UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Item 5.02 Departure of Director or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 31, 2023, Esther Rajavelu notified Fulcrum Therapeutics, Inc., or Fulcrum, of her intent to resign as chief financial officer and treasurer (and as principal financial officer), effective April 21, 2023, to pursue another opportunity. Fulcrum intends to conduct an executive search for a chief financial officer. Ms. Rajavelu agreed to continue to provide strategic advisory and consulting services to Fulcrum in a transitional capacity and on March 31, 2023, Fulcrum entered into a consulting agreement with Ms. Rajavelu to reflect this mutual understanding. The consulting agreement has an initial three-month term, and may be renewed upon mutual agreement. Either party may terminate immediately in the event of breach, or otherwise upon 30 days prior written notice; although if terminated during the initial three-month term, Ms. Rajavelu will continue to earn the agreed cash compensation. Under the consulting agreement, for the initial three-month term, Ms. Rajavelu will receive $52,780 on a monthly basis (derived from her current monthly base salary and an amount commensurate with 1/12 of her annual bonus target). Thereafter, payment will be on a pro rata basis dependent upon the number of days where consulting services were provided. In addition to standard expense reimbursement, and $6,000 for contract initiation fees, Fulcrum agreed to a 12-month post-termination exercise period for Ms. Rajavelu’s vested stock options following termination of her consulting services.
Fulcrum intends to file a copy of Ms. Rajavelu’s consulting agreement as an exhibit to its Quarterly Report on Form 10-Q for the three months ended March 31, 2023.
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 thereunto duly authorized.
| FULCRUM THERAPEUTICS, INC. | ||||||
| Date: April 5, 2023 | By: | /s/ Curtis Oltmans | ||||
| Name: Curtis Oltmans | ||||||
| Title: Chief Legal Officer | ||||||