GTx,Inc. (NASDAQ:GTXI) 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.
On January 6, 2017, GTx, Inc. (the “Company”) entered into a new at-will employment agreement with Jason T. Shackelford, the Company’s continuing principal financial and accounting officer, in connection with his promotion to Vice President, Finance and Accounting (the “Employment Agreement). Under the Employment Agreement, Mr. Shackelford’s annual base salary was unchanged, and he will continue to receive a base salary of $231,000 annually and participate in Company benefit plans made available to all employees. As a result of his promotion to Vice President, Finance and Accounting, Mr. Shackelford’s target bonus payment under the Company’s Executive Bonus Compensation Plan will be 35% of his base salary, as such percentage may be adjusted from time to time, and he is now eligible for supplemental life and long-term disability insurance made available to eligible employees at the vice president level and above. Under the Employment Agreement, in the event that Mr. Shackelford’s employment is terminated without “cause” or he voluntarily resigns for “good reason,” each as defined in the Employment Agreement, he will be entitled to receive cash severance payments equal to one year of his base salary and monthly premium payments to continue his health insurance coverage for up to twelve months following his employment termination, in each case subject to certain conditions, including Mr. Shackelford’s compliance with the confidentiality provisions of the Employment Agreement following termination and the non-competition provisions of the Employment Agreement for a specified period following termination. The foregoing summary of the Employment Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Employment Agreement that will be filed as an exhibit to the Company’s annual report on Form 10-K for the year ended December 31, 2016.