UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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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 April 1, 2022, Premal Patel, M.D., Ph.D., Chief Medical Officer of eFFECTOR Therapeutics, Inc. (the “Company”), resigned from the Company in order to pursue a new career opportunity. Mr. Patel’s duties and responsibilities have been reassigned to existing executive officers and other management personnel at the Company. Dr. Patel will continue to serve the company as a consultant to the company until Sept. 30, 2022. Dr. Patel’s resignation from the Company was not due to any disagreement with the Company or its management on any matter relating to the Company’s operations, policies or practices.
In connection with Dr. Patel’s termination of employment with the Company on April 1, 2022 (the “Effective Date”), Dr. Patel executed a general release of claims (the “Release”), pursuant to which (i) Dr. Patel’s vested Company stock options will remain eligible to become exercisable until April 1, 2023, and (ii) the Company will continue to pay the employer portion of the healthcare coverage for Mr. Patel and his eligible dependents, in each case, until December 31, 2022. Pursuant to a Consulting Agreement (the “Consulting Agreement”) entered into as of the Effective Date, Dr. Patel will receive an hourly consulting fee of $600, and continued vesting of his outstanding equity awards during the term of his consulting services.
The foregoing description of the Release and Consulting Agreement is a summary only and is subject to and qualified in its entirety by the terms of the Release and Consulting Agreement, copies of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending June 30, 2022.
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.
| eFFECTOR Therapeutics, Inc. | ||||
| Date: April 4, 2022 | By: | /s/ Michael Byrnes | ||
| Name: | Michael Byrnes | |||
| Title: | Chief Financial Officer | |||