Endocyte, Inc. Change in Control and Severance Agreements Schedule for Executive Officers (March 2017)
This document outlines the severance and change in control benefits for executive officers of Endocyte, Inc. If an executive is terminated without cause or resigns for good reason, they are eligible for severance payments, continued health coverage, and accelerated vesting of equity awards. The benefits increase if the termination occurs within 12 months following a change in control of the company. The schedule specifies the percentage of base salary and target bonus paid, the duration of COBRA coverage, and the extent of accelerated equity vesting for each named executive officer.
Exhibit 10.20
ENDOCYTE, INC.
SCHEDULE OF TERMS FOR
CHANGE IN CONTROL AND SEVERANCE AGREEMENTS
WITH EXECUTIVE OFFICERS
March 2017
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| Termination without Cause or Resignation for Good Reason, prior to a Change in Control or after 12 months following a Change in Control | Termination without Cause or Resignation for Good Reason, within 12 months following a Change in Control | |||||
| Name of Executive Officer | Date of Agreement | Severance Payment – Percentage of Base Salary | 140% COBRA Continuation | Accelerated vesting for equity awards that would have vested over the following | Severance Payment – Percentage of Base Salary | Severance Payment – Percentage of Target Bonus | 140% COBRA Continuation | Percentage of unvested equity awards that will immediately vest |
| Michael A. Sherman | 6/17/16 | 100% | 12 months | 12 months | 200% | 200% | 24 months | 100% |
| Michael A. Andriole | 2/20/17 | 75% | 9 months | 9 months | 150% | 150% | 18 months | 100% |
| Alison A. Armour | 8/10/15 | 75% | 9 months | 9 months | 150% | 150% | 18 months | 100% |
| Beth A. Taylor | 5/15/15 | 75% | 9 months | 9 months | 100% | 100% | 12 months | 100% |
| Michael A. Brinkley | 5/15/15 | 75% | 9 months | 9 months | 100% | 100% | 12 months | 100% |
| Christopher P. Leamon | 5/15/15 | 75% | 9 months | 9 months | 150% | 150% | 18 months | 100% |
| Katherine K. Parker | 5/15/15 | 75% | 9 months | 9 months | 100% | 100% | 12 months | 100% |
