CoLucid Pharmaceuticals Inc (NASDAQ:CLCD) Files An 8-K

we amended our employment agreements with Thomas Mathers and Matthew Dallas to remove a limitation on severance benefits otherwise payable upon a termination without cause or for “good reason” in the event the payment of the benefits would constitute an “excess parachute payment” within the meaning of Section 280G of the Internal Revenue Code of 1986 and replace it with a provision that entitles the executive officer to receive the greater, on an after-tax basis, of the full amount of these benefits or the full amount of these benefits reduced to the minimum extent necessary to ensure that no portion of the benefits is subject to an excise tax pursuant to Section 280G of the Internal Revenue Code of 1986. The amended employment agreements do not provide for tax “gross up” payments to the executive officers under any circumstances.

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