TPTX » Topics » Employment Agreements, including Change in Control and Severance Provisions, with Certain Former Executive Officers.

This excerpt taken from the TPTX DEF 14A filed Apr 23, 2007.

Employment Agreements, including Change in Control and Severance Provisions, with Certain Former Executive Officers.

We previously entered into employment agreements that contained change in control and severance provisions with our executive officers in place prior to the Merger. Each of Gosse Bruinsma, our former chief executive officer, S. Colin Neill, our former chief financial officer and Paul Feuerman, our former general counsel received change in control payments as well as the acceleration of vesting of outstanding stock options following the closing of the Merger.  The change in control payments and the accelerated vesting of stock options was as set forth in each of their respective employment agreements. The following payments were made and options accelerated upon the closing of the Merger:

Name

 

 

 

Change in Control
Payment Amount

 

Value of Options
Vesting Upon
Termination(1)

 

Gosse B. Bruinsma, M.D.

 

 

$

1,317,376

 

 

 

$

915

 

 

S. Colin Neill

 

 

607,200

 

 

 

423

 

 

Paul M. Feuerman

 

 

690,000

 

 

 

423

 

 


(1)          The Value of Options Vesting Upon Termination is calculated by multiplying the total options vesting upon termination by the difference between the exercise price of the option and the closing price of our common stock ($6.96) on October 3, 2006, the effective date of the Merger, as reported by Nasdaq. Only “in-the-money” options were included in the calculation of the Value of Options Vesting Upon Termination.

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