0001193125-26-142947
SEC filingHeron Therapeutics amended employment agreements for CEO Craig Collard and three EVPs, enhancing change-in-control severance, equity acceleration, and adding protective covenants effective April 3, 2026.
The amendments strengthen executive retention amid potential M&A activity by providing robust double-trigger CIC protections, including enhanced cash severance (up to 200% for CEO), full equity acceleration with favorable performance criteria (target level minimum), and extended COBRA coverage aligning with severance periods. Updates to North Carolina governing law and 24-month restrictive covenants (non-compete, non-solicit) protect company interests during the longest severance windows. CEO Collard's fixed $650k base and 75% target bonus provide compensation visibility. These changes supersede prior agreements without altering at-will employment status, emphasizing stability for key leaders driving Heron Therapeutics' operations.