UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
On May 22, 2023, Adverum and Richard Beckman, M.D., Adverum’s Chief Medical Officer, agreed that Dr. Beckman would resign as the Company’s Chief Medical Officer, effective June 1, 2023. On May 24, 2023, Adverum and Dr. Beckman entered into a Separation Agreement and General Release of Claims, pursuant to which Dr. Beckman will receive his earned salary and other compensation accrued through June 1, 2023. Dr. Beckman is not entitled to receive any other compensation in connection with his departure. There were no disagreements between Dr. Beckman and Adverum.
Adverum and Dr. Beckman also entered into a Consulting Agreement, effective June 1, 2023. Pursuant to the consulting agreement, for an initial term of twelve months (the “Initial Term), Dr. Beckman will provide up to 40 hours per month of consulting services to Adverum for consideration of $42,083 per month, with any additional services in excess of 40 hours per month compensated at a rate of $600 per hour. Adverum will also pay COBRA premiums for Dr. Beckman and his covered dependents during the Initial Term. Following the Initial Term, the Consulting Agreement may be renewed on a monthly basis, during which time Dr. Beckman will provide consulting services on an hourly basis for compensation of $600 per hour. Dr. Beckman’s equity awards with Adverum shall continue to vest during the term of the Consulting Agreement, provided, however, that pursuant to the terms of the Consulting Agreement, Dr. Beckman may not exercise any equity awards that vest during the Initial Term until the final day of the Initial Term, and if Dr. Beckman terminates the Consulting Agreement prior to June 1, 2024 or defaults under the Consulting Agreement, any equity awards that vested during the Initial Term shall be forfeited as of the date of such termination. The Consulting Agreement also provides that, so long as Dr. Beckman does not default under the Consulting Agreement or terminate the Consulting Agreement prior to June 1, 2024, the post-termination exercise period of Dr. Beckman’s vested stock options as of that date shall be extended to the date that is twelve months from the last day of the term of the Consulting Agreement.
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: May 25, 2023 | By: | /s/ Laurent Fischer | ||||
| Laurent Fischer, M.D. President and Chief Executive Officer | ||||||
Document and Entity Information |
May 22, 2023 |
|---|---|
| Cover [Abstract] | |
| Security Exchange Name | NASDAQ |
| Amendment Flag | false |
| Entity Central Index Key | 0001501756 |
| Document Type | 8-K |
| Document Period End Date | May 22, 2023 |
| 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 | 100 Cardinal Way |
| 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 |
| Entity Emerging Growth Company | false |