| | | | Sincerely, | |
| | | |
Masoud Toloue, Ph.D.
President and Chief Executive Officer |
|
| | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | |
Laurie A. Churchill
General Counsel and Secretary |
|
| | |
Page
|
| |||
| | | | 5 | | | |
| | | | 9 | | | |
| | | | 17 | | | |
| | | | 19 | | | |
| | | | 29 | | | |
| | | | 30 | | | |
| | | | 31 | | | |
| | | | 41 | | | |
| | | | 52 | | | |
| | | | 53 | | | |
| | | | 55 | | | |
| | | | 56 | | | |
| | | | 57 | | | |
| | | | 58 | | | |
| | | | 60 | | | |
| | | | 61 | | | |
| | | | 61 | | | |
| | | | 63 | | | |
| | | | 64 | | | |
| | | | 67 | | | |
| | | | 68 | | | |
| | | | 68 | | | |
| | | | 69 | | |
| | |
Board Recommendation
|
| |
Page
|
|
Proposal No. 1 — Election of three director nominees to our Board to serve three-year terms expiring at the annual meeting of stockholders in 2028 or until their successors are duly elected and qualified | | |
FOR EACH OF
OUR BOARD’S THREE NOMINEES: Myla Lai-Goldman, M.D.Masoud Toloue, Ph.D. David Walt, Ph.D. |
| |
[•]
|
|
| | |
Board Recommendation
|
| |
Page
|
|
Proposal No. 2 — Approval, on an advisory basis, of the compensation of the Company’s named executive officers | | |
FOR
|
| |
[•]
|
|
Proposal No. 3 — Ratification, on an advisory basis, of the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 | | |
FOR
|
| |
[•]
|
|
Proposal No. 4 — Approval of an amendment to our Charter to declassify our Board | | |
FOR
|
| |
[•]
|
|
Proposal No. 5 — Approval of an amendment to our Charter to eliminate the supermajority stockholder vote requirement to amend certain provisions of our Charter; and | | |
FOR
|
| |
[•]
|
|
Proposal No. 6 — Approval of an amendment to our Charter to eliminate the supermajority stockholder vote requirement for stockholders to amend our Bylaws. | | |
FOR
|
| |
[•]
|
|
| | | | | | | | | | | |
STANDING COMMITTEES
|
| ||||||
Name
|
| |
Primary Occupation
|
| |
Age
|
| |
Director
Since |
| |
Audit
|
| |
Compensation
|
| |
Nominating
and Governance |
|
Masoud Toloue, Ph.D. | | |
Chief Executive Officer,
Quanterix Corporation |
| |
45
|
| |
2022
|
| | | | | | | | | |
William P. Donnelly
|
| |
Lead Independent Director,
Ingersoll Rand Former EVP, Mettler-Toledo International Inc. |
| |
64
|
| |
2023
|
| |
![]() |
| |
![]() |
| | | |
Jeffrey T. Elliott
|
| |
Former Chief Financial Officer,
Exact Sciences Corp. |
| |
47
|
| |
2024
|
| |
![]() |
| | | | |
![]() |
|
Karen A. Flynn
|
| |
Former Chief Commercial Officer,
Catalent, Inc. |
| |
62
|
| |
2022
|
| | | | |
![]() |
| |
![]() |
|
Myla Lai-Goldman, M.D. | | |
Former Chief Executive Officer and
President and current Chair of GeneCentric Therapeutics, Inc. |
| |
67
|
| |
2025
|
| | | | | | | | | |
Ivana Magovčević-Liebisch, Ph.D., J.D.
|
| |
President and Chief Executive Officer,
Vigil Neuroscience, Inc. |
| |
58
|
| |
2024
|
| | | | |
![]() |
| |
![]() |
|
Paul M. Meister
|
| |
Co-Founder and Chief Executive Officer,
Liberty Lane Partners, LLC |
| |
72
|
| |
2013
|
| |
![]() |
| | | | | | |
Scott Mendel | | |
Former President and
Chief Executive Officer, GenMark Diagnostics, Inc. |
| |
58
|
| |
2025
|
| | | | | | | | | |
David R. Walt, Ph.D.
|
| |
Hansjörg Wyss Professor of Biologically
Inspired Engineering and Professor of Pathology, Harvard Medical School |
| |
72
|
| |
2017
|
| | | | |
![]() |
| | | |
Proposal
|
| |
Vote Required for Approval
|
| |
Effect of Abstentions, Withhold Votes and
Broker Non-Votes |
|
Proposal No. 1
Election of three director nominees to our Board to serve three-year terms expiring at the annual meeting of stockholders in 2028 or until their successors are duly elected and qualified |
| |
The three director nominees who receive the most votes (also known as a “plurality” of the votes cast) will be elected.
