Desktop Metal, Inc. appointed new CEO

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Resignation of Executive Officer

In connection with the Initiative described in Item 2.05 of this Form 8-K, on June 10, 2022, the Board of Directors of the Company determined that Michael Jafar will cease to serve as the President and Chief Executive Officer of Desktop Health, effective as of June 30, 2022. The Company intends to enter into a separation agreement with Mr. Jafar setting forth the terms of his separation from the Company.

Appointment of Executive Officer 

On June 10, 2022, the Company appointed Thomas Nogueira as its Chief Operating Officer, effective as of June 10, 2022 (the "Effective Date"). Mr. Nogueira, age 38, served as the Company's Senior Vice President of Global Operations from December 2021 to June 2022, where he managed the Company's global manufacturing, supply chain and facilities. From April 2018 to November 2021, he served as the Company's Vice President of Operations and, from February 2017 to March 2018, as the Company's Director of Manufacturing Operations. Prior to joining the Company, Mr. Nogueira held roles of increasing responsibility at 24M Technologies, Inc. ("24M"), a lithium-ion battery developer and manufacturer, including Senior Director of Program Management & Operations, where he oversaw all aspects of 24M's manufacturing process. Prior to 24M, Mr. Nogueira held various operations, engineering and program management roles at A123 Systems LLC and the General Electric Company. Mr. Nogueira holds a B.S. in Chemical Engineering from the Worcester Polytechnic Institute and is a graduate of the GE Operations Management Leadership Program.

In connection with his appointment, Mr. Nogueira will be entitled to an annual base salary in the amount of $400,000 and a grant of $500,000 of Restricted Stock Units based on the closing price of the Company's common stock on the Effective Date. Mr. Nogueira will also be eligible for an annual bonus of up to $240,000 in accordance with the Company's annual bonus program. On June 12, 2022, Mr. Nogueira and the Company entered into an offer letter, effective as of June 12, 2022. Pursuant to the offer letter, in the event Mr. Nogueira's employment is terminated by the Company without cause, subject to his execution and non-revocation of a release of claims, he will be entitled to receive his base salary for a period of 9 months and COBRA benefits, if elected, until the earlier of 9 months or the date he becomes eligible for coverage under another employer's plan.