Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
Employment Agreement Amendments
On January 17, 2023, the compensation committee of Bicycle Therapeutics plc (the
"Company") approved an amendment (the "CEO Amendment") to the employment
agreement of Kevin Lee, the Company's Chief Executive Officer, to provide that
upon the occurrence of a termination event related to a change of control, Mr.
Lee will be entitled to (i) a payment equal to twenty-four (24) months of base
salary and (ii) twenty-four (24) months of benefits coverage. The terms of the
CEO Amendment are subject to approval by the Company's shareholders and will be
brought to the shareholders for a vote at the Company's next annual general
meeting via a revision to the Directors' Remuneration Policy. Upon approval of
the revised Directors' Remuneration Policy, Mr. Lee and the Company will execute
the CEO Amendment.
Also on January 17, 2023, the Company's compensation committee approved certain
amendments to the employment agreements (collectively, the "Executive
Amendments") of Lee Kalowski, the Company's Chief Financial Officer and
President, and Michael Skynner, the Company's Chief Technology Officer. Pursuant
to the Executive Amendments, upon the occurrence of a termination event related
to a change of control, the respective executive will be entitled to (i) a
payment equal to eighteen (18) months of base salary and (ii) eighteen (18)
months of benefits coverage.
The foregoing description does not purport to be complete and is subject to, and
qualified in its entirety by, the complete text of the CEO Amendment and
Executive Amendments, copies of which the Company expects to file with its
Quarterly Report on Form 10-Q for the relevant period of execution.
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