ARCA Biopharma, a Westminster-based company specializing in targeted therapies for cardiovascular diseases, has reported the departure of their President and CEO, Dr. Michael Bristow, and appointment of Thomas Keuer as the new President.
This transition took effect on April 3, 2024, when ARCA and Dr. Bristow mutually decided to end his tenure as both an employee and a director of the company. Along with his separation, ARCA agreed to give Dr. Bristow a severance package, which was dependent on his agreement not to revoke a legal release of claims.
The severance package provided to Dr. Bristow included a lump sum payment equivalent to his base salary for twelve months plus a cash payment of $25,000, after applicable withholdings. The terms of the separation were outlined in a “Separation Agreement” between ARCA and Dr. Bristow.
In addition to the “Separation Agreement”, ARCA and Dr. Bristow entered into a “Consulting Agreement”. This agreement stipulated that Dr. Bristow would offer consulting services to ARCA. This service could end upon completion of the consulting tasks, termination based on the Agreement’s terms, or if ARCA underwent a Change of Control as outlined in ARCA’s 2020 Equity Incentive Plan.
During his term under the “Consulting Agreement”, Dr. Bristow’s equity awards would continue to vest. This arrangement means that Dr. Bristow’s service is considered a Continuous Service as defined by the Plan.
Also, on the same day, April 3, 2024, ARCA appointed Thomas A. Keuer, the company’s Chief Operating Officer, as its new President and principal executive officer. Keuer, who joined ARCA in 2006, will retain his position as the company’s COO. With the new roles, he will not receive any additional compensation.
However, Keuer’s tenure as President will be temporary, as it is set to conclude upon the closure of a merger the company previously disclosed in a Current Report on Form 8-K filed with the SEC on April 3, 2024.
Source: Press Release