| | | | Sincerely, | |
| | | |
Masoud Toloue, Ph.D.
President and Chief Executive Officer |
|
| | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | |
Laurie A. Churchill
General Counsel and Secretary |
|
| | |
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|
Proposal 1: Elect Directors
|
| | The two director nominees who receive the most votes (also known as a “plurality” of the votes cast) will be elected. You may vote either FOR both of the nominees, WITHHOLD your vote from both of the nominees or WITHHOLD your vote from either of the nominees. Votes that are withheld will not be included in the vote tally for the election of the directors. Brokerage firms do not have authority to vote customers’ unvoted shares held by the firms in street name for the election of the directors. As a result, any shares not voted by a customer will be treated as a broker non-vote. Such broker non-votes will have no effect on the results of this vote. | |
|
Proposal 2: Approve an Advisory Vote on the Compensation of Our Named Executive Officers
|
| | The affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal is required to approve, on an advisory basis, the compensation of our named executive officers, as described in this proxy statement. Abstentions will have no effect on the results of this vote. Brokerage firms do not have authority to vote customers’ unvoted shares held by the firms in street name on this proposal. As a result, any shares not voted by a customer will be treated as a broker non-vote. Such broker non-votes will have no effect on the results of this vote. Although the advisory vote is non-binding, the Compensation Committee of our Board of Directors and our Board of Directors will review the voting results and take them into consideration when making future decisions regarding executive compensation. | |
|
Proposal 3: Ratify Appointment
of Independent Registered Public Accounting Firm |
| | The affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal is required to ratify the appointment of our independent registered public accounting firm. Abstentions will have no effect on the results of this vote. Brokerage firms have authority to vote customers’ unvoted shares held by the firms in street name on this proposal. If a broker does not exercise this authority, such broker non-votes will have no effect on the results of this vote. We are not required to obtain the approval of our stockholders to appoint our independent registered public accounting firm. However, if our stockholders do not ratify the appointment of Ernst & Young LLP as our independent registered public accounting firm for 2023, the Audit Committee of our Board of Directors will reconsider its appointment. | |
| | |
Shares Beneficially
Owned |
| |||||||||
Name and Address of Beneficial Owner
|
| |
Number(1)
|
| |
Percent
|
| ||||||
5% Stockholders(2) | | | | | | | | | | | | | |
Camber Capital Management LP and Stephen DuBois(3)
101 Huntington Avenue, Suite 2101 Boston, MA 02199 |
| | | | 3,425,000 | | | | | | 9.2% | | |
Blackrock, Inc.(4)
55 East 52nd Street, New York, NY 10055 |
| | | | 2,757,350 | | | | | | 7.4% | | |
Pura Vida Investments, LLC and Efrem Kamen(5)
512 West 22nd Street, 7th Floor New York, NY 10011 |
| | | | 2,080,641 | | | | | | 5.6% | | |
Directors, Director Nominees and Named Executive Officers | | | | | | | | | | | | | |
Masoud Toloue, Ph.D.(6)
|
| | | | 163,042 | | | | | | * | | |
Michael A. Doyle(7)
|
| | | | 44,603 | | | | | | * | | |
Brian J. Blaser
|
| | | | — | | | | | | — | | |
Keith L. Crandell(8)
|
| | | | 157,585 | | | | | | * | | |
Karen A. Flynn
|
| | | | 2,148 | | | | | | * | | |
Sarah E. Hlavinka(9)
|
| | | | 64,417 | | | | | | * | | |
Martin D. Madaus, Ph.D.(10)
|
| | | | 308,678 | | | | | | * | | |