Under our recently-amended Bylaws, directors shall be elected by the vote of the majority of the votes cast other than in a contested election of directors, in which case directors shall be elected by a plurality vote. As discussed in detail below in “Proposal No. 1 — Election of Directors,” the election of directors at the Annual Meeting is considered to be a contested election (as defined in our Bylaws), therefore, directors shall be elected by a plurality vote.
|
| | A “WITHHOLD” vote will not count either for or against the nominee and will have no effect on the outcome of the election of directors. Broker discretionary voting is not permitted. Broker non-votes, if any, will have no effect on the outcome of this proposal. Votes may not be cumulated. | |
Proposal No. 2
Approval, on an advisory basis, of the compensation of the Company’s named executive officers |
| |
Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal.
Although this advisory vote is non-binding, the Compensation Committee of our Board and our
|
| | Abstentions and broker non-votes (if any) will have no effect on the results of this vote. Broker discretionary voting is not permitted. | |
Proposal
|
| |
Vote Required for Approval
|
| |
Effect of Abstentions, Withhold Votes and
Broker Non-Votes |
|
| | | Board will review the voting results and may take them into consideration when making future decisions regarding executive compensation. | | | | |
Proposal No. 3
Ratification, on an advisory basis, of the appointment of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025 |
| |
Requires the affirmative vote of a majority of the votes cast affirmatively or negatively for this proposal.
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 KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2025, the Audit Committee of our Board will reconsider its appointment.
|
| | Abstentions will have no effect on the results of this vote. Broker discretionary voting may not be permitted. As the proposal to ratify the appointment of an independent registered public accounting firm is considered a routine matter, broker discretionary voting will be permitted, and there will be no broker non-votes with respect to this matter. | |
Proposal No. 4
Approval of an amendment to our Charter to declassify our Board |
| | Requires the affirmative vote of the holders of shares of voting stock of Quanterix representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of the capital stock of Quanterix entitled to vote generally in the election of directors, voting together as a single class. | | | Abstentions and broker non-votes (if any) will have the effect of a vote “AGAINST” this proposal. Broker discretionary voting is not permitted. | |
Proposal No. 5
Approval of an amendment to our Charter to eliminate the supermajority stockholder vote requirement to amend certain provisions of our Charter |
| | Requires the affirmative vote of the holders of shares of voting stock of Quanterix representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of the capital stock of Quanterix entitled to vote generally in the election of directors, voting together as a single class. | | | Abstentions and broker non-votes (if any) will have the effect of a vote “AGAINST” this proposal. Broker discretionary voting is not permitted. | |
Proposal No. 6
Approval of an amendment to our Charter to eliminate the supermajority stockholder vote requirement for stockholders to amend our Bylaws |
| | Requires the affirmative vote of the holders of shares of voting stock of Quanterix representing at least seventy-five percent (75%) of the voting power of all of the then-outstanding shares of the capital stock of Quanterix entitled to vote generally in the election of directors, voting together as a single class. | | | Abstentions and broker non-votes (if any) will have the effect of a vote “AGAINST” this proposal. Broker discretionary voting is not permitted. | |
Name
|
| |
Age
|
| |
Position with Quanterix
|
|
Masoud Toloue, Ph.D. | | |
45
|
| | President, Chief Executive Officer and Director | |
William P. Donnelly(1)(3) | | |
64
|
| | Chair of the Board | |
Jeffrey T. Elliott(2)(3) | | |
47
|
| | Director | |
Karen A. Flynn(1)(2) | | |
62
|
| | Director | |
Myla Lai-Goldman, M.D. | | |
67
|
| | Director | |
Ivana Magovčević-Liebisch, Ph.D., J.D.(1)(2)
|
| |
58
|
| | Director | |
Paul M. Meister(3) | | |
72
|
| | Director | |
Scott Mendel | | |
58
|
| | Director | |
David R. Walt, Ph.D.(1) | | |
72
|
| | Director | |
Knowledge, Skills, and Experience
|
| |
William
Donnelly |
| |
Masoud
Toloue, Ph.D. |
| |
Jeffrey
Elliot |
| |
Karen
Flynn |
| |
Myla Lai-
Goldman, M.D. |
| |
Ivana
Magovčević- Liebisch, Ph.D., J.D. |
| |
Paul M.
