Item 5.02. Departure of directors or certain managers; Election of directors; Appointment of certain officers; Compensatory provisions of certain executives
Transition from Andreas Buschdoctorate
On September 30, 2022, Andreas Buschnotified doctorate Absci Company (the “Company”) upon his appointment as Chief Innovation Officer of the Company (as described in item 8.01 below) that he would resign from the Board of Directors of the Company and all its committees.
Transition from Matthew Weinstockdoctorate
In connection with At Dr. Busch’s appointment to the position of Chief Innovation Officer of the Company, Matthew WeinstockPh.D., the company’s chief technology officer, will become a consultant on October 4, 2022. The Company expresses its gratitude to Dr Weinstock for his dedicated service to the Society.
The Compensation Committee of the Board of Directors has approved the entering into of a Separation Agreement and General Release of Claims with Dr Weinstock effective from September 30, 2022 (the “Separation Agreement”). Pursuant to the Separation Agreement, in exchange for certain debt releases, At Dr. Weinstock’s full-time employment as CTO will continue October 4, 2022 (the “Departure Date”), and he will be entitled to (i) a severance indemnity of twelve (12) months At Dr. Weinstock’s current base salary payable in monthly installments equal to the Company’s regular pay dates, (ii) reimbursement of employer COBRA premium contributions for up to twelve (12) months, and (iii) a bonus amount in cash pro rata equal to $145,125minus applicable deductions and withholdings.
In addition, Dr Weinstock will act as a consultant to the Company for a maximum term of eight (8) months pursuant to a consultancy agreement effective as of the date of separation (the “Consultancy Agreement”). As part of the consulting contract,
Dr Weinstock is entitled to an hourly rate for its consulting services. From the date of separation, At Dr. Weinstock’s outstanding equity awards will cease to vest and any vested portion of such awards will remain exercisable during the term of the consulting agreement.
The foregoing descriptions of the Separation Agreement and the Counseling Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the Separation Agreement and the Counseling Agreement, which will be filed in as attachments to the company’s quarterly report on Form 10-Q for the end of the quarter September 30, 2022.
Item 8.01. Other events
On October 4, 2022, Absci Company announced the appointment of Andreas Busch, Ph.D., as Chief Innovation Officer. The full text of the press release is filed as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01 Financial statements and supporting documents
Exhibit No. Description
99.1 Press Release of Absci Corporation, dated October 4, 2022.
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