secwatch.observer — SEC 8-K summary
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Issuer:     Verastem, Inc. (VSTM)
CIK:        0001526119
Form:       8-K
Filed at:   2023-08-04T23:59:59+00:00
Accession:  0001104659-23-087888
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1526119/000110465923087888/0001104659-23-087888-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1526119/000110465923087888/tm2322911d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-087888

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer