Telesis Bio Inc.
10/25/2024 | Press release | Distributed by Public on 10/25/2024 15:01
Management Change/Compensation Form 8 K
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Telesis Bio Inc. (the "Company") announced that effective October 31, 2024, Robert H. Cutler, the Company's Chief Legal Officer, will depart the Company. In connection with Mr. Cutler's departure, Mr. Cutler and the Company have executed a Separation Agreement (the "Separation Agreement"). Under the terms of the Separation Agreement, the Company will provide for the following benefits (the "Severance Benefits"), subject to the terms and conditions of the Separation Agreement:
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severance payment of $307,500, which is equal to nine months of Mr. Cutler's salary, to be paid in equal installments on the Company's regular payroll schedule; provided that the Company will accelerate and pay all remaining amounts of the severance in one payment as soon as the Company is able to raise $4 million in the form of a financing of any type, a payment of milestones or other payment under existing agreements between the Company and third parties or payment in consideration entering into one or more new agreements with a third party collaborator or licenses, or any combination thereof;
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nine months of continued COBRA premiums equal to $23,596.88.
As part of the Separation Agreement, Mr. Cutler signed a general release in favor of the Company. It is expected that Mr. Cutler and the Company will also enter into a consulting agreement pursuant to which Mr. Cutler will assist with the transition of his role and consult for the Company.
The foregoing description of the terms of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the Separation Agreement, a copy of which will be filed with the Company's Annual Report on Form 10-K for the year ending December 31, 2024.