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Item 5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On March 10, 2020, Steffen Pietzke tendered a notice of resignation to Tricida, Inc. (the “Company”) as Senior Vice President, Finance and Chief Accounting Officer with such resignation to be effective as of March 13, 2020.
On March 12, 2020, the Company and Mr. Pietzke entered into a Consulting Agreement (the “Agreement”) pursuant to which, Mr. Pietzke agreed to serve as the Company’s interim chief accounting officer during a transition period. In addition, Mr. Pietzke agreed to a general release of claims in favor of the Company and a covenant not to solicit employees, among other agreements. Under the Agreement, Mr. Pietzke will be retained as a consultant and support the transition to a new chief accounting officer for the Company for up to twelve months following his resignation. In consideration for the Agreement, including the release of claims and covenants, Mr. Pietzke will be compensated during the consulting period at the gross rate of $48,000 per month for up to 40 hours per week of consulting services, with any time spent providing consulting services in excess of 160 hours per month compensated at the gross rate of $300 per hour. Beginning in the month following the hiring of the Company’s chief accounting officer, any consulting services performed by Mr. Pietzke pursuant to the Agreement will be compensated at the rate of $300 per hour. It is intended that all stock options to purchase common stock of the Company or other equity awards that have been granted to Mr. Pietzke by the Company prior to his resignation date shall continue to vest during the consulting period. The Company has initiated the search for a new chief accounting officer.
Mr. Pietzke’s decision to resign is not a result of any disagreement with the Company’s independent registered public accounting firm or any member of management on any matter of accounting principles or practices, financial statement disclosures or internal controls.