UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) November 30, 2023
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Item 2.05 Costs Associated with Exit or Disposal Activities.
On November 30, 2023, the Board of Directors of Yield10 Bioscience, Inc. ("Yield10" or the "Company") approved the full or partial furlough of approximately 65% of its workforce, most of whom are located in the Company's U.S. facility. During the furloughs, the furloughed employees will continue to receive employment benefits, and those employees who continue to work will receive reductions in compensation. The furloughs took effect on December 4, 2023, and will continue until such time as the Company is able to raise additional funding through public or private placements of equity or debt, technology licensing, collaboration arrangements or other strategic options undertaken with third parties.
In connection with the furloughs, the Company does not estimate that it will incur significant restructuring charges; however, costs that are not currently contemplated may occur as a result of the furloughs.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Also on November 30, 2023, Yield10's Board of Directors approved amendments to the employment agreements of the Company's chief executive officer, principal financial and accounting officer and its two other named executive officers. The amendments temporarily reduce the salary of each officer to $684 per week until such time as the Company is able to raise additional funding to support its ongoing operations. Executive officers of the Company will continue to receive employment benefits during the period of reduced salaries. If the Company is able to raise additional funding, the executive officers will receive payment of the amount of their salaries that was retained pursuant to these amendments.
The foregoing summary description of the amended employment agreements is not complete and is subject to, and qualified in its entirety by reference to, the full text of the amendments to the employment agreements, copies of which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| YIELD10 BIOSCIENCE, INC. | ||||||||
| December 6, 2023 | By: | /s/ Oliver P. Peoples | ||||||
| Oliver P. Peoples | ||||||||
| President & Chief Executive Officer | ||||||||