Meister |
| |
Scott
Mendel |
| |
David
Walt, Ph.D. |
| |||||||||||||||||||||||||||
M&A/ Transactional
|
| | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | |
Capital Markets/ Finance
|
| | | | • | | | | | | | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | | | |
Healthcare Industry
|
| | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
Other Public Co. Board
|
| | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | |
R&D/ Scientific
|
| | | | | | | | | | • | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | • | | |
Public Co. Executive
|
| | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | |
Legal/ Regulatory
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | • | | | | | | • | | | | | | | | | | | | | | | | | | | | |
Corporate Governance
|
| | | | • | | | | | | | | | | | | • | | | | | | • | | | | | | • | | | | | | • | | | | | | | | | | | | • | | | | | | | | |
Name
|
| |
Age
|
| |
Positions
|
|
Masoud Toloue, Ph.D. | | |
45
|
| | President and Chief Executive Officer | |
Vandana Sriram | | |
52
|
| | Chief Financial Officer and Treasurer | |
Name
|
| |
Title
|
|
Masoud Toloue, Ph.D.(1) | | | President and Chief Executive Officer | |
Vandana Sriram(2) | | | Chief Financial Officer and Treasurer | |
|
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 of 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
|
|
| Adaptive Biotechnologies Corporation | | | OmniAb, Inc. | |
| Castle Biosciences, Inc. | | | Pacific Biosciences of California, Inc. | |
| Cryoport, Inc. | | | Quantum-Si Inc. | |
| Cytek Biosciences, Inc. | | | Seer, Inc. | |
| Maravai LifeSciences Holdings, Inc. | | | SomaLogic, Inc. | |
| Mesa Laboratories, Inc. | | | Twist Bioscience Corporation | |
| Nautilus Biotechnology, Inc. | | | Veracyte, Inc. | |
Executive
|
| |
2023 Base Salary
|
| |
2024 Base Salary
|
| |
% Change
|
| |||||||||
Masoud Toloue, Ph.D.
|
| | | $ | 600,000 | | | | | $ | 650,000 | | | | | | 8.3% | | |
Vandana Sriram(1)
|
| | | $ | 440,000 | | | | | $ | 446,160 | | | | | | 1.4% | | |
Executive
|
| |
2024 Target
Award (% of Base Salary) |
| |||
Masoud Toloue, Ph.D.
|
| | | | 100% | | |
Vandana Sriram
|
| | | | 70% | | |
| | |
Weight
|
| |
Threshold
(0.5x) |
| |
Target
(1.0x) |
| |
Maximum
(1.5x) |
| |
Actual
|
| |
Performance
Factor |
| |
Weighted
Payout |
| |||||||||
2024 Revenue ($)
|
| | | | 40% | | | |
$135 million
|
| |
$143.5 million
|
| |
$159 million
|
| |
$137.4 million
|
| | | | 0.62x | | | | | | 25% | | |
Non-GAAP Gross
Margin(1) |
| | | | 20% | | | |
55%
|
| |
59%
|
| |
239.6%
|
| |
57%(2)
|
| | | | 0.69x | | | | | | 14% | | |
Cash Usage
|
| | | | 10% | | | |
$(30.0) million
|
| |
$(24.0) million
|
| |
$(14.0) million
|
| |
$(25.3) million(2)
|
| | | | 0.83x | | | | | | 8% | | |
Strategic Objectives
|
| | | | 30% | | | |
Up to 3% each
|
| |
Up to 6% each
|
| |
Up to 9% each
|
| |
28%
|
| | | | 0.95x | | | | | | 29% | | |
Total
|
| | | | 100% | | | | | | | | | | | | | | | | | | | | | | | | 75% | | |
Executive
|
| |
Target Award
(% of Base Salary) |
| |
Corporate
Performance Factor |
| |
Individual
Performance Factor |
| |
Payment ($)
|
| ||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 100% | | | | | | 0.9x | | | | | | 1.0x | | | | | $ | 585,000 | | |
Vandana Sriram
|
| | | | 70% | | | | | | 0.9x | | | | | | 0.91x | | | | | $ | 255,784 | | |
Executive
|
| |
2024 Approximate
Award Value ($) |
| |
Number of Stock
Options |
| |
Number of RSUs
|
| |||||||||
Masoud Toloue, Ph.D.
