UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Employment Agreement Amendments
On January 17, 2023, the compensation committee of Bicycle Therapeutics plc (the “Company”) approved an amendment (the “CEO Amendment”) to the employment agreement of Kevin Lee, the Company’s Chief Executive Officer, to provide that upon the occurrence of a termination event related to a change of control, Mr. Lee will be entitled to (i) a payment equal to twenty-four (24) months of base salary and (ii) twenty-four (24) months of benefits coverage. The terms of the CEO Amendment are subject to approval by the Company’s shareholders and will be brought to the shareholders for a vote at the Company’s next annual general meeting via a revision to the Directors’ Remuneration Policy. Upon approval of the revised Directors’ Remuneration Policy, Mr. Lee and the Company will execute the CEO Amendment.
Also on January 17, 2023, the Company’s compensation committee approved certain amendments to the employment agreements (collectively, the “Executive Amendments”) of Lee Kalowski, the Company’s Chief Financial Officer and President, and Michael Skynner, the Company’s Chief Technology Officer. Pursuant to the Executive Amendments, upon the occurrence of a termination event related to a change of control, the respective executive will be entitled to (i) a payment equal to eighteen (18) months of base salary and (ii) eighteen (18) months of benefits coverage.
The foregoing description does not purport to be complete and is subject to, and qualified in its entirety by, the complete text of the CEO Amendment and Executive Amendments, copies of which the Company expects to file with its Quarterly Report on Form 10-Q for the relevant period of execution.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: January 23, 2023 | Bicycle Therapeutics plc | |
| By: | /s/ Lee Kalowski | |
| Name: Lee Kalowski | ||
| Title: Chief Financial Officer | ||