Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(c) Appointment of Chief Financial Officer
As previously disclosed on June 1, 2021, Adam Cutler, Chief Financial Officer,
Treasurer and Secretary of Molecular Templates, Inc. (the "Company"), informed
the Company of his intent to resign from his positions to pursue another
opportunity, effective July 2, 2021. While the Company conducts a search for a
permanent Chief Financial Officer and Treasurer, on June 25, 2021, the board of
directors of the Company appointed Sean McLennan, the Company's Senior Vice
President, Finance and Corporate Controller as the interim Chief Financial
Officer and Treasurer of the Company effective as of July 2, 2021.
The selection of Mr. McLennan to perform the functions of interim principal
financial and accounting officer and interim Chief Financial Officer and
Treasurer was not pursuant to any arrangement or understanding with respect to
any other person. There are no family relationships between Mr. McLennan and any
director or executive officer of the Company, and there are no transactions
between Mr. McLennan and the Company that would be required to be reported under
Item 404(a) of Regulation S-K.
Mr. McLennan, age 51, joined the Company in November 2019 and has served as
Senior Vice President, Finance and Corporate Controller since then. Prior to his
tenure with the Company, from July 2016 through November 2019, Mr. McLennan
served as Chief Financial Officer and Vice President of Finance and
Administration at Sunstar Americas, Inc., where he responsible for overseeing
the finance, IT, quality, sales operations and customer service/inside sales
teams. Prior to that, he served as Director of R&D Finance US Site Head GMO/GDO
for Takeda Pharmaceuticals, supporting global development operations and the
Global Medical Office for Takeda research and development. Mr. McLennan also
spent almost 17 years at Baxter International, holding multiple positions of
increasing responsibility. Mr. McLennan holds a Bachelor of Science in finance
from Illinois State University and a Master of Business Administration from
DePaul University. He is also a Certified Public Accountant (not licensed).
In connection with Mr. McLennan's appointment, Mr. McLennan and the Company will
enter into an amendment to Mr. McLennan's employment agreement to provide that
Mr. McLennan will receive an additional $6,000 per month while serving as
interim Chief Financial Officer and Treasurer and will continue to be eligible
for a bonus equal to 35% of his base salary. The foregoing description of
Mr. McLennan's employment agreement, as amended, is qualified in its entirety by
reference to the full text of the agreement and amendment, which the Company
will file with its Quarterly Report on Form 10-Q for the quarter ending June 30,
2021.
Further, in connection with Mr. McLennan's appointment, Mr. McLennan and the
Company will enter into an indemnification agreement in the form the Company has
entered into with certain of its other executive officers, which form is filed
as Exhibit 10.1 to the Company's Current Report on Form 8-K (File
No. 001-32979) filed on August 7, 2017. Under this agreement, the Company will
agree, among other things, to indemnify Mr. McLennan for certain expenses,
including attorneys' fees, judgments, fines and settlement amounts incurred by
them in any action or proceeding arising out of his service as one of the
Company's executive officers.
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