Exhibit 10.24

 



 

Confidential Offer Letter

 

January 30, 2015

 

Paul Brannelly

40 Glenellen Road

West Roxbury, MA 02132

 

Dear Paul,

 

Collegium Pharmaceutical, Inc. is very pleased to present you with the following offer to join our organization.  This letter outlines our offer as described below.  We consider this position to be very important to our Company’s success.  As we continue to grow, we believe this position will offer you the opportunity for professional growth while allowing you to make contributions which will further the Company’s goals.

 

	
Position   Title:
    	
 
    	
EVP &   Chief Financial Officer
    
	
 
    	
 
    	
 
    
	
Responsibilities:
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
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Direct   and oversee all aspects of the Finance & Accounting functions of the   organization.
    
	
 
    	
·
    	
Direct   and oversee all aspects of Human Resources, IT and Investor Relations   functions of the organization.
    
	
 
    	
·
    	
Provide   leadership in the development for the continuous evaluation of short and   long-term strategic financial objectives.
    
	
 
    	
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Coordinate   the development and monitoring of budgets.
    
	
 
    	
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Develop   financial business plans and forecasts and evaluate and advise on the impact   of long range planning, introduction of new programs/ strategies and   regulatory action.
    
	
 
    	
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Ensure   that effective internal controls are in place and ensure compliance with GAAP   and applicable federal, state and local regulatory laws and rules for   financial and tax reporting.
    
	
 
    	
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Represent   the company to financial partners, including financial institutions,   investors, foundation executives, auditors, public officials, etc.
    
	
 
    	
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Coordinate   audits and proper filing of tax returns.
    
	
 
    	
 
    	
 
    
	
Reporting   to:
    	
 
    	
Michael   Heffernan, President & CEO
    
	
 
    	
 
    	
 
    
	
Compensation:
    	
 
    	
Starting   annual salary of $300,000 (paid bi-weekly)
    
	
 
    	
 
    	
 
    
	
Bonus:
    	
 
    	
Eligible   to receive up to 35% of base salary upon achieving agreed upon performance   objectives. You will eligible for participation in 2015 bonus program
    


 

780 Dedham Street, Suite 800  ·  Canton, MA  ·  02021    |  tel 781.713.3600    |  fax 781.828.4697    |

 











 

	
Stock   Options:
    	
 
    	
You   will be granted an option to purchase 500,000 shares at fair market value. A   copy of the Company’s Stock Option Plan will be provided to you.
    
	
 
    	
 
    	
 
    
	
Stock   Repurchase
    	
 
    	
 
    
	
Agreement:
    	
 
    	
A   mutually agreeable stock repurchase agreement will be implemented.
    
	
 
    	
 
    	
 
    
	
Benefits:
    	
 
    	
Vacation/Sick   Time — You will be entitled to four (4) weeks of accrued   vacation & sick time per year.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Health &   Dental Insurance — You will have the opportunity to participate in   the Company’s group health insurance (BCBS of Massachusetts) and dental   insurance (Delta Dental) plans as well as an HSA (Health Savings Account).
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
401K   Plan — The Company offers a 401(k) plan in which you will be   eligible to participate upon completion of three (3) full calendar   months of employment.
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Group   Life, STD & LTD Insurance — Per the company plan,   currently at no cost to the employee.
    
	
 
    	
 
    	
 
    
	
Start   Date:
    	
 
    	
February 4,   2015
    


 

The Company requires that you execute our standard Employee Confidentiality and Inventions Agreement and comply with all Federal and State employment laws and regulations. All company employment offers are subject to a standard 90-day probationary period.

 

If the terms of this offer are acceptable, please indicate by signing and returning this letter to me.  Please feel free to contact me if you have any questions.  We look forward to having you join our team.

 

 

Best Regards,

 

 

Michael T. Heffernan

President & CEO

 

 

	
/s/   Michael Heffernan
    	
 
    	
Accepted   by:
    	
/s/   Paul Brannelly
    
	
Authorized   Signature
    	
 
    
	
 
    	
Date:
    	
2/4/2015