Blog: AVITA MEDICAL, INC. : Change in Directors or Principal Officers … – Marketscreener.com

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;

           Appointment of Certain Officers; Compensatory Arrangements of Certain
           Officers


On January 19, 2023, AVITA Medical, Inc. (the “Company”) effected changes to its
management structure. In connection with these changes, Michael Holder, the
Company’s Chief Financial Officer, and Kathy McGee, the Company’s Chief
Operating Officer, are leaving the organization. Each of Mr. Holder and
Ms. McGee will receive severance benefits in accordance with such employee’s
Executive Employment Agreement with the Company for an involuntary termination
without cause, including payment of twelve months’ base salary (which includes
salary for the notice period required by the Executive Employment Agreement),
payment for health, vision and dental plan benefits for nine months following
termination, and acceleration of any unvested stock awards, and Ms. McGee will
receive her annual bonus for 2022 in the amount of $164,140, in each case in
exchange for signing a separation and release of claims agreement.

The Company will discontinue the role of Chief Operating Officer in light of its
new management structure. Mr. Holder’s responsibilities as the Company’s
principal financial officer and principal accounting officer will transition to
Mr. Sean Ekins, as Interim Chief Financial Officer, effective immediately.
Mr. Ekins, age 48, has served as the Company’s Sr. Vice President of Finance
since June 2018. Prior to joining the Company, Mr. Ekins served as a controller
with Ixia, a division of Keysight Technologies, Inc. There is no family
relationship between Mr. Ekins and any director, executive officer or person
nominated or chosen by the Company to become a director or executive officer at
the Company. The Company has not entered into any transactions with
Mr. Ekins that would require disclosure pursuant to Item 404(a) of Regulation
S-K under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Item 7.01. Regulation FD Disclosure.

On January 19, 2023, the Company issued a press release announcing changes in
its management structure, which is furnished hereto as Exhibit 99.1. The
information in this Item 7.01 and in the press release furnished hereto as
Exhibit 99.1 is not to be considered “filed” for purposes of the Exchange Act
or incorporated by reference in any filing under the Securities Act of 1933, as
amended, or the Exchange Act, except as shall be expressly set forth by specific
reference in such a filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
  No.       Description of Exhibit

99.1          Press release issued by the Company, dated January 19, 2023

104         Cover Page Interactive Data File (embedded within the Inline XBRL document)

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