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Insider Trading Arrangements | 3 Months Ended
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Dec. 31, 2023 shares
Trading Arrangements, by Individual |  |
Material Terms of Trading Arrangement | Change in Control Arrangements On February 27, 2024, several of our named executive officers entered into amendments to their employment agreements providing, in part, for increases in their change in control benefits. For Mr. Metzger, in the event of an involuntary termination without cause or resignation for good reason within three (3) months prior to, or within twelve (12) months following, a change in control, he will receive (i) an amount equal to 24 months of base salary, payable in a lump sum, (ii) an amount equal to 24 months of the target annual incentive award, payable in a lump sum, and (iii) continuation of health benefits for 24 months. For Drs. Gallagher and Madigan and Messrs. Albrecht and Goldan, in the event of an involuntary termination without cause or resignation for good reason within three (3) months prior to, or within twelve (12) months following, a change in control, each will receive (i) an amount equal to 18 months of base salary, payable in a lump sum, (ii) an amount equal to 18 months of the target annual incentive award, payable in a lump sum, and (iii) continuation of health benefits for 18 months. Trading Arrangements During our last fiscal quarter, none of our directors and officers (as defined in Rule 16a-1(f) under the Exchange Act) adopted or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as defined in Regulation S-K Item 408 for the purchase or sale of our securities, except as set forth below:
Name and Title | Type of Plan | Adoption Date | Duration or End Date | Aggregate Number of Securities to be Sold |  | Description of Trading Arrangement
Michael Metzger - Chief Executive Officer and Director (1) | Rule 10b5-1 trading arrangement | 01/05/2023 | 12/22/2023 |  | 100,000 |  | Sales of shares intended to satisfy the affirmative defense of Rule 10b5–1(c)
Briggs W. Morrison, M.D. - Director (1) | Rule 10b5-1 trading arrangement | 02/09/2023 | 12/06/2023 |  | 466,167 |  | Sales of shares intended to satisfy the affirmative
|  |  |  |  |  |  | defense of Rule 10b5–1(c)
(1) Termination of Rule 10b5-1 trading arrangement, each of which the reporting person terminated prior to the sale of all plan securities. |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Michael Metzger [Member] |  |
Trading Arrangements, by Individual |  |
Name | Michael Metzger | [1]
Title | Chief Executive Officer and Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 01/05/2023 |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | 12/22/2023 |
Aggregate Available | 100,000 |
Briggs W. Morrison [Member] |  |
Trading Arrangements, by Individual |  |
Name | Briggs W. Morrison | [1]
Title | M.D. - Director |
Rule 10b5-1 Arrangement Adopted | true |
Adoption Date | 02/09/2023 |
Rule 10b5-1 Arrangement Terminated | true |
Termination Date | 12/06/2023 |
Aggregate Available | 466,167 |
[1] | Termination of Rule 10b5-1 trading arrangement, each of which the reporting person terminated prior to the sale of all plan securities.

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