Paul M. Meister(11)
|
| | | | 314,145 | | | | | | * | | |
Laurie J. Olson(12)
|
| | | | 20,656 | | | | | | * | | |
David R. Walt, Ph.D.(13)
|
| | | | 1,466,914 | | | | | | 3.9% | | |
Mark T. Roskey, Ph.D.(14)
|
| | | | 132,473 | | | | | | * | | |
E. Kevin Hrusovsky(15)
|
| | | | 848,914 | | | | | | 2.3% | | |
John Fry(16)
|
| | | | 17,901 | | | | | | * | | |
All directors and current executive officers as a group (10 persons)(17)
|
| | | | 2,542,188 | | | | | | 6.8% | | |
Name
|
| |
Age
|
| |
Position with the Company
|
|
Masoud Toloue, Ph.D. | | |
42
|
| |
President and Chief Executive Officer and Director
|
|
Brian J. Blaser(1) | | |
58
|
| | Director | |
Karen A. Flynn(1)(2) | | |
60
|
| | Director | |
Sarah E. Hlavinka(2)(3) | | |
58
|
| | Director | |
Martin D. Madaus, Ph.D.(2)(3) | | |
62
|
| | Chairman of the Board | |
Paul M. Meister(3) | | |
70
|
| | Director | |
Laurie J. Olson(1) | | |
60
|
| | Director | |
David R. Walt, Ph.D.(1) | | |
70
|
| | Director | |
Name
|
| |
Age
|
| |
Positions with the Company
|
|
Masoud Toloue, Ph.D. | | |
42
|
| | President and Chief Executive Officer | |
Michael A. Doyle | | |
67
|
| | Chief Financial Officer and Treasurer | |
Name
|
| |
Title
|
|
Masoud Toloue, Ph.D.(1) | | | President and Chief Executive Officer | |
Michael A. Doyle(2) | | | Chief Financial Officer and Treasurer | |
E. Kevin Hrusovsky(3) | | | Former Executive Chairman and Former Chief Executive Officer | |
Mark T. Roskey, Ph.D.(4) | | | Chief Science and Collaboration Officer | |
John Fry(5) | | | Former General Counsel and Secretary | |
|
What We Do:
|
| |
What We Don’t Do:
|
|
| Reward performance according to pre-established performance goals | | | Permit hedging or pledging of our stock | |
| Provide a meaningful portion of the compensation of our Chief Executive Officer and named executive officers through performance-based or at-risk compensation | | | Include automatic compensation increases or equity grants in our employment agreements | |
| Establish stock ownership guidelines for our executive officers | | | Provide single trigger change of control benefits | |
| The Compensation Committee retains an independent compensation consultant | | | Provide for excessive cash severance | |
| We hold an annual advisory vote on executive compensation | | | Provide our executives with golden parachute tax gross-ups | |
| Cap payouts under our compensation plans to discourage inappropriate risk taking by our executives | | | Maintain executive pension plans or other retirement programs that are not generally available to all employees | |
| Provide for double-trigger change in control severance provisions | | | | |
Element
|
| |
Award Vehicle
|
| |
Guaranteed
vs. At-Risk |
| |
Performance
vs. Time-Based |
|
Base Salary | | |
Cash
|
| |
Guaranteed
|
| |
Not applicable
|
|
Annual Cash Incentive Bonus | | |
Cash
|
| |
At-Risk
|
| |
Performance-Based
|
|
Long-Term Incentive Equity | | |
Restricted Stock Units
(“RSUs”) and Stock Options |
| |
At-Risk
|
| |
Time-Based
|
|
| Axonics, Inc. | | | Meridian Bioscience, Inc. | |
| CareDx, Inc. | | | Nanostring Technologies, Inc. | |
| Castle Biosciences, Inc. | | | Natera Inc. | |
| Codexis, Inc. | | | Pacific Biosystems of California, Inc. | |
| Cryoport Systems, Inc. | | | Personalis, Inc. | |
| Fluidigm Corporation | | | Twist Bioscience Corporation | |
| Heska Corporation | | | Veracyte, Inc. | |
Executive
|
| |
2021 Base Salary
|
| |
2022 Base Salary
|
| |
% Change
|
| |||||||||
Masoud Toloue, Ph.D.(1)
|
| | | $ | 525,000 | | | | | $ | 550,000 | | | | | | 4.8% | | |
Michael A. Doyle(2)
|
| | | $ | 415,000 | | | | | $ | 421,000 | | | | | | 1.4% | | |
E. Kevin Hrusovsky(3)
|
| | | $ | 600,000 | | | | | $ | 400,000 | | | | | | -33% | | |
Mark T. Roskey, Ph.D.
