Management Change/Compensation - Form 8-K

Item 5.02 Departure of Directors or Principal Officers; Election of Directors; Appointment of Principal Officers.

On May 9, 2024, Collegium Pharmaceutical, Inc. (the "Company") announced that Joseph Ciaffoni will step down as the President and Chief Executive Officer of Collegium Pharmaceutical, Inc. (the "Company") effective May 24, 2024. Accordingly, Mr. Ciaffoni will not stand for re-election as a member of the Board of Directors of the Company (the "Board") at the Company's upcoming Annual Meeting of Shareholders to be held on May 16, 2024 (the "Annual Meeting"). Immediately following the Annual Meeting, the Board will be reduced in size from nine to eight members. Mr. Ciaffoni's departure will be treated as a termination without cause pursuant to the terms of Mr. Ciaffoni's existing employment agreement with the Company.

On May 9, 2024, the Board approved the appointment of Michael Heffernan, the Company's Chairman of the Board, to Interim President and Chief Executive Officer, effective May 24, 2024, to serve in such capacities until such time as a new Chief Executive Officer and President commences employment or such other date determined by the Board. In these capacities, Mr. Heffernan will serve as the Company's principal executive officer. The Board has also initiated a search for a new President and Chief Executive Officer. In connection with Mr. Heffernan's service as Interim President and Chief Executive Officer, Mr. Heffernan will receive a base salary at an annual rate of $291,666 (representing one-third of Mr. Ciaffoni's current base salary).

There is no arrangement or understanding between Mr. Heffernan and any other person pursuant to which he was selected as an officer of the Company, and there is no family relationship between Mr. Heffernan and any of the Company's other directors or executive officers. Mr. Heffernan's biography can be found in the Company's proxy statement filed with the Securities and Exchange Commission ("SEC") on April 5, 2024, which is incorporated herein by reference.