Company: ABUS
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012305
Chunk: 49

Company: Arbutus Biopharma Corp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 49
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 our normal payroll practices and any benefits accrued and due under applicable benefit plans and programs of ours and our affiliates. Mr. McElhaugh’s employment agreement contains typical restrictive covenant provisions, including non-competition restrictions, which apply during the term of his employment and for a period of eighteen months thereafter, and non-solicitation restrictions, which apply during the term of his employment and for a period of twelve months thereafter. Mr. McElhaugh was terminated without Cause, effective as of February 24, 2025. Pursuant to the McElhaugh Separation Agreement, he will receive the amounts indicated above. In addition to what Mr. McElhaugh is entitled to pursuant to the terms of the McElhaugh Employment Agreement, pursuant to the terms of, and subject to compliance with, the McElhaugh Separation Agreement, the post-termination exercise period of any vested options to purchase Common Shares held by Mr. McElhaugh as of the date of his termination as an employee will be extended for up to a year (February 23, 2026) from the date of such termination. David C. Hastings Pursuant to the Hastings Employment Agreement, if Mr. Hastings’s employment is terminated by us without “Cause” or by Mr. Hastings due to “Good Reason” (as each such term is defined in the Hastings Employment Agreement), he will receive a lump sum severance payment equal to one and one-half times his then current base salary. Mr. Hastings will also be entitled to reimbursement for any COBRA premiums paid by Mr. Hastings until the earlier of (a) twenty-four months following termination or (b) until Mr. Hastings becomes eligible to receive health insurance benefits under any other employer’s group health plan. In addition, Mr. Hastings will receive a bonus payment equal to the average of the bonus payments, if any, made to Mr. Hastings over the previous three years prior to termination, pro-rated for the portion of the year during which he was employed. In the event Mr. Hastings’s employment is terminated by us without Cause or by Mr. Hastings due to Good Reason, in each case within twelve months following a “Change of Control” (as defined in the Hastings Employment

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TABLE OF CONTENTS Agreement), he will receive (i) a lump sum severance payment equal to two times his annual base salary and (ii) a bonus payment equal to Mr. Hastings’s target bonus pro-rated for the portion of the year during which he was employed. In addition