SiliconBeat

Two years after naming Anthony Tebbutt its senior vice president for corporate strategy and business development, Alexza Pharmaceuticals has announced that his employment will end as of May 31.

Tebbutt, who worked for UCB, a Belgium pharmaceutical until October 2006, was paid $139,104  to cover certain expenses related to his relocation to the Bay Area when he was hired in March 2007. Since October 2007 he has been given a “monthly housing supplement, net of taxes” of $4,000, which were to last for three years.

Tebbutt will remain as a consultant to the company through January 31, 2010, meaning his outstanding options may continue to vest during that time. He’ll get a lump-sum payment May 31 of $263,472, equal to about 70 percent of his combined salary and bonus last year, according to the company’s most recent proxy, along with insurance premiums paid through Jan. 31.

If he likes, Tebbutt may ask the company to pay for outplacement and “career transition consulting services, which payments are not expected to exceed $12,000.” (Which isn’t to say they won’t exceed that, but considering that Tebbutt, 61, is a Santa Clara University graduate and holder of an MBA from Stanford’s Graduate School of Business, you’d think this wouldn’t be such a concern.)  He’ll also be paid $300 per hour for his consulting services, when requested.

No word in the release who will be handling corporate strategy once he leaves.