UNITED STATES
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FORM
CURRENT REPORT
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| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Compensatory Arrangements of Interim Principal Executive Officer
On January 9, 2023, Eiger BioPharmaceuticals, Inc. (the “Company”) entered into an employment agreement with David Apelian, the Company’s Interim President and Chief Executive Officer (the “Employment Agreement”). In connection with the Employment Agreement, Dr. Apelian will receive an annual salary of $627,000, and will have a bonus target beginning in 2023 equal to 60% of his base salary. Whether Dr. Apelian receives his bonus, and the amount of any such bonus, will be determined by the Company’s board of directors or a committee thereof in its sole discretion based upon his performance, the Company’s performance, and such other relevant criteria. In addition, Dr. Apelian will be granted nonstatutory stock options to purchase up to 170,000 shares of the Company’s common stock under the Company’s Amended and Restated 2013 Equity Incentive Plan. In the event that Dr. Apelian’s employment is terminated by the Company without Cause (as defined in the Employment Agreement) or by Dr. Apelian with Good Reason (as defined in the Employment Agreement), he will be entitled to severance pay in an amount equal to his then-current base salary for a period equal to his employment period, up to a maximum of 12 months and subject to a minimum of 6 months. The foregoing description of the Employment Agreement is qualified in its entirety by reference to the full text of the Employment Agreement, which will be filed as an exhibit to the Company’s Annual Report on Form 10-K for the year ended December 31, 2022.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Eiger BioPharmaceuticals, Inc. | ||||||
| Dated: January 10, 2023 | ||||||
| By: | /s/ David Apelian | |||||
| David Apelian | ||||||
| Interim Chief Executive Officer | ||||||