Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
As previously disclosed, on January 24, 2023, the Board of Directors (the
"Board") of Metacrine, Inc. (the "Company") appointed Michael York, the
Company's Chief Business Officer, to the additional positions of President,
Chief Executive Officer and Secretary, and designated Mr. York as the Company's
principal executive officer, in each case effective as of February 1, 2023.
Mr. York continues to serve as the Company's Chief Business Officer, Treasurer,
principal financial officer and principal accounting officer.
On February 2, 2023, in connection with Mr. York's promotion to the positions of
President, Chief Executive Officer and Secretary, the Compensation Committee of
the Board approved (i) an $80,000 base salary increase, effective as of
February 1, 2023, (ii) a one-time bonus of $100,000 payable upon the Company's
entry into an asset purchase agreement to sell the assets related to its
farnesoid X receptor program, and (iii) a target bonus percentage for fiscal
year 2023 of 40%.
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