|
| | | $ | 330,000 | | | | | $ | 355,000 | | | | | | 7.7% | | |
John Fry(4)
|
| | | $ | 364,000 | | | | | $ | 375,000 | | | | | | 3% | | |
Executive
|
| |
2022 Target
Award (% of Base Salary) |
| |||
Masoud Toloue, Ph.D.
|
| | | | 100% | | |
Michael A. Doyle
|
| | | | 50% | | |
E. Kevin Hrusovsky
|
| | | | 100% | | |
Mark T. Roskey, Ph.D.
|
| | | | 50% | | |
John Fry
|
| | | | 50% | | |
| | |
Weight
|
| |
Threshold
(0.5x) |
| |
Target
(1.0x) |
| |
Maximum
(1.5x) |
| |
Actual
|
| |
Measure
|
| |
Weighted
Payout |
|
Revenue
|
| |
40%
|
| |
$122 million
|
| |
$128 million
|
| |
$141 million
|
| |
$105.5 million
|
| |
0
|
| |
0
|
|
Gross Margin
|
| |
30%
|
| |
55%
|
| |
57%
|
| |
59%
|
| |
Not comparable
|
| |
0
|
| |
0
|
|
Strategic Objectives
|
| |
30%
|
| |
2 of 4
achieved |
| |
4 of 4
achieved |
| |
4 achieved
and 2 exceed expectations |
| |
0
|
| |
0
|
| |
0
|
|
Total
|
| |
100%
|
| | | | | | | | | | | | | | | | | | |
Executive
|
| |
Target Award
(% of Base Salary) |
| |
Corporate
Performance Factor |
| |
Individual
Performance Factor |
| |
Payment ($)
|
| ||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 100% | | | | | | 0.75x | | | | | | 1.0x | | | | | $ | 412,501 | | |
Michael A. Doyle(1)
|
| | | | 50% | | | | | | 0.75x | | | | | | 1.0x | | | | | $ | 142,088 | | |
E. Kevin Hrusovsky(2)
|
| | | | 100% | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Mark T. Roskey, Ph.D.
|
| | | | 50% | | | | | | 0.75x | | | | | | 1.0x | | | | | $ | 133,527 | | |
John Fry(3)
|
| | | | 50% | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Executive
|
| |
2022 Award Value ($)
|
| |
Number of Stock Options
|
| |
Number of RSUs
|
| |||||||||
Masoud Toloue, Ph.D.
|
| | | $ | 2,000,000 | | | | | | 85,312 | | | | | | 36,562 | | |
Michael A. Doyle
|
| | | $ | 900,000 | | | | | | 31,629 | | | | | | 13,555 | | |
E. Kevin Hrusovsky
|
| | | $ | 1,400,000 | | | | | | 59,718 | | | | | | 25,594 | | |
Mark T. Roskey, Ph.D.
