Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On September 2, 2022, Paul Daruwala notified Cidara Therapeutics, Inc. (the
"Company") of his intent to resign, effective September 30, 2022, from his
positions with the Company, including as its Chief Operating Officer and Chief
Commercial Officer. Mr. Daruwala is leaving the Company in order to accept a
position as Chief Executive Officer of a preclinical-stage private biotechnology
company.
Effective as of the date of Mr. Daruwala's resignation, Shane M. Ward, Chief
Legal Officer of the Company, will be promoted to Chief Operating Officer and
Chief Legal Officer. There will be no change to Mr. Ward's compensation
arrangements with the Company at this time. On August 18, 2021, the Company
entered into an employment agreement with Mr. Ward that governs the current
terms of his employment with the Company. The employment agreement provides that
Mr. Ward will receive an annual base salary of $410,000, less payroll deductions
and withholdings, and will be eligible to receive an annual performance bonus
with a target bonus percentage equal to 40% of his base salary. Pursuant to the
employment agreement, Mr. Ward was granted an option to purchase 250,000 shares
of the Company's common stock. In addition, Mr. Ward is entitled to the same
severance benefits provided to the Company's other executive officers (excluding
the Chief Executive Officer) in connection with a termination of his employment
without "cause" or his resignation for "good reason," including with respect to
a change in control, and tax gross up payments related to any payments made in
connection with a change in control, each as set forth in the Company's form of
employment agreement filed as Exhibit 10.6 to the Company's Annual Report on
Form 10-K filed with the SEC on March 7, 2022. Mr. Ward also previously entered
into the Company's standard form of indemnification agreement for its directors
and executive officers.
There are no family relationships between Mr. Ward and any of the Company's
current or former directors or executive officers. Mr. Ward is not a party to
any transaction that would require disclosure under Item 404(a) of Regulation
SK promulgated under the Securities Act of 1933, as amended.
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses