AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO) 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.
(e)On November 20, 2017, Matthew Dallas and AVEO Pharmaceuticals, Inc. (the “Company”) entered into a severance and change in control agreement (the “Severance Agreement”) to provide Mr. Dallas certain severance benefits were his employment as Chief Financial Officer of the Company to cease in the future.
to the Severance Agreement, in the event that Mr. Dallas’ employment is terminated without “cause” or due to “disability,” or if Mr. Dallas terminates his employment for “good reason” (as such terms are defined in the Severance Agreement), Mr. Dallas will be entitled to receive: (i)his base salary in effect on the date of termination (the “Termination Date”) until the earlier of (A) the date 6 months following the Termination Date in the event that such termination occurs prior to June 30, 2018 or the date 12 months following the Termination Date in the event that such termination occurs on or after June 30, 2018 (such period as applicable, the “Severance Period”) and (B) the date on which Mr. Dallas commences other employment or a consulting relationship with substantially equivalent compensation; (ii)reimbursement of monthly premiums for health coverage to the Consolidated Omnibus Budget Reconciliation Act in an amount equal to the amount contributed by the Company for active employees with similar benefits and similar participating beneficiaries until the earlier of (A) the end of the Severance Period or (B) the date that he becomes eligible for group health coverage through another employer; and (iii) any base salary earned but not paid through the date of termination, any vacation time accrued but not used through the date of termination, and any reimbursable business expenses incurred through the date of termination.
The severance benefits specified in (i) and (ii) above are subject to the execution and effectiveness of a general release of claims in favor of the Company.In the event Mr. Dallas is terminated following a Change in Control (as defined in the Key Employee Change in Control Severance Benefits Plan, as previously disclosed by the Company (the “Change in Control Plan”)), any benefits paid to Mr. Dallas shall be determined to the Change in Control Plan.
The Severance Agreement also includes standard non-competition, non-solicitation and non-disparagement provisions.
The foregoing summary of the Severance Agreement is qualified in its entirety by the full text of the Severance Agreement, which is attached hereto as Exhibit 10.1 and is incorporated into this Item 5.02 by reference.
Item 5.02. Financial Statements and Exhibits.
AVEO PHARMACEUTICALS INC ExhibitEX-10.1 2 aveo-ex101_6.htm EX-10.1 aveo-ex101_6.htm EXHIBIT 10.1 SEVERANCE AND CHANGE IN CONTROL AGREEMENT THIS SEVERANCE AND CHANGE IN CONTROL AGREEMENT (the “Agreement”),…To view the full exhibit click here
About AVEO Pharmaceuticals, Inc. (NASDAQ:AVEO)
AVEO Pharmaceuticals, Inc. is a biopharmaceutical company. The Company’s platform delivers insights into cancer and related disease. The Company’s product candidates include Tivozanib, Ficlatuzumab, AV-203 and AV-380. Tivozanib is a selective long half-life vascular endothelial growth factor tyrosine kinase inhibitor (VEGF TKI) that inhibits over three VEGF receptors. Tivozanib is designed to optimize VEGF blockade while minimizing off-target toxicities. Ficlatuzumab is a Hepatocyte Growth Factor (HGF) inhibitory antibody. AV-203 is an anti-ErbB3 monoclonal antibody with ErbB3 affinity. Its preclinical studies suggest that neuregulin1 (NRG1) levels predict AV-203 antitumor activity in preclinical models. AV-380 is a humanized Immunoglobulin G 1 (IgG1) inhibitory monoclonal antibody. AV-380 targets growth differentiating factor 15 (GDF15).