|
| | | $ | 550,000 | | | | | | 19,329 | | | | | | 8,284 | | |
John Fry
|
| | | $ | 600,000 | | | | | | 21,086 | | | | | | 9,037 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock Awards
($)(2) |
| |
Option Awards
($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||||||||
Masoud Toloue, Ph.D.(6)
President and Chief Executive Officer |
| | | | 2022 | | | | | | 541,346 | | | | | | — | | | | | | 892,113 | | | | | | 1,107,883 | | | | | | 412,501 | | | | | | 3,183 | | | | | | 2,957,026 | | |
| | | 2021 | | | | | | 278,654 | | | | | | — | | | | | | 3,061,463 | | | | | | — | | | | | | 298,846 | | | | | | — | | | | | | 3,638,963 | | | ||
Michael A. Doyle(7)
Chief Financial Officer and Treasurer |
| | | | 2022 | | | | | | 419,847 | | | | | | — | | | | | | 401,499 | | | | | | 498,485 | | | | | | 142,088 | | | | | | 8,210 | | | | | | 1,470,129 | | |
| | | 2021 | | | | | | 183,558 | | | | | | — | | | | | | 329,975 | | | | | | 400,811 | | | | | | 99,760 | | | | | | — | | | | | | 1,014,104 | | | ||
E. Kevin Hrusovsky(8)
Former Executive Chairman and Chief Executive Officer |
| | | | 2022 | | | | | | 361,725 | | | | | | — | | | | | | 624,494 | | | | | | 775,513 | | | | | | — | | | | | | 159,791 | | | | | | 1,921,523 | | |
| | | 2021 | | | | | | 592,628 | | | | | | — | | | | | | 1,431,103 | | | | | | 1,577,418 | | | | | | 596,594 | | | | | | 10,452 | | | | | | 4,208,195 | | | ||
| | | 2020 | | | | | | 554,286 | | | | | | 769,449 | | | | | | 1,082,557 | | | | | | 1,103,438 | | | | | | — | | | | | | 10,667 | | | | | | 3,520,397 | | | ||
Mark T. Roskey, Ph.D.(9)
Chief Science and Collaboration Officer |
| | | | 2022 | | | | | | 353,360 | | | | | | — | | | | | | 342,862 | | | | | | 442,524 | | | | | | 133,527 | | | | | | 8,141 | | | | | | 1,280,414 | | |
John Fry(10)
Former General Counsel and Secretary |
| | | | 2022 | | | | | | 274,326 | | | | | | — | | | | | | 267,676 | | | | | | 332,323 | | | | | | — | | | | | | 7,289 | | | | | | 881,614 | | |
| | | 2021 | | | | | | 362,400 | | | | | | — | | | | | | 286,189 | | | | | | 315,546 | | | | | | 172,976 | | | | | | 8,829 | | | | | | 1,145,940 | | | ||
| | | 2020 | | | | | | 354,594 | | | | | | 239,904 | | | | | | 309,330 | | | | | | 315,308 | | | | | | — | | | | | | 5,938 | | | | | | 1,225,074 | | |
Name
(a) |
| |
Grant
Date (b) |
| |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards(1) |
| |
All Other Stock
Awards: Number of Shares of Stock or Units (#)(2) (i) |
| |
All Other Option
Awards: Number of Securities Underlying Options (#)(3) (j) |
| |
Exercise or Base
Price of Option Awards ($/Sh) (k) |
| |
Grant Date Fair
Value of Stock and Option Awards ($)(4) (l) |
| ||||||||||||||||||||||||||||||
|
Threshold
($)(5) (c) |
| |
Target
($) (d) |
| |
Maximum
($) (e) |
| |||||||||||||||||||||||||||||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | — | | | | | | 0 | | | | | | 550,000 | | | | | | 825,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4/25/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,562 | | | | | | — | | | | | | — | | | | | | 892,113 | | | ||
| | | 4/25/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 85,312 | | | | | | 24.40 | | | | | | 1,107,883 | | | ||
Michael A. Doyle
|
| | | | — | | | | | | 0 | | | | | | 210,500 | | | | | | 347,325 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,555 | | | | | | — | | | | | | — | | | | | | 401,499 | | | ||
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,629 | | | | | | 29.62 | | | | | | 498,485 | | | ||
E. Kevin Hrusovsky
|
| | | | — | | | | | | 0 | | | | | | 400,000 | | | | | | 660,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4/25/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,594 | | | | | | — | | | | | | — | | | | | | 624,494 | | | ||
| | | 4/25/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 59,718 | | | | | | 24.40 | | | | | | 775,513 | | | ||
Mark T. Roskey, Ph.D.
