Item 5.02. Departure of Directors or
Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On April
5, 2016, Pete A. Meyers resigned as Chief Financial Officer and Treasurer of TetraLogic Pharmaceuticals Corporation (the “Company”),
effective April 30, 2016.
In connection with his resignation, Mr.
Meyers entered into a Consulting Agreement with the Company (the “Consulting Agreement”) for a term of seven
months beginning May 2, 2016 (the “Effective Date”). Under the Consulting Agreement, Mr. Meyers has agreed to assist
the Company with all third party business collaborations and relationships, which may include, but are not limited to, the sale,
license or partnering of Company assets. Mr. Meyers will receive, as compensation, a one-time lump sum cash payment of $265,000,
to be paid within 30 days of the Effective Date, and will be entitled to reimbursement of reasonable out-of-pocket travel expenses
he incurs in connection with performing his services under the Consulting Agreement. Under the Consulting Agreement, Mr. Meyers
agreed, for the term of the Consulting Agreement and two years thereafter, not to (i) interfere with any business or other third-party
relations of the Company or (ii) contact any of the Company's personnel (whether employees or independent contractors) to offer
such personnel employment. Mr. Meyers also agreed to release the Company and its predecessors, successors, subsidiaries and other
affiliates, and its employees and agents, from all claims arising on or before the Effective Date.
The Company will separately file the Consulting
Agreement in its Quarterly Report on Form 10-Q for its second fiscal quarter. The foregoing description of the Consulting Agreement
does not purport to be complete and is qualified in its entirety by reference to the more detailed description to be included in
such future report.
On April 5, 2016 the Board of Directors
of the Company appointed Mr. Pat Hutchison, the Company’s Vice President, Finance, as Chief Financial Officer and Treasurer
of the Company effective upon the effective date of Mr. Meyers’ resignation.
Mr. Hutchison, 57, has served as Vice President,
Finance, of the Company since February 2014. Prior to this, he was a consultant to the Company from January 7, 2014 to February
24, 2014. Mr. Hutchison was Vice President–Corporate Controller and Chief Accounting Officer at Teleflex, Inc., an international
medical device company, in 2012 and 2013. Earlier, he held the position of Vice President–Group Controller of Cephalon, Inc.,
formerly a large U.S. biopharmaceutical company, for 11 years, until shortly after Cephalon’s acquisition by Teva Pharmaceutical
Industries Ltd. in October 2011. Mr. Hutchison was involved in almost all areas of finance at Cephalon during this period, including
accounting, financial reporting, budgeting and forecasting, M&A, convertible debt and equity financings, product acquisitions,
and collaborations. He began his career on the audit staff of Deloitte in Philadelphia, PA. Mr. Hutchison graduated from the University
of Pennsylvania with a Bachelor of Science in Economics from the Wharton School and is an active Certified Public Accountant.
Mr. Hutchison is an at-will employee and
no change is being made to his current compensation and benefits as a result of his appointment.
