Business Context and Reporting Period
This Form 8-K was filed by Quanterix Corp on June 22, 2021, reporting events occurring on June 28, 2021. The filing announces the appointment of a new Chief Financial Officer and Treasurer and details the associated employment agreement.
Key Financial Metrics
This filing does not contain revenue, profit, cash flow, margin, debt, or liquidity metrics. It focuses exclusively on executive compensation and employment terms.
Material Changes
The primary material change is the leadership transition in the finance department:
- New Appointment: Michael Doyle appointed as Chief Financial Officer and Treasurer, effective July 12, 2021.
- Departure: Shawn Stetson steps down as Interim CFO and resumes his role as Senior Director, Corporate Controller.
Management Commentary, Risks, and Unusual Items
The filing details the compensation package for the new CFO, Michael Doyle, under an employment agreement dated June 22, 2021:
- Base Salary: $415,000 annualized.
- Performance Bonus: Target of up to $210,000 annually (2021 bonus prorated based on actual salary earned).
- Sign-On Equity: 5,530 restricted stock units and 12,904 non-qualified stock options. Vesting occurs over four years (25% on the first anniversary, remainder monthly).
- Future Equity: Eligible for annual grants with a target fair value of up to $900,000 starting in Q1 2022.
- Severance: In the event of termination without cause or resignation for good reason, the executive receives 12 months of base salary, the annual target bonus, and accelerated vesting of equity that would have vested during the severance period. In a change-in-control scenario, all unvested equity accelerates fully.
Investor Verification Checklist
- Verify the exact start date of Michael Doyle's employment (expected July 12, 2021).
- Review the full Employment Agreement (Exhibit 10.1) for specific definitions of "cause" and "good reason."
- Confirm the exercise price of the stock options, which is tied to the closing stock price on the actual start date.
- Monitor the company's next long-term equity award cycle in Q1 2022 for the annual grant.