UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
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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. |
Departures and Appointments of Certain Officers
On October 5, 2024, the Board of Directors (the “Board”) of the Company approved the termination of employment, without cause, of Carrie L. Bourdow, the Company’s President and Chief Executive Officer; Barry Shin, the Company’s Executive Vice President, Chief Operating Officer and Chief Financial Officer; and Mark A. Demitrack, MD, the Company’s Senior Vice President and Chief Medical Officer, each effective as of October 5, 2024 (the “Termination Date”). The terminations were in connection with cost-cutting measures, and do not involve any disagreement concerning the Company’s operations, policies or practices. Ms. Bourdow will continue to serve as Chairman of the Board, Acting Chief Executive Officer and principal executive officer; Mr. Shin will continue to serve as Acting Chief Operating Officer and Chief Financial Officer, principal financial officer and principal accounting officer; and Mr. Demitrack will continue to serve as Acting Chief Medical Officer, following her or his respective terminations of employment.
In connection with the termination of employment of Ms. Bourdow, Mr. Shin and Dr. Demitrack (each, an “Executive”), the Company entered into a Separation Agreement and General Release (collectively, the “Separation Agreements”) with each Executive. The Separation Agreements address the severance payments and benefits to which each Executive is entitled in connection with such Executive’s termination without cause, consistent with the terms of such Executive’s employment agreement. Copies of the Separation Agreements filed as Exhibit 10.1, Exhibit 10.2 and Exhibit 10.3 to this Current Report on Form 8-K, which are incorporated herein by reference.
Consulting Arrangements
On October 5, 2024, the Company entered into consulting agreements with Mr. Shin (the “Shin Consulting Agreement”) and Dr. Demitrack (the “Demitrack Consulting Agreement”), effective as of October 5, 2024, pursuant to which Mr. Shin and Dr. Demitrack will provide assistance, advice and expertise on corporate strategy, commercial and pipeline assets and other business topics as directed by the Company. Pursuant to the terms of the Shin Consulting Agreement and Demitrack Consulting Agreement, Mr. Shin and Mr. Demitrack will receive cash compensation at an hourly rate generally consistent with their respective prior compensation levels for services to the Company. Copies of the Shin Consulting Agreement and the Demitrack Consulting Agreement filed as Exhibit 10.4 and Exhibit 10.5, respectively, to this Current Report on Form 8-K, which are incorporated herein by reference.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
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.
| TREVENA, INC. | ||
| Date: October 10, 2024 | By: | /s/ Barry Shin |
| Barry Shin | ||
| Acting Chief Operating Officer and Chief Financial Officer |