HALOZYME THERAPEUTICS, INC. (NASDAQ:HALO) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b)On September 29, 2017, Halozyme Therapeutics, Inc. (the “Company”) and Mark J. Gergen, chief operating officer, mutually agreed that Mr. Gergen would leave Halozyme to pursue professional opportunities outside the Company.
(e)On September 29, 2017, the Company and Mr. Gergen entered into a Transition Services Agreement and General Release of Claims (the “Transition Agreement”) to which the Company will pay Mr. Gergen a cash lump sum amount equal to the sum of (i) unused paid time off through September 29, 2017 and (ii) unpaid base salary through September 29, 2017. The Company will also continue to pay Mr. Gergen’s group health premiums through March 31, 2018, subject to earlier termination if he becomes eligible for group healthcare coverage through another employer. The Transition Agreement also provides for a general release of claims against the Company by Mr. Gergen and contains customary non-disparagement provisions.
The Company and Mr. Gergen have also entered into a Consulting Agreement (the “Consulting Agreement”) that will become effective on September 30, 2017. The Consulting Agreement, which shall remain in effect until January 2, 2018 unless terminated earlier to its terms, provides for a cash lump sum payment equal to $137,295 which is equivalent to 90% of Mr. Gergen’s 2017 target bonus pro-rated for nine months of employment. During the term of the Consulting Agreement, all of Mr. Gergen’s outstanding equity grants will continue to vest and be exercisable under the terms of the Company’s 2011 Stock Plan.
The foregoing descriptions of the Transition Agreement and the Consulting Agreement do not purport to be complete and are qualified in their entirety by the full text of such agreements which are attached to this Current Report on Form 8-K as exhibit 99.1, and are incorporated herein by reference.
Item 5.02 Financial Statements and Exhibits.
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Exhibit No. |
Description |
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99.1 |
Transition Services Agreement and General Release of Claims, effective as of September 29, 2017, and Consulting Agreement, effective as of September 30, 2017 |
HALOZYME THERAPEUTICS INC ExhibitEX-99.1 2 transitionandconsultingagr.htm EXHIBIT 99.1 TRANSITION AGREEMENT Exhibit Exhibit 99.1TRANSITION SERVICES AGREEMENTAND GENERAL RELEASE OF ALL CLAIMSThis Transition Services Agreement and General Release of All Claims (“Agreement”) is made by and between Halozyme,…To view the full exhibit click here
About HALOZYME THERAPEUTICS, INC. (NASDAQ:HALO)
Halozyme Therapeutics, Inc. is a biotechnology company focused on developing and commercializing oncology therapies. The Company operates in research, development and commercialization of enzymes segment. This segment also includes research and development, and bulk rHuPH20 manufacturing activities conducted under its collaborative agreements with third parties, and product sales of Hylenex recombinant. Its development pipeline consists of clinical-stage product candidates in oncology. Its lead oncology program is PEGPH20 (polyethylene glycol (PEG)ylated recombinant human hyaluronidase), a molecular entity being developed for the systemic treatment of tumors, which accumulate HA. It is in Phase II and Phase III clinical testing for PEGPH20 in stage IV pancreatic ductal adenocarcinoma (Studies 109-202 and 109-301); Phase Ib clinical testing in non-small cell lung cancer (Study 107-201), and in Phase Ib clinical testing in non-small cell lung cancer and gastric cancer (Study 107-101).
