Adverum Biotechnologies, Inc. (NASDAQ:ADVM) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On June15, 2018, the Compensation Committee of the Board of Directors of Adverum Biotechnologies, Inc. took the following compensation actions with respect to each of Leone Patterson, Adverum’s Interim President and Chief Executive Officer, and Chief Financial Officer, and Mehdi Gasmi, Ph.D,, Adverum’s Chief Science and Technology Officer:
| 1. | Approved a cash retention award of $75,000 per quarter to Ms.Patterson (less all applicable withholdings and deductions), payable each quarter on the first regular payment date for the quarter (with the payment for the second quarter of 2018 to be made on the first regular payroll date of July 2018), provided that Ms.Patterson remains employed as Adverum’s Interim President and Chief Executive Officer on the relevant payment date; and |
| 2. | Granted to Ms.Patterson restricted stock units (“RSUs”) to acquire 88,496 shares of Adverum’s common stock, such RSUs to vest with respect to 50% of the shares on the first anniversary of the grant date, subject to Ms.Patterson’s continued service with Adverum on the vesting date. |
| 3. | Granted to Dr.Gasmi RSUs to acquire 88,496 shares of Adverum’s common stock, such RSUs to vest with respect to 50% of the shares on the fourth anniversary of the grant date, subject to Dr.Gasmi’s continued service with Adverum on the vesting date, and subject further to accelerated vesting with respect to (a)one half of the shares upon Compensation Committee certification of completion of a manufacturing milestone, and (b)one half of the shares upon Compensation Committee certification of completion of a regulatory milestone. |
The RSUs are also subject to accelerated vesting in the event that Adverum terminates the recipient’s employment other than for “cause,” or the recipient resigns for “good reason,” as such terms are defined in the grant documentation, or upon termination of employment following a sale or change in control of Adverum as may be provided in any Change in Control and Severance Agreement between Adverum and the recipient.
About Adverum Biotechnologies, Inc. (NASDAQ:ADVM)
Adverum Biotechnologies, Inc., formerly Avalanche Biotechnologies, Inc., is a gene therapy company. The Company is engaged in discovering and developing medicines to patients suffering from chronic or debilitating disease. The Company operates and manages its business in the segment of developing and commercializing gene therapeutics. It focuses on diseases with unmet medical need, including ophthalmic diseases, such as wet age-related macular degeneration (AMD), as well as rare genetic diseases. The Company’s product candidates include AVA-101 and AVA-201 for treatment of Wet AMD; AVA-322 and AVA-323 for the treatment of Color Vision Deficiency, and AVA-311 for the treatment of Juvenile X-linked Retinoschisis. It has generated human proof-of-concept data for AVA-101 in a Phase I trial with over eight wet AMD subjects conducted at Lions Eye Institute (LEI) in Australia. It is developing AVA-322 and AVA-323 for the treatment of color vision deficiency (CVD).
