Jeffrey Cerio
About Jeffrey Cerio
Jeffrey Cerio, Pharm.D., J.D., has served as Senior Vice President, General Counsel and Corporate Secretary at Korro Bio (KRRO) since August 2024; his background includes senior legal roles at Atomwise, Triplet Therapeutics, Moderna, Alkermes, and Ropes & Gray, with doctoral degrees from Northeastern University (Pharm.D.) and the University of Connecticut School of Law (J.D.) . Company performance context during his tenure start: 2024 pay-versus-performance disclosure shows Korro’s TSR value of $20 for a hypothetical $100 investment and net income of -$83.6 million, reflecting a challenging equity and earnings backdrop in 2024 . In 2024, corporate bonus goals (pipeline, OPERA platform, corporate development) were assessed at 95% of target, informing bonus outcomes for named executives including Dr. Cerio (prorated) .
Past Roles
| Organization | Role | Years | Source |
|---|---|---|---|
| Korro Bio, Inc. | SVP, General Counsel & Corporate Secretary | Aug 2024–present | |
| Atomwise Inc. | General Counsel & Corporate Secretary | Oct 2021–Aug 2024 | |
| Triplet Therapeutics, Inc. | SVP, General Counsel & Corporate Secretary | Nov 2019–Aug 2021 | |
| Moderna, Inc. | Senior Corporate Counsel, Securities | Jun 2018–Nov 2019 | |
| Alkermes plc | Securities and Business Development Counsel | Prior to Jun 2018 (dates not specified) | |
| Ropes & Gray LLP | Associate | Prior to Alkermes (dates not specified) |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company directorships disclosed for Dr. Cerio in KRRO’s 2025 proxy biography |
Fixed Compensation
| Item | 2024 Amount/Terms | Notes |
|---|---|---|
| Base Salary (Annual Rate) | $410,000 | Per employment agreement (initial annual base) |
| Salary Earned (2024) | $138,220 | Prorated for partial year of service |
| Target Bonus % | 40% of base salary | Per employment agreement |
| Actual Cash Bonus (2024) | $82,000 | Prorated; corporate performance assessed at 95% of target |
| Sign-on Bonus | $125,000 | Paid at start; subject to repayment if terminated for cause or resignation without good reason before first anniversary |
Compensation-setting process: the Compensation Committee targets a general competitive position and used Alpine Rewards LLC as independent advisor in 2024; independence reviewed with no conflicts found .
Performance Compensation
2024 Annual Bonus Mechanics
| Metric Category | Weighting | Target | Actual Achievement | Payout (Cerio) | Vesting/Payment |
|---|---|---|---|---|---|
| Pipeline, OPERA platform, corporate development | Not disclosed | 100% of target | 95% of target | $82,000 (prorated) | Cash bonus for 2024 |
Equity Awards and Vesting
| Award Type | Grant/Commencement Date | Shares/Options | Exercise Price | Vesting Schedule | Expiration |
|---|---|---|---|---|---|
| Stock Option (Initial grant) | Vesting commencement 8/30/2024 | 40,000 options | $44.37 | 25% on first anniversary of vesting commencement date; thereafter monthly (1/48th) subject to continued service | 9/2/2034 |
Equity Ownership & Alignment
| Item | Detail | As-of Date | Source |
|---|---|---|---|
| Beneficial Ownership (shares) | 2,416 shares; <1% | April 15, 2025 | |
| Options Exercisable | 0 | Dec 31, 2024 | |
| Options Unexercisable | 40,000 | Dec 31, 2024 | |
| Rule 10b5-1 Plan | Adopted June 11, 2025 to permit sale of up to 6,000 option shares; plan expires Sep 30, 2026 | Q2 2025 |
Note: The 10b5-1 plan authorizes potential sales of up to 6,000 option shares (~15% of the 40,000 option grant; author’s calculation), which may create intermittent selling pressure as options vest and plan instructions trigger sales .
Employment Terms
| Scenario/Provision | Key Economics/Terms | Notes |
|---|---|---|
| Employment Agreement (Aug 28, 2024) | Base salary $410,000; 40% target bonus; eligible for equity; 2024 bonus prorated for six months | Initial terms |
| Sign-on Bonus | $125,000 paid at start; must repay net after-tax amount if terminated for cause or resigns without good reason before first anniversary | Clawback-like provision specific to sign-on |
| Severance – Outside Change in Control | 6 months base salary; pro rata target bonus for year of termination; up to 6 months COBRA contributions (subject to election); subject to release | Definitions of “cause” and “good reason” per agreement |
| Severance – Change in Control Period (3 months before to 12 months after) | Lump sum equal to 9 months base salary (or pre-CIC base if higher) + 1.0x target bonus; up to 9 months COBRA contributions; full acceleration of time-based equity; subject to release | 280G/4999 cutback to maximize after-tax benefit if applicable |
| Restrictive Covenants | Proprietary Information and Inventions Assignment; nondisclosure, invention assignment, nonsolicit provisions | Standard IP/ND provisions executed |
Compensation Committee Analysis
- Process and philosophy: Committee targets a general competitive position using independent benchmarking; Alpine Rewards LLC served as compensation consultant in 2024 with no conflicts identified .
- Pay mix and policy: Emphasis on equity options with time-based vesting to promote retention and alignment; perquisites are generally de minimis; 401(k) plan with company match up to 3% available to employees .
Investment Implications
- Alignment: Cerio’s package emphasizes equity via a 40,000-share option grant with four-year vesting, aligning incentives to long-term stock performance; however, reported beneficial ownership is modest (2,416 shares; <1%), indicating limited immediate “skin in the game” excluding unvested options .
- Retention and change-in-control dynamics: Severance offers six months outside CIC and nine months plus 1x target bonus and full time-based equity acceleration within the CIC window, which can reduce retention risk in a sale scenario but may also increase exit incentives around strategic transactions .
- Selling pressure signal: The June 2025 Rule 10b5-1 plan contemplates sales of up to 6,000 option shares (~15% of his option grant), suggesting scheduled liquidity that could create intermittent stock overhang as vesting accrues and plan instructions execute .
- Performance backdrop: 2024 TSR of $20 (from $100 base) and net loss of $83.6 million highlight a challenging environment during his onboarding period, which may constrain cash bonus realizations while increasing the importance of option value recovery for retention and motivation .
