Company: ANTX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0000950170-25-052852
Chunk: 33

Company: AN2 Therapeutics, Inc.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 33
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. Day, our Chief Financial Officer, on November 19, 2019, which sets forth Ms. Day’s initial base salary, annual bonus opportunity, initial stock option grant, and eligibility to participate in the Company’s benefit plans. The employment offer letter has no specific term and provides that Ms. Day is an at-will employee. Each named executive officer, other than Dr. Eckburg who departed the Company, is eligible for severance and change of control-related benefits as described below.

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Paul Eckburg, M.D.

As part of the Company’s reduction in force that was approved by the Board in August 2024, Dr. Eckburg departed the Company effective as of August 30, 2024 (the “Transition Date”). Pursuant to the Company’s Severance Plan (as defined below), his departure qualified as a termination without “cause” and Dr. Eckburg became entitled to, subject to the execution and delivery of an effective release of claims in favor of the Company and continued compliance with all applicable restrictive covenants, (i) a lump sum amount equal to 75% of his annual base salary and (ii) upon his timely election of continued group health plan continuation coverage under COBRA, the COBRA premiums on behalf of Dr. Eckburg and his eligible dependents for nine months following termination. Following the Transition Date, Dr. Eckburg continues to provide services to the Company as a consultant. Under his consulting arrangement, which is for a period of up to one year following the Transition Date, Dr. Eckburg’s previously granted outstanding equity awards will continue to vest while he provides services to the Company and Dr. Eckburg is eligible for a consulting fee of $500 per hour.

Potential Payments and Benefits upon Termination or Change in Control

Severance and Change in Control Plan

Our Board has adopted a Severance and Change in Control Plan (the “Severance Plan"), in which our named executive officers, and certain other eligible employees, participate. The benefits provided in the Severance Plan replace any severance for which our named executive officers may be eligible under their existing offer letters or other employment agreements or arrangements, except to the extent such offer letters or other agreements or arrangements provide for greater benefits; provided, that, the defined terms in the Severance Plan supersede the corresponding defined terms or other similar terms in such offer letter or other agreements or arrangements.

The Severance Plan provides that upon a termination by us for any reason other