to his annual bonus opportunity at the target level, (iii) eighteen months of post-termination health insurance benefits; and (iv) acceleration and vesting of all then unvested equity awards, regardless of any restriction with respect to time, performance or other restrictions.
In addition, pursuant to the Cooper Employment Agreement, Mr. Cooper has agreed to standard restrictive covenant obligations, including a noncompete and nonsolicit obligation which run while employed and for twelve months thereafter, or eighteen months, if such termination occurs during a change in control period.
As an employee of the Company, Mr. Cooper will not receive any separate compensation for his service on the Board, nor will he serve on any committee of the Board. Mr. Cooper has been appointed to serve as a director for a term expiring on the annual general meeting of the Company to be held in 2026, or until his successor is duly elected and appointed.
There are no family relationships between Mr. Cooper and any of the executive officers or directors of the Company. Except as otherwise set forth herein, there is no arrangement or understanding between Mr. Cooper and any other person pursuant to which he was appointed as Chief Executive Officer and as a member of the Board, and there are no transactions in which Mr. Cooper has an interest requiring disclosure under Item 404(a) of Regulation S-K.
This summary of the Cooper Employment Agreement is qualified in its entirety by reference to the text of such agreement, a copy of which is filed as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.
Amendment of Jason D. Hanson’s Transition and Modification Agreement
As previously disclosed, on February 13, 2024, the Company (through its subsidiary, enGene USA, Inc.) and Jason Hanson entered into a Transition and Modification Agreement, dated February 13, 2024 (the “Hanson Transition Agreement”), which amended and modified the Employment Agreement, dated November 8, 2023, between Mr. Hanson and enGene USA (as so amended, the “Hanson Employment Agreement”), pursuant to which the Company and Mr. Hanson agreed to the terms of Mr. Hanson’s planned resignation from his positions as Chief Executive Officer of the Company and as a member of the Company’s Board, as well as all positions held at the Company’s subsidiaries upon the Company’s appointment of a new Chief Executive Officer.
On July 23, 2024, enGene USA and Mr. Hanson entered into the Amendment to Transition and Modification Agreement (the “TMA Amendment”), which further amends the Hanson Transition Agreement to provide that, subject to Board approval, the amount Mr. Hanson shall be eligible to receive pursuant to Section 6(c)(iii) of the Hanson Employment Agreement shall be $390,000, less applicable tax withholdings. The Amendment further provides that eligibility for this payment is subject to all other applicable terms and conditions set forth in the Hanson Transition Agreement and the Hanson Employment Agreement, including but not limited to timely execution and non-revocation of the Release (as defined therein).
All other terms of the Hanson Transition Agreement and the Hanson Employment Agreement remain the same, and as previously disclosed, effective as of July 22, 2024, Mr. Hanson was immediately engaged in a consulting role to provide transition services as a Senior Strategic Advisor to the Company for a period of at least six months following the effective date of his resignation (the “Consulting Period”) in exchange for a monthly fee of $25,000 for the initial six-month Consulting Period, and $500 per hour thereafter, provided that Mr. Hanson need not devote more than fifteen (15) hours per week to providing such transition services.
This summary of the TMA Amendment is qualified in its entirety by reference to the text of such agreement, a copy of which is filed as Exhibit 10.2 to this Current Report on Form 8-K and incorporated herein by reference.