Item 5.02. |
Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers. |
In connection with the Restructuring discussed in Item 2.05 above, the following members of the Company’s executive team will be leaving the Company to pursue new opportunities: (i) Douglas E. Williams, Ph.D., President and Chief Executive Officer, (ii) Linda C. Bain, Chief Financial Officer and Treasurer, (iii) David Mauro, M.D., Ph.D., Chief Medical Officer, (iv) Sriram Sathyanarayanan, Ph.D., Chief Scientific Officer, (v) Yalonda Howze, Executive Vice President, Chief Legal and Compliance Officer and Corporate Secretary, and (iv) Nicole Barna, Senior Vice President, Human Resources. Ms. Howze notified the Company of her resignation from her position, to be effective as of April 4, 2023, on March 24, 2023. The departures of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan and Ms. Barna will be effective as of April 7, 2023. The Company plans to enter into consulting agreements with each of Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan, Ms. Howze and Ms. Barna.
Dr. Williams will continue to serve as a director of the Company.
The Company would like to thank Dr. Williams, Ms. Bain, Dr. Mauro, Dr. Sathyanarayanan, Ms. Barna and Ms. Howze for their commitment and guidance to the Company.
In connection with their departures, the executives will be entitled to certain severance payments. Ms. Bain will be entitled to a severance payment of $74,254, Dr. Mauro will be entitled to a severance payment of $55,200, Dr. Sathyanarayanan will be entitled to a severance payment of $68,169, and Ms. Barna will be entitled to a severance payment of $59,119.