UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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.
(e) Modified Compensation of Chief Executive Officer
In September 2019, the board of directors (the “Board”) of Aclaris Therapeutics, Inc. (the “Company”) approved a modification to the overall compensation for Neal Walker, the Company’s Chief Executive Officer, which consisted of a reduction of his annual base salary from $566,500 per year, which had been in effect as of January 1, 2019, to $300,000 per year, effective as of October 1, 2019, and substituted the reduced cash component with an equity component.
On August 13, 2020, upon the recommendation of the Compensation Committee of the Board, the Board approved the reversion of Dr. Walker’s annual base salary to his previous salary of $566,500, effective July 15, 2020. In addition, as a make-whole for Dr. Walker’s reduced salary for the period from February 1, 2020 to July 14, 2020, the Board approved the grant of a restricted stock unit award to Dr. Walker for 83,092 shares of the Company’s common stock, effective on September 1, 2020, subject to Dr. Walker’s continuous service through such date. The shares underlying the restricted stock unit award will vest in full on the date of grant.
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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.
ACLARIS THERAPEUTICS, INC. | ||
By: | /s/ Frank Ruffo | |
Date: August 14, 2020 | Frank Ruffo |
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