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. |
Resignation of Joe Bonaccorso as Chief Commercial Officer
On August 21, 2024, Mr. Bonaccorso notified Verrica Pharmaceuticals Inc. (the “Company”) that he will resign from his position as Chief Commercial Officer of the Company, effective August 30, 2024.
The Company expects to enter into a Release Agreement (the “Release Agreement”) with Mr. Bonaccorso containing (i) a release of claims against the Company and (ii) the following separation benefits: (a) payment of his current base salary in accordance with normal payroll procedures for 12 months and (b) if elected, payment of continued health coverage for Mr. Bonaccorso and his dependents under COBRA for up to 12 months. In connection with the Release Agreement, the Company also expects to enter into a Consulting Agreement with Mr. Bonaccorso (the “Consulting Agreement”), pursuant to which Mr. Bonaccorso will provide consulting services through August 30, 2025, unless earlier terminated. Pursuant to the Consulting Agreement, Mr. Bonaccorso will not receive any cash compensation. The consideration for the Consulting Agreement is for his outstanding option and restricted stock unit awards to continue to vest in accordance with their terms, subject to his continuous service under 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.
| Verrica Pharmaceuticals Inc. | ||||||
| Date: August 27, 2024 | /s/ P. Terence Kohler Jr. | |||||
| P. Terence Kohler Jr. | ||||||
| Chief Financial Officer | ||||||