|
| | | $ | 5,200,000 | | | | | | 227,262 | | | | | | 67,532 | | |
Vandana Sriram
|
| | | $ | 1,900,000 | | | | | | 83,038 | | | | | | 24,675 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($) |
| |
Stock
Awards ($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| ||||||||||||||||||||||||
Masoud Toloue, Ph.D.(6)
President and Chief Executive Officer |
| | | | 2024 | | | | | | 642,848 | | | | | | — | | | | | | 1,559,989 | | | | | | 3,639,998 | | | | | | 585,000 | | | | | | 5,192 | | | | | | 6,433,027 | | |
| | | 2023 | | | | | | 615,385 | | | | | | — | | | | | | 1,647,658 | | | | | | 2,352,331 | | | | | | 810,000 | | | | | | 9,900 | | | | | | 5,435,274 | | | ||
| | | 2022 | | | | | | 541,346 | | | | | | — | | | | | | 892,113 | | | | | | 1,107,883 | | | | | | 412,501 | | | | | | 3,183 | | | | | | 2,957,026 | | | ||
Vandana Sriram(7)
Chief Financial Officer and Treasurer |
| | | | 2024 | | | | | | 446,222 | | | | | | — | | | | | | 569,993 | | | | | | 1,329,999 | | | | | | 255,784 | | | | | | 15,525 | | | | | | 2,617,523 | | |
| | | 2023 | | | | | | 144,083 | | | | | | — | | | | | | 307,016 | | | | | | 492,989 | | | | | | 151,511 | | | | | | 3,554 | | | | | | 1,099,153 | | |
Names
(a) |
| |
Grant
Date (b) |
| |
Estimated Possible Payouts Under
Non-Equity Incentive Plan Awards(1) |
| |
All Other
Stock Awards: Number of Shares of Stock or Units (#)(2) (i) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(3) (j) |
| |
Exercise
or Base Price of Option Awards ($/sh) (k) |
| |
Grant Date Fair
Value of Stock and Option Awards ($)(4) (l) |
| ||||||||||||||||||||||||||||||
|
Threshold
($) (c) |
| |
Target
($) (d) |
| |
Maximum
($) (e) |
| |||||||||||||||||||||||||||||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | — | | | | | | — | | | | | | 650,000 | | | | | | 1,072,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2/2/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,532 | | | | | | — | | | | | | — | | | | | | 1,559,989 | | | ||
| | | 2/2/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 227,262 | | | | | | 23.10 | | | | | | 3,639,998 | | | ||
Vandana Sriram
|
| | | | — | | | | | | — | | | | | | 312,312 | | | | | | 515,315 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 2/2/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,675 | | | | | | — | | | | | | — | | | | | | 569,993 | | | ||
| | | 2/2/24 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 83,038 | | | | | | 23.10 | | | | | | 1,329,999 | | |
| | |
Option Awards(1)
|
| |
Stock Awards(1)
|
| ||||||||||||||||||||||||||||||||||||||||||
Names
|
| |
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 ($) |
| ||||||||||||||||||||||||
Masoud Toloue, Ph.D.
