Company: ABUS
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001140361-25-012305
Chunk: 46

Company: Arbutus Biopharma Corp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 46
---
 in accordance with the terms of the Sims Employment Agreement. The Sims Employment Agreement provides that Dr. Sims will receive an annual base salary, subject to annual increases as determined by the Chief Executive Officer, and an annual target bonus equal to 40% of Dr. Sims’ base salary. In addition, the Sims Employment Agreement provides that Dr. Sims will be entitled to participate in or receive benefits under Arbutus’ employee benefit plans as they may be adopted and amended from time to time, subject to the terms and conditions of those employee benefit plans. Dr. Sims’s employment was terminated without cause, effective as of March 25, 2025. In connection with Dr. Sims’s termination, Dr. Sims and the Subsidiary entered into a Separation Agreement and General Release, dated April 1, 2025 (the “Sims Separation Agreement”), which sets forth the terms of Dr. Sims’s separation from the Company, which are materially consistent with the terms of the Sims Employment Agreement as described below under “Additional Narrative Disclosure - Termination and Change of Control Benefits.” In addition, on March 28, 2025, Dr. Sims and 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 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. Dr. Michael J. Sofia On July 11, 2015, the Subsidiary entered into an Executive Employment Agreement with Dr. Sofia (the “Sofia Employment Agreement”), which provides that Dr. Sofia will be employed, and that his employment will continue until either party terminates his employment in accordance with the terms of the Sofia Employment Agreement. The Sofia Employment Agreement provides that Dr. Sofia will receive an annual base salary, subject to annual increases as determined by the Chief Executive Officer, and an annual target bonus equal to 40% of Dr. Sofia’s base salary. In addition, the Sofia Employment Agreement provides that Dr. Sofia