Print Page     Close Window     

SEC Filings

10-Q
SERES THERAPEUTICS, INC. filed this Form 10-Q on 11/08/2018
Entire Document
 

 

cooperate with the Company in obtaining such insurance by submitting to physical examinations, by supplying all information reasonably required by any insurance carrier, and by executing all necessary documents reasonably required by any insurance carrier, provided that any information provided to an insurance company or broker shall not be provided to the Company without the prior written authorization of Executive.  Executive shall incur no financial obligation by executing any required document, and shall have no interest in any such policy.

(g)Equity.  Subject to approval by the Board, during the next regularly scheduled approval date after the Effective Date, the Company will grant Executive an option (the “Option”) under the Company’s 2015 Incentive Award Plan (the “Plan”) to purchase 225,000 shares of the Company’s common stock (subject to adjustment for corporate events as set forth in the Plan) at an exercise price per share equal to the per share fair market value of the Company’s common stock on the date of grant, as determined in accordance with the Plan.  The Option will vest as to 25% of the shares subject to the Option on the first anniversary of the Effective Date and as to an additional 6.25% of such shares upon Executive’s completing each three months of continuous service to the Company thereafter.  In all respects, the Option will be governed by and subject to the terms of the Plan and a separate stock option agreement to be entered into between Executive and the Company.

(h)Relocation Assistance. The Company will reimburse Executive for, or directly pay on Executive’s behalf, (i) up to $50,000 of reasonable moving expenses Executive incurs before December 31, 2019, (ii) up to $25,000 of reasonable moving expenses Executive incurs between January 1, 2020 and December 31, 2020, and (iii) in the Company’s sole discretion and contingent upon reasonable efforts by Executive to obtain a permanent residence in a timely manner, up to an additional $25,000 of reasonable moving expenses Executive incurs between January 1, 2020 and December 31, 2020, in relocating Executive’s primary residence to the Cambridge, Massachusetts area, which will include the costs of providing Executive with relocation coordination services from the Company’s third-party provider in accordance with Company Policies to help Executive manage the logistics of Executive’s relocation (collectively, the “Relocation Assistance”).  The Company will also provide Executive with an additional payment (a “Gross-Up Payment”) in an amount such that, after payment by Executive of all income and employment taxes imposed on the Gross-Up Payment, Executive retains from the Gross-Up Payment an amount equal to all of the income and employment taxes imposed on the Relocation Assistance Executive receives.  All payments to Executive or for Executive’s benefit under this Section shall be subject to Section 9(l), except that notwithstanding anything in such Section to the contrary, Executive will promptly, and in no event later than December 15, 2020, submit all requests for Relocation Assistance payments, together with any supporting documentation that the Company reasonably requests, and the Company will make all Relocation Assistance payments by December 31, 2020, regardless of when the corresponding expenses were incurred.  

(i)Sign-On Bonus.  Executive will be paid a total sign-on bonus of $175,000, payable in two installments, the first of which shall total $100,000 and shall be paid on the first payroll cycle after commencement of employment with the Company, and the second of which shall total $75,000 and shall be paid on the first payroll cycle to occur six months after commencement of employment with the Company. If Executive’s employment with the

3



© Seres Therapeutics. All Rights Reserved.