Company: ABUS
Filing Date: 2025-04-03
Form Type: 8-K
Source: 0001447028-25-000093
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Company: Arbutus Biopharma Corp
Filing Date: 2025-04-03
Form: 8-K
Item: Item 5.02
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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.

Karen Sims Post-Termination Agreements

As previously disclosed, Arbutus Biopharma Corporation (the “ Company”) terminated, without cause, Karen Sims, M. D., Ph. D. as Chief Medical Officer of the Company, effective March 25, 2025.

On March 28, 2025, the Company, through Arbutus Biopharma, Inc., the Company’s wholly-owned subsidiary (the “ Subsidiary”), entered into a Consulting Agreement (the “ Sims Consulting Agreement”) with Dr. Sims pursuant to which Dr. Sims will perform services related to ongoing research and development efforts by the Company for a period of thirty (30) calendar days in accordance with the terms therein. In exchange for her services, Dr. Sims will receive an hourly cash fee. Additionally, pursuant to the terms of, and subject to compliance with, the Sims Consulting Agreement, the post-termination exercise period of any vested options to purchase common shares of the Company held by Dr. Sims as of the date of her termination as an employee will be extended for up to a year (March 24, 2026) from the date of such termination.

On April 1, 2025, the Company, through the Subsidiary, entered into a Separation Agreement and General Release (the “ Sims Separation Agreement”) with Dr. Sims, which sets forth the terms of Dr. Sims’s separation from the Company, which are materially consistent with her Executive Employment Agreement with the Company, dated as of July 10, 2023 (the “ Sims Employment Agreement”). A copy of the Sims Employment Agreement is filed as Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023, filed with the U. S. Securities and Exchange Commission on August 3, 2023.

The foregoing descriptions of the Sims Consulting Agreement and the Sims Separation Agreement do not purport to be complete and are qualified in their entirety by reference to the Sims Consulting Agreement and the Sims Separation Agreement, copies of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025.

David Hastings Post-Termination Separation Agreement

As previously disclosed, the Company terminated, without cause, David Hastings as Chief Financial