Sonnet BioTherapeutics Holdings, Inc. Employment Agreement with Raghu Rao

SEC Filing 8-K (0001641172-25-021927)

On July 31, 2025, Sonnet BioTherapeutics Holdings, Inc. entered into an employment agreement with Raghu Rao, the company's interim Chief Executive Officer. The agreement includes an annual gross base salary of $400,000, eligibility for a bonus equal to 5.0% of gross revenue from strategic transactions (excluding the proposed transaction with Rorschach I LLC and Hyperliquid Strategies Inc.), and a discretionary cash or equity/options/restricted stock units bonus for achieving company goals. If terminated without cause, Mr. Rao is entitled to six months of base salary. Additionally, the board approved a discretionary bonus of $100,000 for Mr. Rao. The agreement outlines terms for vacation, expense reimbursement, and proprietary information obligations. The employment is at-will, and the agreement includes provisions for severance, cooperation post-termination, and dispute resolution through arbitration.