President and Chief Executive Officer |
| | | | 58,645(3) | | | | | | 26,667(3) | | | | | | 24.40 | | | | | | 4/25/2032 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,441(3) | | | | | | 121,618 | | | | | | — | | | | | | — | | | ||
| | | 118,894(4) | | | | | | 140,522(4) | | | | | | 14.82 | | | | | | 2/2/2033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 60,224(4) | | | | | | 640,181 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 227,262(5) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 67,532(5) | | | | | | 717,865 | | | | | | — | | | | | | — | | | ||
Vandana Sriram
Chief Financial Officer and Treasurer |
| | | | 9,815(6) | | | | | | 19,640(6) | | | | | | 24.32 | | | | | | 8/21/2033 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,416(6) | | | | | | 89,462 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | 83,038(7) | | | | | | 23.10 | | | | | | 2/2/2034 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,675(7) | | | | | | 262,295 | | | | | | — | | | | | | — | | |
| | |
Option Awards
|
| |
Stock Awards(1)
|
| ||||||||||||||||||
Name
|
| |
Number of
Shares Acquired on Exercise (#) |
| |
Value Realized
on Exercise ($)(2) |
| |
Number of
Shares Acquired on Vesting (#) |
| |
Value Realized
on Vesting ($)(2) |
| ||||||||||||
Masoud Toloue, Ph.D.
|
| | | | — | | | | | | — | | | | | | 67,136 | | | | | | 1,275,890 | | |
Vandana Sriram
|
| | | | — | | | | | | — | | | | | | 4,208 | | | | | | 53,973 | | |
Name
|
| |
Base Salary
($) |
| |
Lump
Sum Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($) |
| |
Total
($) |
| |||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 650,000 | | | | | | 650,000 | | | | | | 31,109 | | | | | | — | | | | | | 1,331,109 | | |
Vandana Sriram
|
| | | | 223,080 | | | | | | 312,312 | | | | | | 15,555 | | | | | | — | | | | | | 550,947 | | |
Name
|
| |
Base Salary
($) |
| |
Lump
Sum Bonus Payments ($) |
| |
Continuation of
Group Health Plan Benefits ($) |
| |
Value of
Equity Awards ($)(1) |
| |
Total
($) |
| |||||||||||||||
Masoud Toloue, Ph.D.
|
| | | | 1,300,000 | | | | | | 650,000 | | | | | | 31,109 | | | | | | 1,479,664 | | | | | | 3,460,773 | | |
Vandana Sriram
|
| | | | 446,160 | | | | | | 312,312 | | | | | | 31,109 | | | | | | 351,757 | | | | | | 1,141,338 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 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) | | ||||||||||||||||||||||||||||||
2024 | | | | | n/a | | | | | | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||
2023 | | | | | n/a | | | | | | | | | | | n/a | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | |||||||
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 ($) | | |||||||||||||||||||||
2024 | | | Masoud Toloue, Ph.D. | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | ( | | | ||||
2023 | | | Masoud Toloue, Ph.D. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
2022 | | | Masoud Toloue, Ph.D. | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | ( | | | ||||
2022 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | | | | | | | | | ( | | | |||||
2021 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
2020 | | | E. Kevin Hrusovsky | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
2020
|
| |
2021
|
| |
2022
|
| |
2023
|
| |
2024
|
|
Amol Chaubal
|
| |
Masoud Toloue, Ph.D.
|
| |
Michael Doyle
|
| |
Michael Doyle
|
| |
Vandana Sriram
|
|
William Geist
|
| |
Michael Doyle
|
| |
John Fry
|
| |
Vandana Sriram
|
| | | |
| | |
Amol Chaubal
|
| |
Mark Roskey, Ph.D.
|
| | | | | | |
| | |
John Fry
|
| | | | | | | | | |
| | |
William Geist
|
| | | | | | | | | |
| | |
Dawn Mattoon
|
| | | | | | | | | |
| | |
Shawn Stetson
|
| | | | | | | | | |
Year | | | NEO Names | | | Summary Compensation Table Total (Average) ($) | | | 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) ($) | | | Total Equity Value Reflected in Average Compensation Actually Paid Calculation ($) | | |||||||||||||||||||||
2024 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | ( | | | ||||
2023 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||
2022 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | ( | | | | | | ( | | | | | | | | | | | ( | | | ||||
2021 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ( | | | ||||||
2020 | | | See footnote (4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned
or Paid in Cash ($)(6) |
| |
Stock
Awards ($)(7) |
| |
Option
Awards ($)(7) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||
Brian J. Blaser(1)
|
| | | | 16,216 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 216,216 | | |
William P. Donnelly
|
| | | | 51,269 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 251,269 | | |
Jeffrey T. Elliott(2)
|
| | | | 15,968 | | | | | | 240,000 | | | | | | 160,000 | | | | | | — | | | | | | 415,968 | | |
Karen A. Flynn
|
| | | | 56,813 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 256,813 | | |
Sarah E. Hlavinka(3)
|
| | | | 59,969 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 259,969 | | |
Martin D. Madaus, Ph.D.(3)
|
| | | | 95,000 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 295,000 | | |
Ivana Magovčević-Liebisch, Ph.D., J.D.(4)
|
| | | | 11,747 | | | | | | 240,000 | | | | | | 160,000 | | | | | | — | | | | | | 411,747 | | |
Paul M. Meister
|
| | | | 59,969 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 259,969 | | |
Laurie J. Olson(5)
|
| | | | 23,375 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 223,375 | | |
David R. Walt, Ph.D.