|
| | | | | | | | | | 0 | | | | | | 177,500 | | | | | | 292,875 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,284 | | | | | | — | | | | | | — | | | | | | 245,372 | | | ||
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 19,329 | | | | | | 29.62 | | | | | | 304,632 | | | ||
| | | 9/23/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,510 | | | | | | — | | | | | | — | | | | | | 97,490 | | | ||
| | | 9/23/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 26,857 | | | | | | 9.67 | | | | | | 137,892 | | | ||
John Fry
|
| | | | — | | | | | | 0 | | | | | | 187,500 | | | | | | 309,375 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,037 | | | | | | — | | | | | | — | | | | | | 267,676 | | | ||
| | | 4/7/22 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 21,066 | | | | | | 29.62 | | | | | | 332,323 | | |
| | |
Option Awards(1)
|
| |
Stock Awards(1)
|
| ||||||||||||||||||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of Shares
or Units of Stock That Have Not Vested (#) |
| |
Market Value of
Shares or Units of Stock That Have Not Vested ($)(2) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Number of Shares or Units or Other Rights That Have Not Vested ($) |
| ||||||||||||||||||||||||
Masoud Toloue, Ph.D.
President and Chief Executive Officer |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 23,946(3) | | | | | | 331,652 | | | | | | — | | | | | | — | | |
| | | — | | | | | | 85,312 (4) | | | | | $ | 24.40 | | | | | | 4/25/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 36,562(4) | | | | | | 506,384 | | | | | | — | | | | | | — | | | ||
Michael A. Doyle
Chief Financial Officer and Treasurer |
| | | | 4,834 (5) | | | | | | 8,070(5) | | | | | $ | 59.67 | | | | | | 7/12/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,458(5) | | | | | | 47,893 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 31,692(6) | | | | | $ | 29.62 | | | | | | 4/7/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 13,555(6) | | | | | | 187,737 | | | | | | — | | | | | | — | | | ||
E. Kevin Hrusovsky
Former Executive Chairman and Former Chief Executive Officer |
| | | | — | | | | | | 59,718(7) | | | | | $ | 24.40 | | | | | | 4/25/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 25,594(7) | | | | | | 354,477 | | | | | | — | | | | | | — | | | ||
Mark T. Roskey, Ph.D.
Chief Science and Collaboration Officer |
| | | | 13,447(8) | | | | | | — | | | | | $ | 2.96 | | | | | | 9/23/2024 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 22,645 (9) | | | | | | — | | | | | $ | 8.16 | | | | | | 3/31/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 24,311 (10) | | | | | | — | | | | | $ | 19.12 | | | | | | 5/10/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 23,602 (11) | | | | | | 1,038(11) | | | | | $ | 22.69 | | | | | | 3/12/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 321(11) | | | | | | 4,446 | | | | | | — | | | | | | — | | | ||
| | | 14,213 (12) | | | | | | 5,287(12) | | | | | $ | 27.76 | | | | | | 2/18/2030 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,266(12) | | | | | | 31,384 | | | | | | — | | | | | | — | | | ||
| | | 3,760(13) | | | | | | 4,110(13) | | | | | $ | 77.79 | | | | | | 2/8/2031 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,760(13) | | | | | | 24,376 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 19,329(14) | | | | | $ | 29.62 | | | | | | 4/7/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,284(14) | | | | | | 114,733 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 26,857(15) | | | | | $ | 9.67 | | | | | | 9/23/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,510(15) | | | | | | 159,413 | | | | | | — | | | | | | — | | | ||
John Fry
Former General Counsel and Secretary(16) |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Option Awards
|
| |
Stock Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($)(2) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(3) |
| ||||||||||||
Masoud Toloue, Ph.D.
|
| | | | — | | | | | | — | | | | | | 26,757 | | | | | | 421,544 | | |
Michael A. Doyle
|
| | | | — | | | | | | — | | | | | | 2,072 | | | | | | 33,688 | | |
E. Kevin Hrusovsky
|
| | | | 48,998 | | | | | | 57,328 | | | | | | 18,692 | | | | | | 479,398 | | |
Mark T. Roskey, Ph.D.
