On February 25, 2022, Dr. Abhay Joshi and the Company reached mutual agreement for Dr. Joshi to transition from his current position as Chief Operating Officer, President of R&D and Product Operations, effective as of March 31, 2022. Mark Foley, the Company's Chief Executive Officer, and Dustin Sjuts, the Company's President, will assume the responsibilities held by Dr. Joshi. Dr. Joshi's departure is unrelated to the Company's operational performance and is not because of a disagreement on any matter relating to the Company's operations, policies or practices.

In connection with Dr. Joshi's separation from the Company, the Company entered into a separation and consulting agreement (the “Separation Agreement”) with Dr. Joshi providing for (i) a release of claims against the Company, (ii) cash severance payments to Dr. Joshi in an amount equal to nine months of Dr. Joshi's 2021 base salary, paid in equal installments on the Company's regular payroll schedule over the nine month period following the separation date; and (iii) certain health care continuation benefits. The Separation Agreement also provides for a consulting period from April 1, 2022 through June 30, 2023 (the “Consulting Period”), where Dr. Joshi will continue to advise on the regulatory approval process for DaxibotulinumtoxinA for Injection for the treatment of glabellar lines. During the Consulting Period, Dr. Joshi's current outstanding options, restricted stock awards and performance stock awards will continue to be eligible to vest.

The Separation Agreement also provides for a post-termination exercise period for all vested stock options held by Dr. Joshi of three months after the end of the Consulting Period (subject to earlier expiration in accordance with the terms of such awards).