Metacrine Inc. filed SEC Form 8-K: Leadership Update
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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 March 17, 2023, in connection with the approval by the board of directors (the “Board”) of Metacrine, Inc. (the “Company”) of the plan of liquidation and dissolution of the Company (the “Plan of Dissolution”), Michael York notified the Board that he will resign from his position as the Company’s President, Chief Executive Officer, Chief Business Officer, Principal Financial Officer, Principal Accounting Officer, Secretary and Treasurer, effective as of March 24, 2023 (the “Separation Date”).
On March 17, 2023, in connection with Mr. York’s resignation, the Company entered into a Separation Agreement and General Release of Claims (the “Separation Agreement”) with Mr. York, pursuant to which Mr. York will, upon the effectiveness of the Separation Agreement, be entitled to (i) a one-time severance payment in the amount of $700,000, less applicable taxes and withholdings; (ii) a cash payment of $43,431, which is equal to the amount of Mr. York’s COBRA premiums through March 31, 2024, subject to applicable tax withholdings; and (iii) the full acceleration of the vesting and exercisability of each outstanding unvested stock option and other stock award held by Mr. York as of the Separation Date, subject to Mr. York’s agreement to a general release of claims in favor of the Company and its affiliates and certain confidentiality, non-disparagement and nondisclosure obligations.
SIGNATURE
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.
| Metacrine, Inc. | ||||||
| Date: March 23, 2023 | By: | /s/ Michael York | ||||
| Michael York | ||||||
| President and Chief Executive Officer | ||||||