UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
Current Report
Pursuant
to Section 13 or 15(d)
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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. |
As previously announced, on March 24, 2024, the board of directors of Zura Bio Limited (the “Company”) approved a Chief Executive Officer (“CEO”) transition from Someit Sidhu, our Founder, CEO and Director, to Robert Lisicki, effective April 8, 2024 (the “Termination Date”). On July 24, 2024, the Company and Someit Sidhu entered into a settlement agreement (the “Agreement”), pursuant to which the Company shall pay Mr. Sidhu his due salary as of the Termination Date, $139,173 in lieu of notice, $139,173 as compensation for the termination of his employment, and $278,346 as a severance payment, subject to Mr. Sidhu’s compliance with the Agreement. In addition, the Company shall accelerate the vesting of Mr. Sidhu’s stock option grants of 1,950,000 Class A ordinary shares (“Option Shares”), with 1,000,000 Option Shares fully exercisable as of the Termination Date and 250,000 Option Shares to be vested in equal tranches on each of the first, second and third anniversaries of the Termination Date. Further, the Company determined that 700,000 Option Shares are fully exercisable until their expiration date due to Mr. Sidhu’s integral participation in a previous capital raise within 12 months of the Termination Date.
The Agreement is included as Exhibit 10.1 hereto. The description of the Agreement above does not purport to be complete and is qualified in its entirety by the terms and conditions of the Agreement which is attached hereto as Exhibit 10.1.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits.
| Number | Description | |
| 10.1 | Settlement Agreement by and between Zura Bio Limited and Someit Sidhu dated July 24, 2024 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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.
Dated: July 25, 2024
| ZURA BIO LIMITED | ||
| By: | /s/ Kim Davis | |
| Kim Davis | ||
| Chief Legal Officer | ||