Search the web
Welcome, Guest
[Sign Out, My Account]
EDGAR_Online

Quotes & Info
Enter Symbol(s):
e.g. YHOO, ^DJI
Symbol Lookup | Financial Search
TTPH > SEC Filings for TTPH > Form 8-K on 14-Jan-2014All Recent SEC Filings

Show all filings for TETRAPHASE PHARMACEUTICALS INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for TETRAPHASE PHARMACEUTICALS INC


14-Jan-2014

Change in Directors or Principal Officers


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

On January 8, 2014, the compensation committee of the board of directors of Tetraphase Pharmaceuticals, Inc. (the "Company") approved amendments to the employment agreements to which the Company is a party with each of its executive officers to modify the benefits provided under those letters upon termination without cause and upon or following a change of control event.

Benefits Provided Upon Termination Without Cause

Under the terms of the revised employment agreements, if an executive's employment is terminated by the Company without cause, subject to the executive's signing a general release of potential claims against the Company:

in the case of Guy Macdonald, (1) he will be entitled to continue to receive his monthly base salary for a period of 12 months (previously nine months) and (2) the Company will continue to provide medical and dental benefits (to the extent that he was receiving them at the time of termination) for 12 months (previously nine months);

in the case of each of David Lubner and Patrick Horn, (1) he will be entitled to continue to receive his monthly base salary for a period of 12 months (previously six months) and (2) the Company will continue to provide medical and dental benefits (to the extent that he was receiving them at the time of termination) for 12 months (previously six months); and

in the case of Joyce Sutcliffe, (1) she will be entitled to continue to receive her monthly base salary for a period of six months (previously three months), and (2) the Company will continue to provide medical and dental benefits (to the extent that she was receiving them at the time of termination) for six months (previously three months).

Benefits Provided Upon or Following a Change of Control

Under the terms of the revised employment agreements, if, upon a change of control event (as defined in the applicable employment agreement) or any time during the 12 months following a change of control event, the executive officer's employment is terminated by the Company or the succeeding company, as applicable, without cause or he or she terminates his or her employment for good reason (as defined in the applicable employment agreement), subject to the executive's signing a general release of potential claims against the Company or the succeeding company, as applicable, and in lieu of receiving the benefits described above in connection with a termination without cause:

in the case of Guy Macdonald, (1) he will be entitled to continue to receive his monthly base salary for a period of 18 months, (2) he will be entitled to receive a lump sum payment equal to 150% of his target bonus at the time he ceases to be employed by the Company or the succeeding company, as applicable, and (3) the Company or the succeeding company, as applicable, will continue to provide medical and dental benefits (to the extent that he was receiving them at the time he ceased to be employed by the Company) for eighteen months;

in the case of each of David Lubner and Patrick Horn, (1) he will be entitled to continue to receive his monthly base salary for a period of 12 months, (2) he will be entitled to receive a lump sum payment equal to 100% of his target bonus at the time he ceases to be employed by the Company or the succeeding company, as applicable, and (3) the Company or the succeeding company, as applicable, will continue to provide medical and dental benefits (to the extent that he was receiving them at the time he ceased to be employed by the Company) for 12 months;

in the case of each of Joyce Sutcliffe, (1) she will be entitled to continue to receive her monthly base salary for a period of six months,
(2) she will be entitled to receive a lump sum payment equal to 50% of her target bonus at the time she ceases to be employed by the Company or the succeeding company, as applicable, and (3) the Company or the succeeding company, as applicable, will continue to provide medical and dental benefits (to the extent that she was receiving them at the time she ceased to be employed by the Company) for six months; and

in the case of each of the executive officers, the stock options held by such executive officer will vest in full.


  Add TTPH to Portfolio     Set Alert         Email to a Friend  
Get SEC Filings for Another Symbol: Symbol Lookup
Quotes & Info for TTPH - All Recent SEC Filings
Sign Up for a Free Trial to the NEW EDGAR Online Pro
Detailed SEC, Financial, Ownership and Offering Data on over 12,000 U.S. Public Companies.
Actionable and easy-to-use with searching, alerting, downloading and more.
Request a Trial Sign Up Now


Copyright © 2014 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service
SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.