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VICL > SEC Filings for VICL > Form 8-K on 15-Mar-2013All Recent SEC Filings

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Form 8-K for VICAL INC


Change in Directors or Principal Officers, Financial Statements and Exhibits

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On March 15, 2013, Jill M. Broadfoot notified us that she was resigning as the Company's Senior Vice President, Chief Financial Officer and Secretary. On the same date, we entered into a separation agreement with Ms. Broadfoot. Pursuant to the terms of the separation agreement, Ms. Broadfoot's last day of employment will be April 1, 2013 and she will be entitled to receive severance benefits consisting of continued base salary payments and the payment of health insurance premiums for a period of 12 months, plus a payment equal to her cash bonus paid in the previous year. Ms. Broadfoot will also receive accelerated vesting on all her unvested stock awards as if she had remained employed by the Company for 12 months from the date of termination. In addition, the post termination exercise period for Ms. Broadfoot's stock options will be extended to 12 months. In exchange for the severance benefits, Ms. Broadfoot provided the Company with a general waiver and release of claims. The Company's obligation to pay the severance benefits will also be subject to certain confidentiality, non-solicit and non-competition obligations.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Number       Exhibit Title or Description

10.1         Separation Letter Agreement between Vical Incorporated and Jill M.
             Broadfoot dated March 15, 2013

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