Business Context and Reporting Period
This Form 8-K Current Report was filed by TriSalus Life Sciences, Inc. on May 23, 2025, with the earliest event reported on that same date. The filing addresses significant changes in executive leadership, specifically the departure of the Chief Financial Officer and the appointment of a successor.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensation arrangements.
Material Changes
- Departure of CFO: James Young resigned as Chief Financial Officer effective May 30, 2025, citing personal reasons.
- Appointment of New CFO: The Company entered into an offer letter with David Patience on May 27, 2025, for the position of Chief Financial Officer, with employment expected to commence on July 1, 2025.
Compensation and Management Commentary
Outgoing CFO (James Young)
- Severance: Payment equal to six (6) months of annual salary.
- Equity: Vesting continues until May 31, 2026.
- Conditions: Provided a general release to the Company.
Incoming CFO (David Patience)
- Base Salary: $450,000 annually.
- Sign-on Bonus: $159,000.
- Annual Bonus: Eligible for up to 50% of base salary based on financial goals.
- Equity: Recommended stock option grant for 1% of issued and outstanding common stock; eligible for a performance equity grant in Q1 2026.
Investor Verification Checklist
- Verify the exact vesting schedule and acceleration terms for James Young's equity in the attached Agreement and Release (Exhibit 10.1).
- Confirm the specific financial goals and milestones required for David Patience's annual bonus.
- Monitor the Board of Directors' formal approval of the 1% stock option grant for David Patience.
- Review the press release (Exhibit 99.1) for any additional context regarding the transition period between May 30 and July 1, 2025.