Company: PHAT
Filing Date: 2025-04-01
Form Type: 8-K
Source: 0001193125-25-069748
Chunk: 2

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-04-01
Form: 8-K
Item: Item 5.02
Chunk 2
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 unvested and outstanding time-based equity awards will become fully vested on the later of the date his release of claims becomes effective or the date of the change in control. In addition, upon a termination by reason of death or disability, all time-based unvested and outstanding equity awards will become fully vested on the date of termination. All equity awards subject to performance-based vesting conditions will be governed by the terms of the applicable award agreement and equity plan under which such awards were granted.

To the extent that any payment or benefit received in connection with a change in control would be subject to an excise tax under Section 4999 of the Internal Revenue Code, such payments and/or benefits will be subject to a “best pay cap” reduction if such reduction would result in a greater net after-taxbenefit to Mr. Basta than receiving the full amount of such payments.

Also in connection with his commencement of employment, the Company expects to grant to Mr. Basta, as soon as practicable following his commencement of employment, stock options to purchase 1,085,000 shares of the Company’s common stock. The stock options vest over a four year vesting schedule, with 25% of the stock options vesting on the first anniversary of Mr. Basta’s start date and the remaining stock options vesting in equal monthly installments thereafter, subject to Mr. Basta’s continued employment or service through the applicable vesting date. The stock options were granted under the Company’s 2025 Employment Inducement Incentive Award Plan (the “ Inducement Plan”), as described below, and the stock options will have an exercise price equal to the closing price of the Company’s common stock on The Nasdaq Global Select Market on the date of grant. The Company will also grant to Mr. Basta 360,000 performance stock units, the vesting of which is tied to the achievement of specified stock price hurdles and a service-based requirement (the “ Stock Price Hurdle PSUs”). The Company will also grant to Mr. Basta 180,000 performance stock units (at “target” performance levels, with the opportunity to earn up to 200% of the “target” number of units), the vesting of which is tied to the achievement of annual Company revenue targets over a three-year performance period ending December 31, 2027 and a service-based requirement (the “ Revenue PSUs”). The Stock Price Hurdle PSUs and the Revenue PSUs will also be granted under the Induc