UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of New Principal Financial and Accounting Officer
Effective January 28, 2021, Leone Patterson, in addition to her role as president of Adverum Biotechnologies, Inc., will also serve as Adverum’s chief financial officer, principal financial officer and principal accounting officer of Adverum.
Ms. Patterson, age 58, has served as our president since October 2018, and served as our chief executive officer and as a director from October 2018 to June 2020. Prior to October 2018 Ms. Patterson had been serving as the interim president and chief executive officer since May 2018. She also served as our chief financial officer from June 2016 to April 2019. Prior to joining Adverum, Ms. Patterson served in various public company executive financial roles, most recently from March 2015 to June 2016 as the chief financial officer of Diadexus Inc. where she was responsible for overseeing the company’s finance function. Ms. Patterson earned a B.S. in business administration and accounting from Chapman University and an executive M.B.A. from St. Mary’s College. Ms. Patterson is also a Certified Public Accountant (inactive status).
Resignation of Chief Financial Officer
On January 28, 2021, Thomas Leung, chief financial officer of Adverum Biotechnologies, Inc., advised Adverum that he was resigning as an officer of Adverum to pursue other interests, effective January 28, 2021. There were no disagreements between Mr. Leung and Adverum. Mr. Leung has agreed to consult with Adverum to ensure a smooth transition.
On February 2, 2020, Adverum and Mr. Leung entered into a Separation Agreement and General Release of Claims and a Consulting Agreement. The consulting agreement provides that Mr. Leung will provide consulting services to Adverum for a period of one month, during which time the options to purchase Adverum common stock held by Mr. Leung will vest. The Separation Agreement provides, among other things, that: Mr. Leung will receive his 2020 annual bonus in the amount determined to be earned; Mr. Leung will receive separation benefits under his Change in Control and Severance Agreement, which include a cash payment of nine months base salary, and up to nine months COBRA premiums; and the stock options held by Mr. Leung will terminate on August 2, 2021. Pursuant to the Separation Agreement and General Release of Claims Mr. Leung gave Adverum a general release of claims.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ADVERUM BIOTECHNOLOGIES, INC. | ||||||
Date: February 2, 2021 | By: | /s/ Laurent Fischer | ||||
Laurent Fischer, M.D., Chief Executive Officer |
Document and Entity Information |
Jan. 28, 2021 |
---|---|
Cover [Abstract] | |
Amendment Flag | false |
Entity Central Index Key | 0001501756 |
Document Type | 8-K |
Document Period End Date | Jan. 28, 2021 |
Entity Registrant Name | Adverum Biotechnologies, Inc. |
Entity Incorporation State Country Code | DE |
Entity File Number | 001-36579 |
Entity Tax Identification Number | 20-5258327 |
Entity Address, Address Line One | 800 Saginaw Drive |
Entity Address, City or Town | Redwood City |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 94063 |
City Area Code | (650) |
Local Phone Number | 656-9323 |
Written Communications | false |
Soliciting Material | false |
Pre Commencement Tender Offer | false |
Pre Commencement Issuer Tender Offer | false |
Security 12b Title | Common Stock |
Trading Symbol | ADVM |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
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