Company: TBPH
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001104659-25-033819
Chunk: 60

Company: Theravance Biopharma, Inc.
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 60
---
 of the officer’s employment with us and provide that the officer’s employment will be “at will” and may be terminated at any time. 37 TABLE OF CONTENTS Severance Arrangements with Named Executive Officers Each of our named executive officers is eligible for severance benefits pursuant to our executive severance plan, which was most recently amended in November 2024 to provide non-change in control-related severance benefits to our U.S.-based named executive officers in addition to the change in control-related severance benefits that were previously provided thereunder. Mr. Winningham is not eligible for the non-change in control-related severance benefits under the executive severance plan, as he is entitled to non-change in control severance benefits pursuant to his letter agreement entered into in connection with his appointment as Chief Executive Officer. Non-Change in Control Severance Benefits Pursuant to our executive severance plan, if a named executive officer (other than Mr. Winningham) is subject to a termination without misconduct more than 3 months prior to or more than 24 months after our change in control, the officer is entitled to the following benefits provided he or she signs a release of claims: • A lump sum payment equal to 100% of the officer’s annual base salary. • Continuation of the officer’s health and welfare benefits for the shorter of 12 months or the expiration of the officer’s continuation coverage under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). • 12 months acceleration of equity awards that are subject to time-based vesting conditions. Mr. Winningham’s offer letter provides that if his employment is terminated by us without cause and he is not eligible for severance benefits under our severance plan (i.e., the change in control-related severance benefits thereunder), he will receive a lump-sum severance payment of 24 months’ salary plus two times his current target bonus, provided he signs a general release of claims. “Cause” means Mr. Winningham’s (i) unauthorized use or disclosure of our confidential information or trade secrets, which use causes material harm to us, (ii) conviction of a felony under the laws of the U. S. or any state thereof, (iii) gross negligence, or (iv) repeated failure to perform lawful assigned duties for thirty days after receiving written notification from our board of directors. Change in Control Severance Benefits We believe that the possibility of a change in control creates uncertainty for our officers regarding their continued employment because such transactions frequently result in senior management changes.