|
| | | | 81,008 | | | | | | 845,132 | | | | | | 6,114 | | | | | | 130,992 | | |
John Fry
|
| | | | — | | | | | | — | | | | | | 6,275 | | | | | | 155,523 | | |
Name
|
| |
Base Salary
($) |
| |
Lump
Sum Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($)(1) |
| |
Total
($) |
| |||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 550,000 | | | | | | 550,000 | | | | | | 24,830 | | | | | | 234,010 | | | | | | 1,358,840 | | |
Michael A. Doyle(2)
|
| | | | 421,000 | | | | | | 210,500 | | | | | | 16,123 | | | | | | 19,113 | | | | | | 666,736 | | |
E. Kevin Hrusovsky(3)
|
| | | | 204,615 | | | | | | — | | | | | | 7,406 | | | | | | 422,045 | | | | | | 634,067 | | |
John Fry(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Name
|
| |
Base Salary
($) |
| |
Lump
Sum Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($)(1) |
| |
Total ($)
|
| |||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 550,000 | | | | | | 550,000 | | | | | | 24,830 | | | | | | 838,036 | | | | | | 1,962,866 | | |
Michael A. Doyle(2)
|
| | | | 421,000 | | | | | | 210,500 | | | | | | 16,123 | | | | | | 235,630 | | | | | | 883,253 | | |
E. Kevin Hrusovsky(3)
|
| | | | 204,615 | | | | | | — | | | | | | 7,406 | | | | | | 422,045 | | | | | | 634,067 | | |
John Fry(4)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Value of Initial Fixed $100 Investment Based On: | | | | | | | | | | | | | | |||||||||
Year | | | Summary Compensation Table Total for E. Kevin Hrusovsky(1) ($) | | | Summary Compensation Table Total for Masoud Toloue, Ph.D.(2) ($) | | | Compensation Actually Paid to E. Kevin Hrusovsky(1)(3) ($) | | | Compensation Actually Paid to Masoud Toloue, Ph.D.(2)(3) ($) | | | Average Summary Compensation Table Total for Non-PEO NEOs(4) ($) | | | Average Compensation Actually Paid to Non-PEO NEOs(4)(5) ($) | | | Total Share- holder Return ($) | | | Peer Group Total Share- holder Return(6) ($) | | | Net Income (Loss) ($ in millions) | | | ($ in millions) | | ||||||||||||||||||||||||||||||
2022 | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||
2021 | | | | | | | | | | n/a | | | | | | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||
2020 | | | | | | | | | | n/a | | | | | | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | |
Year | | | PEO Name | | | Summary Compensation Table Total ($) | | | Less Grant Date Fair Value of Equity Awards Granted during Applicable Year ($) | | | Plus Year-end Fair Value of Equity Awards Granted during Applicable Year ($) | | | Plus Change in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End ($) | | | Plus Change in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year ($) | | | Less Prior Year- end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year ($) | | | Total Equity Value Reflected in Compensation Actually Paid Calculation ($) | | |||||||||||||||||||||
2022 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | — | | | | | | ( | | | | | | | | | | | ( | | | ||||
2022 | | | Masoud Toloue, Ph.D. | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | — | | | | | | ( | | | |||
2021 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | ||||||
2020 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | |
|
2020
|
| |
2021
|
| |
2022
|
|
|
Amol Chaubal
|
| |
Masoud Toloue, Ph.D.
|
| |
Michael Doyle
|
|
|
William Geist
|
| |
Michael Doyle
|
| |
Mark Roskey, Ph.D.