|
| | | | 47,500 | | | | | | 120,000 | | | | | | 80,000 | | | | | | — | | | | | | 247,500 | | |
Name
|
| |
Aggregate Number
of Shares Subject to Stock Options |
| |||
William P. Donnelly
|
| | | | 18,768 | | |
Jeffrey T. Elliott
|
| | | | 25,908 | | |
Karen A. Flynn
|
| | | | 38,377 | | |
Sarah E. Hlavinka
|
| | | | 54,138 | | |
Martin D. Madaus, Ph.D.
|
| | | | 54,138 | | |
Ivana Magovčević-Liebisch, Ph.D., J.D.
|
| | | | 27,689 | | |
Paul M. Meister
|
| | | | 54,138 | | |
David R. Walt, Ph.D.
|
| | | | 54,138 | | |
|
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 our 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)
|
| | | | 4,680,740(2) | | | | | $ | 15.18(2) | | | | | | 4,235,498(3) | | |
Equity compensation plans not approved by security
holders |
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 4,680,740(2) | | | | | $ | 15.18(2) | | | | | | 4,235,498(3) | | |
Name and Address of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percentage of Shares
Beneficially Owned(1) |
| ||||||
5% and Greater Stockholders(2) | | | | | | | | | | | | | |
Entities affiliated with Ameriprise Financial, Inc.(3)
|
| | | | [•] | | | | | | [•] | | |
Entities affiliated with BlackRock, Inc.(4)
|
| | | | [•] | | | | | | [•] | | |
Entities affiliated with Kent Lake Partners L.P.(5)
|
| | | | [•] | | | | | | [•] | | |
Entities affiliated with Portolan Capital Management, LLC(6)
|
| | | | [•] | | | | | | [•] | | |
Entities affiliated with AllianceBernstein L.P.(7)
|
| | | | [•] | | | | | | [•] | | |
Entities affiliated with The Vanguard Group(8)
|
| | | | [•] | | | | | | [•] | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Masoud Toloue, Ph.D.(9)
|
| | | | [•] | | | | | | [•] | | |
Vandana Sriram(10)
|
| | | | [•] | | | | | | [•] | | |
William P. Donnelly(11)
|
| | | | [•] | | | | | | [•] | | |
Jeffrey T. Elliott
|
| | | | [•] | | | | | | [•] | | |
Karen A. Flynn(12)
|
| | | | [•] | | | | | | [•] | | |
Myla Lai-Goldman, M.D.(13)
|
| | | | [•] | | | | | | [•] | | |
Ivana Magovčević-Liebisch, Ph.D., J.D
|
| | | | [•] | | | | | | [•] | | |
Scott Mendel(14)
|
| | | | [•] | | | | | | [•] | | |
Paul M. Meister(15)
|
| | | | [•] | | | | | | [•] | | |
David R. Walt, Ph.D.(16)
|
| | | | [•] | | | | | | [•] | | |
All directors and current executive officers as a group
(10 persons)(17) |
| | | | [•] | | | | | | [•] | | |
| | |
2023
|
| |
2024
|
| ||||||
Audit fees(1)
|
| | | $ | 2,602,200 | | | | | $ | 3,731,300 | | |
Audit-related fees(2)
|
| | | | — | | | | | | 13,000 | | |
Tax fees(3)
|
| | | | 147,229 | | | | | | 89,556 | | |
Other fees(4)
|
| | | | 2,052 | | | | | | 8,287 | | |
Total
|
| | | $ | 2,751,481 | | | | | $ | 3,842,043 | | |