Verastem enters CEO employment agreement with Daniel Paterson; $600K salary, equity grants

Verastem, Inc.

Daniel Paterson appointed President & CEO effective Aug 1, 2023; employment agreement signed Aug 2, 2023.
Base salary $600K/yr; annual bonus target 55% of base salary, pro-rated for 2023.
Granted option for 100,000 shares at $10.44/share; 50,000 time-based RSUs; 50,000 performance-based RSUs tied to FDA acceptance/approval of avutometinib+defactinib NDA.
Time-based awards vest 25% on 1-yr anniversary, then 6.25% quarterly over 4 yrs.
Severance: 12 months salary (18 months upon Change of Control), pro-rata bonus, COBRA, accelerated time-based vesting for 12 months.

item 5.02 item 9.01

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Appointed

Daniel Paterson

President and Chief Executive Officer

VSTM · Verastem, Inc.

Effective: 2023-08-01
Filed: August 4, 2023, 7:59 PM ET

Daniel Paterson was appointed to the position of President and Chief Executive Officer of Verastem, Inc. (the “Company”) effective as of August 1, 2023

Key facts

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Executive change SEC 8-K Item 5.02 confidence 1.0

Daniel Paterson was appointed as President and Chief Executive Officer at Verastem, Inc..

Action: appointed
Role: President and Chief Executive Officer

Exact text from the filing

Daniel Paterson was appointed to the position of President and Chief Executive Officer of Verastem, Inc. (the “Company”) effective as of August 1, 2023

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Verastem, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-087888

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