a total potential cash retention bonus of $346,500 for 2026. This consists of a $198,000 guaranteed annual bonus and a $148,500 retention portion, payable on January 1, 2027 if he remains employed through that date or if he experiences certain qualifying terminations.

The company also entered into a similar agreement with Chief Medical Officer Manasi Jaiman, M.D., M.P.H., granting a total retention bonus opportunity of $357,000 for 2026, made up of a $204,000 guaranteed bonus and a $153,000 retention bonus. This amount is also payable on January 1, 2027, subject to continued employment or specified termination conditions, and in each case conditioned on an irrevocable release of claims in a company-prescribed form.

8-K Event Classification

2 items: 5.02, 9.01

2 items

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Sun total retention bonus: $346,500 Sun guaranteed 2026 bonus: $198,000 Sun retention component: $148,500 +5 more

8 metrics

Sun total retention bonus $346,500 Aggregate 2026 cash retention bonus opportunity for CFO/COO

Sun guaranteed 2026 bonus $198,000 Guaranteed annual bonus component for 2026

Sun retention component $148,500 Additional retention bonus portion for 2026

Jaiman total retention bonus $357,000 Aggregate 2026 cash retention bonus opportunity for CMO

Jaiman guaranteed 2026 bonus $204,000 Guaranteed annual bonus component for 2026

Jaiman retention component $153,000 Additional retention bonus portion for 2026

Agreement date June 10, 2026 Date both executive retention agreements were entered into

Payment date January 1, 2027 Scheduled payment date for both executives’ retention bonuses

Key Terms

retention bonus, Good Reason, Cause, irrevocable full and complete release of all claims, +1 more

5 terms

retention bonus financial

"be entitled to receive a cash retention bonus in the aggregate amount of $346,500"

Good Reason regulatory

"Mr. Sun resigns for Good Reason (each, as defined in the Sun Retention Agreement)"

Cause regulatory

"the Company terminates Mr. Sun’s employment without Cause or Mr. Sun resigns for Good Reason"

irrevocable full and complete release of all claims regulatory

"subject to Mr. Sun’s execution and delivery of an irrevocable full and complete release of all claims"

emerging growth company regulatory

"Emerging growth company Item 5.02 Departure of Directors or Certain Officers"

An emerging growth company is a recently public or smaller public firm that qualifies for temporary, lighter regulatory and disclosure rules to reduce the cost and effort of being public. For investors, it means the company may provide less historical financial detail and face fewer reporting requirements than larger firms, so it can grow more quickly but also carries higher uncertainty—like buying a promising early-stage product with fewer user reviews.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google

Understanding 8-K Material Events →

06/12/2026 - 04:05 PM

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

     Date of Report (Date of earliest event reported): June 10, 2026

    

Aardvark Therapeutics, Inc.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-42513	82-1606367
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

4370 La Jolla Village Drive, Suite 1050
San Diego, California		92122
(Address of Principal Executive Offices)		(Zip Code)

     Registrant’s Telephone Number, Including Area Code: (858) 225-7696

    

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.00001 per share	AARD	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On June 10, 2026, Aardvark Therapeutics, Inc. (the “Company”) entered into a retention bonus letter agreement with Nelson Sun, the Company’s Chief Financial Officer and Chief Operating Officer (the “Sun Retention Agreement”). Pursuant to the terms of the Sun Retention Agreement, Mr. Sun will, subject to the satisfaction of the conditions set forth therein, be entitled to receive a cash retention bonus in the aggregate amount of $346,500 (the “Sun Retention Bonus”), comprised of (i) a guaranteed annual bonus for 2026 of $198,000 and (ii) a retention bonus of $148,500. The Sun Retention Bonus shall be paid in full on January 1, 2027, subject to Mr. Sun’s continued employment with the Company through such date. If, prior to January 1, 2027, the Company terminates Mr. Sun’s employment without Cause or Mr. Sun resigns for Good Reason (each, as defined in the Sun Retention Agreement), the Company will pay Mr. Sun the full amount of the Sun Retention Bonus, subject to Mr. Sun’s execution and delivery of an irrevocable full and complete release of all claims in a form prescribed by the Company.

