Company: ABUS
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012305
Chunk: 39

Company: Arbutus Biopharma Corp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 39
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 | Effective January 1, 2024, Mr. McElhaugh was appointed as our Interim President and Chief Executive Officer. Mr. McElhaugh was appointed as our Chief Operating Officer on November 1, 2022 and served in such capacity during the full year ending December 31, 2023. Mr. McElhaugh’s employment as our Interim Chief Executive Officer was terminated effective February 24, 2025. |

| (6) | Mr. Hastings’ employment as our Chief Financial Officer was terminated effective as of the end of the day on March 27, 2025. |

| (7) | Dr. Sims’ employment as our Chief Medical Officer was terminated effective as of March 25, 2025. |

| (8) | Dr. Sofia retired as our Chief Scientific Officer effective December 31, 2024. |

Narrative Disclosure to Summary Compensation Table Currently, our executive compensation program principally consists of the following components: base salary, annual incentive cash bonus, long-term incentives in the form of stock options and restricted stock units, and health and retirement benefits generally available to all our employees. Additional details on the compensation package for Named Executive Officers are provided in the following sections.

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TABLE OF CONTENTS 2024 Base Salary The Named Executive Officers are paid a base salary tied to their responsibilities in their role, their experience and past performance, and industry benchmarks. The annual base salaries for the Named Executive Officers for 2024 were $515,000 for Mr. McElhaugh, $502,000 for Mr. Hastings, $490,000 for Dr. Sims, and $512,000 for Dr. Sofia. Non-Equity Incentive Plan Compensation At the beginning of each fiscal year, our Board establishes our corporate objectives after a recommendation by our Compensation Committee, which assigns each objective a quantitative weighting. After the end of each fiscal year and in consultation with management, our Compensation Committee recommends, and our Board determines, whether annual incentive cash bonuses are warranted given our fiscal year performance and overall financial condition. If bonuses are to be paid based upon our level of achievement of major corporate objectives, our policy is to pay them promptly after such determination. Each Named Executive Officer has a target annual incentive cash bonus. For 2024, the target annual incentive cash bonus was 45% of annual base salary for our former Interim Chief Executive Officer and 40% of annual base salary for our other Named Executive Officers. For 2024, potential