Item 5.02. Departure of Directors or Certain Officers; Appointment of Certain
Officers; Compensatory Arrangements of Certain Officers.
Chief Medical Officer Resignation
On January 26, 2022, Chinook Therapeutics, Inc., a Delaware corporation (the
"Company"), accepted Alan Glicklich's resignation as Chief Medical Officer
effective February 11, 2022 (the "Resignation Date"). Pursuant to the terms of
Dr. Glicklich's employment agreement, the Company will enter into a separation
agreement with him under which it will pay him a lump sum equal to twelve months
salary, his earned 2021 bonus and twelve months of COBRA (the "Separation
Agreement"). In addition, the Company will pay Dr. Glicklich his regular salary
through March 31, 2022 in consideration of providing transition services to the
Company. Dr. Glicklich will release the Company and its affiliates from any
claims that he may have in connection with his employment with the Company or
any of its affiliates as of the Resignation Date.
The foregoing description of the material terms of the proposed Separation
Agreement does not purport to be a complete description and is qualified in its
entirety by reference to the full text of the Separation Agreement, which
Chinook intends to file as an exhibit to Chinook's Annual Report on
Form 10-K for the year ending December 31, 2021.
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