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 Officers
Item 5.02
Departure of General Counsel
On September 3, 2019, Adverum Biotechnologies, Inc. and Jennifer Cheng, Ph.D, J.D., Vice President, General Counsel and Secretary of Adverum, mutually agreed that Dr. Cheng will cease to be an officer and employee of Adverum effective September 6, 2019. On September 6, 2019, Adverum and Dr. Cheng entered into a separation agreement to which Dr. Cheng will receive (i) cash severance benefits of nine months of base salary, (ii) up to nine months of reimbursement of COBRA payments, (iii) accelerated vesting of certain restricted stock units that would have vested on September 20, 2019, and (iv) extension of the exercise period for her vested options until January 15, 2020. The separation agreement contains a non-disparagement obligation on both parties and a standard release of claims on the part of Dr. Cheng.
On September 6, 2019, Adverum and Dr. Cheng also entered into a consulting agreement to facilitate a smooth transition. The consulting agreement has a term of one month and provides that Dr. Cheng will be paid at the hourly rate of $800, not to exceed 10 hours per week, with a maximum aggregate payment to the consulting agreement of $32,000.