Company: HRTX
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-060882
Chunk: 48

Company: HERON THERAPEUTICS, INC. /DE/
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 48
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 then, in lieu of the above benefits, Mr. Collard would be entitled to receive: (i) a lump sum payment equal to the sum of his annual base salary then in effect and his target performance bonus then in effect, less required deductions and withholdings; and (ii) reimbursement for or continued payment of health care benefits during the eighteen months after the date of termination, or such earlier date when he is no longer eligible for such benefits under applicable law. In addition, upon such termination, Mr. Collard is entitled to accelerated vesting of one hundred percent (100%) of any outstanding and unvested time-based equity awards. Additionally, upon the occurrence of a Change in Control, Mr. Collard will vest in one hundred percent (100%) of any outstanding and unvested performance-based equity awards held by Mr. Collard at such time (including any outstanding and unvested portion of granted performance-based stock options) based upon actual performance through the date of such Change in Control (and based on the value of the Company’s common stock in connection with the Change in Control, as applicable).

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For purposes of the Collard Agreement: (a) “Cause” generally arises if Mr. Collard has (i) been indicted for or convicted of or pleaded guilty or no contest to any felony or crime involving dishonesty that is likely to inflict or has inflicted demonstrable and material injury on the business of the Company, (ii) participated in any fraud against the Company, (iii) willfully and materially breached a Company policy, (iv) intentionally damaged any property of the Company thereby causing demonstrable and material injury to the business of the Company, or (v) engaged in conduct that, in the reasonable determination of the Company, demonstrates gross unfitness to serve, subject to certain notice and cure provisions, and (b) “Good Reason” generally means (i) a material reduction (20% or more) by the Company of Mr. Collar’s base salary, (ii) a material reduction by the Company of the Mr. Collar’s management responsibilities, (iii) a material breach of the Collard Agreement by the Company, or (iv) any requirement by the Company that Mr. Collard relocate his primary residence to California or that he perform work in California for more than six months in any one calendar year, in each subject to notice and cure provisions.

The Collard Agreement provides that Mr. Collard’s initial time-based option to purchase 3,000,000 shares of the