On June 10, 2026, the Company also entered into a retention bonus letter agreement with Manasi Jaiman, M.D., M.P.H., the Company’s Chief Medical Officer (the “Jaiman Retention Agreement”). Pursuant to the terms of the Jaiman Retention Agreement, Dr. Jaiman will, subject to the satisfaction of the conditions set forth therein, be entitled to receive a cash retention bonus in the aggregate amount of $357,000 (the “Jaiman Retention Bonus”), comprised of (i) a guaranteed annual bonus for 2026 of $204,000 and (ii) a retention bonus of $153,000. The Jaiman Retention Bonus shall be paid in full on January 1, 2027, subject to Dr. Jaiman’s continued employment with the Company through such date. If, prior to January 1, 2027, the Company Dr. Jaiman’s employment without Cause or Dr. Jaiman resigns for Good Reason (each, as defined in the Jaiman Retention Agreement), the Company will pay Dr. Jaiman the full amount of the Jaiman Retention Bonus, subject to Dr. Jaiman’s execution and delivery of an irrevocable full and complete release of all claims in a form prescribed by the Company.

The foregoing descriptions of the Sun Retention Agreement and the Jaiman Retention Agreement do not purport to be complete and are qualified in their entirety by reference to the text of the Sun Retention Agreement and the Jaiman Retention Agreement, each of which will be filed with the Company’s Quarterly Report on Form 10-Q for the quarter ending June 30, 2026.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.



Exhibit No.		Description
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

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.


			AARDVARK THERAPEUTICS, INC.

Date:	June 12, 2026	By:	/s/ Tien-Li Lee, M.D.
			Tien-Li Lee, M.D. Chief Executive Officer

Source: View Original Filing on SEC EDGAR

FAQ

What executive retention bonuses did Aardvark Therapeutics (AARD) approve?

Aardvark Therapeutics approved 2026 cash retention bonuses for its CFO/COO and CMO. Nelson Sun may receive $346,500 and Manasi Jaiman may receive $357,000, combining guaranteed annual bonuses with additional retention amounts, all tied to continued service or qualifying termination events.

How is Nelson Sun’s 2026 retention bonus at Aardvark Therapeutics structured?

Nelson Sun’s 2026 retention package totals $346,500. It includes a $198,000 guaranteed annual bonus plus a $148,500 retention bonus, with the full amount scheduled for payment on January 1, 2027, if he remains employed or meets certain qualifying termination conditions.

What are the terms of Manasi Jaiman’s retention bonus at Aardvark Therapeutics (AARD)?

Manasi Jaiman’s retention arrangement totals $357,000 for 2026. It combines a $204,000 guaranteed annual bonus with a $153,000 retention bonus, payable January 1, 2027, contingent on continued employment or qualifying termination and her signing an irrevocable release of claims.

When will Aardvark Therapeutics pay the executive retention bonuses?

Both executive retention bonuses are scheduled for payment on January 1, 2027. Payment requires each executive to remain employed through that date or experience a qualifying termination and deliver an irrevocable, full release of claims in a form prescribed by Aardvark Therapeutics.

Under what conditions are AARD’s executive retention bonuses paid after termination?

If Aardvark Therapeutics terminates an executive without Cause or the executive resigns for Good Reason before January 1, 2027, the full retention bonus becomes payable, subject to the executive executing and delivering an irrevocable, complete release of all claims in the company’s required form.

Where will the full text of Aardvark’s executive retention agreements be available?

The company states that the full Sun and Jaiman retention agreements will be filed as exhibits to Aardvark Therapeutics’ Quarterly Report on Form 10-Q for the quarter ending June 30, 2026, providing investors with complete contractual details beyond the summarized 8-K description.

Filing Exhibits & Attachments

1 document