ESSA Pharma Inc. filed SEC Form 8-K: Leadership Update
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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. |
On June 5, 2024, after a lengthy and thorough review process, the Board of Directors of ESSA Pharma Inc. (the “Company”) adopted and approved the ESSA Pharma Inc. Severance Plan (the “Severance Plan”), which, for certain terminations of employment, replaces the cash severance benefits previously provided under the employment agreements of certain executive officers. The Company’s named executive officers and certain other executives will participate in the Severance Plan. Capitalized terms used but not defined herein have the definitions ascribed to such terms in the Severance Plan.
In the event of a Qualifying Termination, the Severance Plan provides for (i) cash severance ranging from 1 to 1.5 times of such officer’s base salary (and in the case of the Chief Executive Officer, their target bonus in addition to base salary), with the larger multiple payable on a Qualifying Termination in connection with a Change in Control of the Company and (ii) certain benefits continuation following termination. Severance payments and benefits under the Severance Plan are subject to the executive’s execution of a release of claims in favor of the Company.
The foregoing description of the Severance Plan is qualified in its entirety by reference to the full text of the Severance Plan, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
(d) Exhibits
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Exhibit No. |
Description |
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| 99.1 | ESSA Pharma Inc. Executive Severance Plan | |
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.
| ESSA PHARMA INC.____________ | ||
| (Registrant) | ||
| Date: December 6, 2024 | ||
| By: | /s/ David Wood | |
| Name: David Wood | ||
| Title: Chief Financial Officer |