Company: ABUS
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012305
Chunk: 41

Company: Arbutus Biopharma Corp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 41
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 from the grant date. Retirement Benefits for Named Executive Officers We do not have any pension or deferred compensation plans for our Named Executive Officers. We do, however, have a 401(k) plan for US employees whereby we match employee contributions up to 5% of base salary and bonus for 2024. For Canadian employees, we have a Registered Retirement Savings Plan (“RRSP”) whereby we match employee contributions up to 5% of base salary for 2024. The matching percentages are the same for all U.S. and Canadian employees and are not based on performance. Health Care Plans All salaried employees are eligible to receive health care coverage, paid vacation, term life insurance and disability insurance on the same terms. 25 TABLE OF CONTENTS Named Executive Officer Compensation for Fiscal Year 2024 All of the Named Executive Officers discussed below have departed the Company, and are being included in accordance with SEC rules. Michael J. McElhaugh, Former Interim President and Chief Executive Officer Mr. McElhaugh was promoted to Interim President and Chief Executive Officer effective January 1, 2024, at which time his annual base salary was increased to $515,000, and his annual incentive cash target was increased to 45% of his annual base salary. During the time Mr. McElhaugh served as our Interim President and Chief Executive Officer, he received an additional yearly stipend of $127,500, which was pro-rated monthly. In February 2025, Mr. McElhaugh received an annual incentive cash award of $231,750, which was equal to 45% of his annual salary for 2024, based on fiscal 2024 performance. In February 2024, Mr. McElhaugh received a stock option award exercisable for 495,100 shares with an aggregate grant date fair value of $921,463. The option vests based on continued employment or service and becomes exercisable 1/48th each month over the four-year vesting period, has an exercise price of $2.40 and expires ten years from the grant date. In addition at such time, Mr. McElhaugh received a grant for 123,800 restricted stock units with an aggregate grant date fair value of $297,120, which vest (or remain eligible to vest) based on continued employment or service over a three-year period in three equal annual installments beginning one year from the grant date. In 2024, Mr. McElhaugh also