Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officer.
On December 1, 2020, Stuart Chaffee, Chief Financial Officer (and principal
financial officer) of Praxis Precision Medicines, Inc. (the "Company") and the
Company announced that Dr. Chaffee will be transitioning from his position as
Chief Financial Officer to the role of strategic advisor, effective December 2,
2020. Dr. Chaffee's departure was not related to any disagreements with the
Company on any matter relating to its operations, policies, practices or any
issues regarding financial disclosures, accounting or legal matters. The Company
has commenced a formal search for a new chief financial officer. Lauren
Mastrocola, the Company's Vice President of Finance and principal accounting
officer, has assumed the responsibilities of principal financial officer of the
Company on an interim basis.
In connection with his departure, and subject to the Company's receipt of a
general release of claims and pursuant to the terms of a separation and
transition agreement, Dr. Chaffee is expected to receive (i) continuation of his
current base salary for 9 months following his separation from the Company,
(ii) his target cash bonus amount for fiscal year 2020, payable in 9 equal
monthly installments following his separation from the Company, and
(iii) continued time-based vesting of the unvested portions of Dr. Chaffee's
outstanding equity awards during the period in which Dr. Chaffee provides
advisory services to the Company.
Item 8.01 Other Events.
On December 1, 2020, the Company issued a press release announcing Dr. Chaffee's
departure. A copy of the press release is attached hereto as Exhibit 99.1 and
incorporated by reference into this Item 8.01.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
Exhibit
No. Description
99.1 Press Release, dated December 1, 2020.
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