Don't know why this wasn't in the press release. Don't know if it's completely voluntary. Seems like a lot of money to just ask him to stay until May 31. Could be a settlement since the dollars kind of work out to what he would get in his termination contract. In the boiler plate of the press release it says "These include risks and uncertainties relating to: changes in results that may occur in completing the close of SciClone’s consolidated financial statements for fiscal year 2012 and completing the audit of SciClone’s consolidated financial statements for fiscal year 2012." This is a strange thing to see.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
(b) Gary S. Titus, Chief Financial Officer and Senior Vice President, Finance of the Company intends to leave the company. Mr. Titus has not resigned, but it is expected that his last date of employment will be on or around May 31, 2013. Mr. Titus anticipates that he will leave the Company to pursue another position. The Company believes Mr. Titus has made an outstanding effort in his position and has determined to provide incentives for Mr. Titus to stay with the Company, and provide for a smooth transition to a new Chief Financial Officer.
(d) On January 5, 2013, the Compensation Committee of the Board of Directors approved additional compensation arrangements for Mr. Titus to provide incentives for him to remain with SciClone through May 31, 2013, and to reward him for his continuing efforts and performance. Provided Mr. Titus remains with the Company through such dates, he will receive a payment of $100,000 when the Company files its Form 10-K for fiscal 2013, and a payment of $100,000 if he is still with the Company on May 31, 2013. SciClone has also agreed that, provided Mr. Titus stays through May 31, 2013, the Company will, for up to six months, continue to pay Mr. Titus an amount equal to his monthly compensation until he has a position with another employer. In addition, if Mr. Titus stays through May 31, 2013, he will have up to 12 months thereafter to exercise his then vested options to acquire SciClone Common Stock.