DermTech, 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. 


On March 1, 2023, the Company and its president and chief executive officer, John Dobak, entered into a transition agreement (the "Transition Agreement"), which provides, among other things, that Dr. Dobak will remain employed as the Company's president and chief executive officer until the earliest to occur of (i) the Company's retention of a new chief executive officer and (ii) September 30, 2023 (the "Separation Date"). Dr. Dobak has agreed to, in addition to performing his existing duties as president and chief executive officer, cooperate with the Company's efforts to recruit and engage a new chief executive officer until the Separation Date and to resign as president and chief executive officer and as a director of the Company on the Separation Date. Through the Separation Date the Company will continue to pay Dr. Dobak's salary and benefits, the Company will grant Dr. Dobak 56,407 restricted stock units (subject to quarterly vesting), and Dr. Dobak's equity awards will continue to vest. From the Separation Date until January 1, 2024, Dr. Dobak has agreed to provide certain consulting services to the Company for no additional compensation, except that Dr. Dobak's equity awards shall continue to vest during this period. Provided Dr. Dobak remains party to the Transition Agreement and certain releases, he will also be entitled to receive a lump sum cash payment in an amount equal to 12 months of his then current base salary within 30 days of his agreement to certain releases, payment of COBRA premiums for up to twelve months following the Separation Date, additional vesting and extended exercisability for certain equity awards, and certain cash bonuses, each as further described in the Transition Agreement. Dr. Dobak's decision to enter into the Transition Agreement was not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. The Board approved the Transition Agreement on February 28, 2023.