Axovant Gene Therapies Ltd (AXGT)

[molee]

Sweet "golden parachute" deal for one Hung low :

On February 11, 2018, David T. Hung, M.D. resigned from his positions as Principal Executive Officer of the Company and Chief Executive Officer of Axovant Sciences, Inc. and from the Board, in each case, effective February 11, 2018.

In connection with Dr. Hung’s resignation, the Company entered into separation and mutual release agreements under which Dr. Hung agreed to a general release of claims. In exchange for this release and Dr. Hung’s other obligations under the agreements, the Company agreed to pay Dr. Hung cash severance in the amount of $2,260,000, payable ratably over 12 months on the Company’s regular payroll dates, and a discretionary bonus equal to 100% of his bonus target for 2017 (or $330,000), on the date discretionary bonuses are paid to other Company executives. The Company also agreed to reimburse Dr. Hung for continued medical coverage for 18 months following his resignation and waive any right to recover relocation expenses paid by the Company under his employment agreement with the Company. Dr. Hung’s entitlement to this consideration is subject to his continuing compliance with the terms of the separation and mutual release agreements, which include covenants relating to non-competition, non-solicitation of employees, non-disparagement and confidentiality.