|
|
| | | |
Amol Chaubal
|
| |
John Fry
|
|
| | | |
Shawn Stetson
|
| | | |
| | | |
William Geist
|
| | | |
| | | |
Dawn Mattoon
|
| | | |
| | | |
John Fry
|
| | | |
Year | | | NEO Names | | | Summary Compensation Table Total (Average) ($) | | | Less Grant Date Fair Value of Equity Awards Granted during Applicable Year (Average) ($) | | | Plus Year- end Fair Value of Equity Awards Granted during Applicable Year (Average) ($) | | | Plus Change in Fair Value as of Year- end of any Prior Year Awards that Remain Unvested as of Year-End (Average) ($) | | | Plus Change in Fair Value as of the Vesting Date of any Prior Year Awards that Vest during Applicable Year (Average) ($) | | | Less Prior Year-end Fair Value of Awards Granted in Prior Year that Failed to Meet Vesting Conditions during Applicable Year (Average) ($) | | | Total Equity Value Reflected in Average Compensation Actually Paid Calculation ($) | | |||||||||||||||||||||
2022 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | ( | | | ||||
2021 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | ||||||
2020 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(1) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||
Keith L. Crandell
|
| | | | 56,934 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 256,934 | | |
Karen A. Flynn(3)
|
| | | | 25,731 | | | | | | 220,494 | | | | | | 179,510 | | | | | | — | | | | | | 425,735 | | |
Sarah E. Hlavinka
|
| | | | 56,940 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 256,939 | | |
Martin D. Madaus, Ph.D.
|
| | | | 75,978 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 275,978 | | |
Paul M. Meister
|
| | | | 59,976 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 259,976 | | |
Laurie J. Olson
|
| | | | 50,283 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 250,282 | | |
David R. Walt, Ph.D.
|
| | | | 47,250 | | | | | | 113,150 | | | | | | 86,850 | | | | | | — | | | | | | 247,250 | | |
Name
|
| |
Aggregate Number
of Shares Subject to Stock Options |
| |||
Keith L. Crandell
|
| | | | 35,602 | | |
Karen A. Flynn
|
| | | | 19,841 | | |
Sarah E. Hlavinka
|
| | | | 35,602 | | |
Martin D. Madaus, Ph.D.
|
| | | | 35,602 | | |
Paul M. Meister
|
| | | | 58,937 | | |
Laurie J. Olson
|
| | | | 19,802 | | |
David R. Walt, Ph.D.
|
| | | | 35,602 | | |
|
Stock Ownership Guideline
|
| |
Non-Employee Director
|
| |
5x annual base cash retainer
|
|
| CEO | | | 6x annual base salary | | |||
| Executive Officers Other than CEO | | | 3x annual base salary | | |||
|
Attainment Period
|
| |
Five years from the later of
•
Appointment/election to applicable position; and
•
October 9, 2019.
|
| |||
|
Stock Owned for Purposes of Ownership Guidelines
|
| |
•
Stock acquired on the open market;
•
Stock acquired through the exercise of options;
•
Restricted stock, RSUs and stock options, whether vested or unvested; and
•
Stock acquired through Company benefit plans.
|
| |||
|
Holding Requirement
|
| | 50% of “net of tax” vested shares must be held until the ownership guideline is met. | | |||
|
Administration
|
| | The stock ownership guidelines are administered by the Compensation Committee, which evaluates compliance on an annual basis. Non-compliance arising from special circumstances, such as fluctuations in the Company’s stock price, changes in a participant’s compensation, and the personal financial situation of a participant, are reviewed by the Compensation Committee. | |
| | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted-average
exercise price of outstanding options, warrants and rights |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
| |||||||||
Equity compensation plans approved by security holders(1)
|
| | | | 3,375,742(2) | | | | | $ | 13.41(2) | | | | | | 3,295,110(3) | | |
Equity compensation plans not approved by security
holders |
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 3,375,742(2) | | | | | $ | 13.41(2) | | | | | | 3,295,110(3) | | |
| | |
2021
|
| |
2022
|
| ||||||
Audit fees(1)
|
| | | $ | 2,118,350 | | | | | $ | 2,409,600 | | |
Audit-related fees
|
| | | | — | | | | | | — | | |
Tax fees(2)
|
| | | | 49,350 | | | | | | 81,252 | | |
Total
|
| | | $ | 2,167,700 | | | | | $ | 2,490,852 | | |