Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 6, 2020, the Board of Directors of Urovant Sciences Ltd. (“we,” “our,” “us” or the “Company”) approved the award of retention bonus opportunities to certain of our executives.
The amount of the cash retention bonus opportunities (the “Retention Bonuses”) are as follows: (i) for Keith A. Katkin (Principal Executive Officer), $1,029,600; (ii) for Cornelia Haag-Molkenteller (Chief Medical Officer), $457,600; (iii) for Bryan E. Smith (General Counsel), $388,960; and (iv) for Ajay Bansal (Principal Financial Officer), $40,000. The Retention Bonuses will be paid in two equal installments within thirty (30) days following December 30, 2020 (December 31, 2020 for Mr. Katkin) and December 30, 2021 (December 31, 2021 for Mr. Katkin) (each, a “Retention Date”), subject to performance at a satisfactory or higher level and continued employment through each Retention Date. If Mr. Katkin’s employment is terminated without cause within twenty-four months following a change in control of the Company, any unpaid portion of his Retention Bonus will become payable within thirty (30) days following such termination. For all other executives, if such executive’s employment is terminated without cause before a Retention Date, the next installment(s) of the Retention Bonus will become payable within thirty (30) days following such termination.
In addition to the Retention Bonuses, each executive (other than Mr. Bansal) was also granted a new restricted stock unit award under the Company’s 2017 Equity Incentive Plan.
