SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
As previously reported in a Current Report on Form 8-K filed with the Securities and Exchange Commission by BioCryst Pharmaceuticals, Inc. (the “Company”) on August 3, 2021, it was determined that Megan Sniecinski, Chief Business Officer of the Company, would separate from employment with the Company. This separation is effective as of August 9, 2021.
In connection with her departure, Ms. Sniecinski and the Company entered into a Separation Agreement and Release, dated August 8, 2021 (the “Separation Agreement”), providing for severance pay in the amount of $658,634.04, which amount will be paid to Ms. Sniecinski over a one-year period in substantially equal installments on the same payroll schedule that was applicable to Ms. Sniecinski prior to her separation from the Company. In addition, 100% of the unvested stock options granted to Ms. Sniecinski on each of July 1, 2019 and December 17, 2019, and 75% of the unvested stock options granted to Ms. Sniecinski on December 15, 2020, will be deemed vested as of the effective date of the Separation Agreement. Ms. Sciecinski will have 180 days from her separation date to exercise her outstanding stock options. Any options not exercised during that period will be deemed to have expired. Except as provided in the Separation Agreement, Ms. Sniecinski’s stock options will continue to be subject to all other terms of the applicable equity plans and award agreements.
The Separation Agreement also provides that the Company will pay the monthly premium for Ms. Sniecinski’s and her eligible dependents’ continued coverage under the Company’s group health insurance plan under COBRA for up to 18 months, provided they elect COBRA coverage and remain eligible for COBRA coverage during this period.
The payments described above are subject to the terms of the Separation Agreement.
In addition to the foregoing, the Separation Agreement includes certain non-competition and non-solicitation covenants and other standard provisions for agreements of this type.
The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the text of such agreement, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits
|10.1||Separation Agreement and Release, dated August 8, 2021, by and between BioCryst Pharmaceuticals, Inc. and Megan Sniecinski|
|104||Cover Page Interactive Data File (embedded within the Inline XBRL document)|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Date: August 9, 2021||BioCryst Pharmaceuticals, Inc.|
|By:||/s/ Alane Barnes|
|Chief Legal Officer|