Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b), (e) On February 18, 2020, Laurie Stelzer, Senior Vice President, Chief Financial Officer of Halozyme Therapeutics, Inc. (the “Company”), provided notice to the Company of her intention to resign from her position to pursue another employment opportunity. Ms. Stelzer will assist with a transition of her duties to her successor during a brief transition period. In consideration of her assistance during this transition, the Company will extend the exercisability of all her outstanding vested stock option awards for a period of three months.
(c) On February 24, 2020, the Company announced that Elaine D. Sun has been appointed to serve as the Company’s Senior Vice President, Chief Financial Officer effective as of her expected start date of March 2, 2020.
From January 2017 to December 2019, Ms. Sun, age 48, served in senior management positions at Sutrovax, Inc., a biopharmaceutical company, most recently serving as Chief Financial Officer and Chief Strategy Officer. From 2013 to December 2016, Ms. Sun was an independent financial advisory consultant for private and public healthcare companies. From 2009 to 2012, Ms. Sun served as Managing Director and Head of West Coast Healthcare at Evercore Partners, a leading M&A advisory firm, where she led Evercore’s U.S. life sciences efforts. From 2005-2008, Ms. Sun served as Managing Director, Healthcare Investment Banking at Merrill Lynch & Co. Ms. Sun received her MBA degree from Harvard Business School and her Bachelor of Arts degree from Wellesley College.
There are no family relationships between Ms. Sun and any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. Mr. Sun does not have a direct or indirect material interest in any transaction or arrangement in which the Company is a participant.
Ms. Sun will be paid an annual base salary of $475,000 and she will be eligible to participate in the Company’s executive officer incentive plans, with a 2020 bonus target equal to 45% of her prorated base salary. Upon joining the Company, Ms. Sun will receive a stock option grant valued at $1,000,000, a restricted stock unit grant valued at $1,000,000 and a performance stock unit grant valued at $500,000. The option and restricted stock unit grant will vest on the Company’s standard four-year vesting schedules and the performance stock unit grant will vest based upon achievement of financial performance goals.