Vaxcyte Inc.
12/19/2025 | Press release | Distributed by Public on 12/19/2025 15:11
Management Change/Compensation (Form 8-K)
| Item 5.02. | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Amendments to Executive Change in Control and Severance Agreements
On December 18, 2025, Vaxcyte, Inc. (the "Company") amended existing Executive Change in Control and Severance Agreements (the "Severance Agreements") with (i) Grant Pickering, Chief Executive Officer and member of the Company's Board of Directors, dated as of June 12, 2020, (ii) Andrew Guggenhime, President and Chief Financial Officer, dated as of June 12, 2020, (iii) Jim Wassil, Executive Vice President and Chief Operating Officer, dated as of June 12, 2020, and (iv) Harpreet Dhaliwal, Chief Technical Operations Officer, dated as of October 21, 2021 (such executives, the "Executives," and such amendments, the "Severance Agreement Amendments"). The Company and the Executives entered into the Severance Agreement Amendments following approval by the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company. In approving the Severance Agreement Amendments, the Compensation Committee, in connection with its standard annual compensation review and planning process, determined that it was in the best interests of the Company and its stockholders to adjust certain compensation severance components in the Severance Agreements to better align with peer group levels. All capitalized terms in this Current Report on Form 8-K shall have the meanings ascribed to them in the Severance Agreements, except as otherwise defined herein.
The Severance Agreement Amendments provide that, effective December 31, 2025, (i) the base salary severance multiplier and COBRA severance multiplier in the event of a Qualifying Termination will be increased to (a) 1.5x for Mr. Pickering, from 1.0x, and (b) 1.0x for Messrs. Guggenhime, Wassil and Dhaliwal, from 0.75x in the case of Messrs. Guggenhime and Wassil, and from 0.5x, in the case of Mr. Dhaliwal; and (ii) the base salary severance multiplier, target annual bonus severance multiplier and COBRA severance multiplier in the event of a CIC Qualifying Termination will be increased to (a) 2.0x for Mr. Pickering, from 1.5x, and (b) 1.5x for Messrs. Guggenhime, Wassil and Dhaliwal, from 1.0x in the case of Messrs. Guggenhime and Wassil, and from 0.75x, in the case of Mr. Dhaliwal.
The foregoing description of the terms of the Severance Agreement Amendments does not purport to be complete and is subject to, and qualified in its entirety by reference to, the complete text of the Form of Severance Agreement Amendment, a copy of which is filed as Exhibit 10.1 herewith and is incorporated by reference herein.
Vaxcyte Inc. published this content on December 19, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on December 19, 2025 at 21:11 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]