Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
ARCA biopharma, Inc. ("ARCA" or the "Company") and Christopher D. Ozeroff, the
Secretary, Senior Vice President and General Counsel of ARCA have mutually
agreed to conclude Mr. Ozeroff's employment effective March 31, 2023. Mr.
Ozeroff's departure is not the result of any disagreement with ARCA on any
matter relating to its operations, policies or practices, or regarding the
general direction of the company.
Pursuant to Mr. Ozeroff's existing employment agreement, as previously amended,
ARCA will provide Mr. Ozeroff severance benefits pursuant to the terms of his
existing employment agreement with the Company, as previously amended. The
severance benefits include severance payments and reimbursement to cover
out-of-pocket costs to continue group health insurance benefits under COBRA,
whether he elects or is eligible to receive COBRA (provided, that even if he
does not elect or is not eligible to receive COBRA, he will receive the
equivalent of such out-of-pocket expenses paid by him not to exceed the costs
that the benefits would equal under COBRA if he were so eligible). The severance
benefits are conditioned on the execution by Mr. Ozeroff of a legal release of
claims.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Description
Number
104 Cover Page Interactive Data File (embedded within the inline
XBRL document).
--------------------------------------------------------------------------------
© Edgar Online, source Glimpses