Company: VRCA
Filing Date: 2025-04-30
Form Type: DEFR14A
Source: 0001193125-25-105562
Chunk: 56

Company: Verrica Pharmaceuticals Inc.
Filing Date: 2025-04-30
Form: DEFR14A
Chunk 56
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 39

Pursuant to the terms of his employment agreement, Dr. Rieger’s employment is at will and may be terminated at any time by us or Dr. Rieger. In the event that Dr. Rieger’s employment is terminated by us without cause or by Dr. Rieger for good reason within the 12 month period immediately following a Change in Control (as defined in the 2024 Inducement Plan), then all unvested shares subject to the option granted to Dr. Rieger on November 6, 2024 will vest in full and be deemed vested and exercisable as of the date of such Change in Control provided that Dr. Rieger timely executes and allows to become effective a separation agreement containing a release of claims in favor of us and other customary provisions in a form presented by us. Mr. Hayes We entered into an employment agreement with Mr. Hayes, our Chief Legal Officer, in August 2020. Under the terms of the agreement, Mr. Hayes was initially entitled to receive an annual base salary of $355,000 and an annual bonus of up to 40% of his annual base salary based upon our Board of Directors’ assessment of Mr. Hayes’s performance and our attainment of targeted goals as set by the Board of Directors in their sole discretion. Mr. Hayes also entered into an employee confidential information, inventions, non-solicitationand non-competitionagreement with us. Pursuant to the terms of his employment agreement, Mr. Hayes’s employment is at will and may be terminated at any time by us or Mr. Hayes. If Mr. Hayes’s employment is terminated by us without cause or by Mr. Hayes for good reason, then Mr. Hayes would be eligible to receive severance benefits. The length of severance benefits that Mr. Hayes would receive depends on whether or not he is terminated in connection with a change in control. If Mr. Hayes is terminated by us without cause or if Mr. Hayes resigns with good reason, then Mr. Hayes would be entitled to 12 months of the following severance benefits, less applicable tax withholding:

| • |     | payment of his then-current base salary in accordance with normal payroll procedures for the applicable severance period; and |

| • |     | payment or reimbursement of continued health coverage for Mr. Hayes and his dependents under COBRA for 12 months. |

If Mr. Hayes’s employment is terminated by us without cause or if Mr. Hayes resigns with good