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Proposal
|
| |
Voting Choices and Board Recommendation
|
|
Proposal 1: Election of Directors
|
| |
•
vote in favor of all nominees;
|
|
|
•
withhold authority to vote for all nominees; or
|
| ||
|
•
withhold authority to vote for any specified nominee.
|
| ||
| The Board recommends a vote FOR each of the nominees. | | ||
Proposal 2: Ratification of Selection of Independent Registered Public Accounting Firm
|
| |
•
vote in favor of ratification;
|
|
|
•
vote against ratification; or
|
| ||
|
•
abstain from voting on ratification.
|
| ||
| The Board recommends a vote FOR ratification. | | ||
Proposal 3: Advisory Proposal to Approve Executive Compensation
|
| |
•
vote in favor of proposal;
|
|
|
•
vote against proposal; or
|
| ||
|
•
abstain from voting on proposal.
|
| ||
| The Board recommends a vote FOR the advisory vote to approve executive compensation. | |
Proposal
|
| |
Abstentions
|
| |
Broker Non-Votes
|
|
Proposal 1: Election of Directors | | | N/A | | |
Not counted and no effect on vote.
|
|
Proposal 2: Ratification of Independent Registered Public Accounting Firm | | |
Not counted and no effect on vote.
|
| | N/A | |
Proposal 3: Advisory Proposal to Approve Executive Compensation | | |
Not counted and no effect on vote.
|
| |
Not counted and no effect on vote.
|
|
| | |
Timothy C.
Barabe (1) |
| |
Ronald M.
Lindsay (3) |
| |
Michael
Loberg (2)(3) |
| |
William
Messenger (1)(2) |
| |
Paolo
Pucci |
| |
Patrick
Zenner (1)(2) |
| |
Susan L.
Kelley (3) |
| |||||||||||||||||||||
High level of financial literacy
|
| | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | | | |
Relevant biotechnology business experience
|
| | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | | | | | X | | |
Extensive knowledge of drug research and development
|
| | | | | | | | | | X | | | | | | X | | | | | | | | | | | | X | | | | | | X | | | | | | X | | |
Extensive knowledge of drug commercialization
and marketing |
| | | | X | | | | | | X | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | | | |
Expertise in corporate governance and business
ethics |
| | | | X | | | | | | | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | | | |
Diversity of background, professional experience or culture
|
| | | | | | | | | | | | | | | | X | | | | | | X | | | | | | X | | | | | | | | | | | | X | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Awards(1) ($) |
| |
Total ($)
|
| |||||||||
Timothy C. Barabe(2)
|
| | | $ | 59,000 | | | | | $ | 14,439 | | | | | $ | 73,439 | | |
Susan L. Kelley, M.D.
|
| | | | 56,500 | | | | | | 14,439 | | | | | | 70,939 | | |
Ronald M. Lindsay, Ph.D.
|
| | | | 74,500 | | | | | | 14,439 | | | | | | 88,939 | | |
Michael D. Loberg, Ph.D.(3)
|
| | | | 62,750 | | | | | | 14,439 | | | | | | 77,189 | | |
William G. Messenger, D. Min.
|
| | | | 66,500 | | | | | | 14,439 | | | | | | 80,939 | | |
Patrick J. Zenner
|
| | | | 71,500 | | | | | | 24,065 | | | | | | 95,565 | | |
Name and Principal Position
|
| |
2013
Annualized Base Salary ($) |
| |
2014
Annualized Base Salary ($) |
| |
%
Increase |
| |
Comment
|
| |||||||||
Paolo Pucci, CEO
|
| | | | 489,000 | | | | | | 489,000 | | | | | | — | | | | Base salary negotiated in and adjusted per amended employment agreement and annual review. |
|
Peter S. Lawrence, COO
|
| | | | 414,000 | | | | | | 414,000 | | | | | | — | | | | Base salary negotiated in and adjusted per amended employment agreement and annual review. |
|
Dr. Brian Schwartz, CMO
|
| | | | 381,000 | | | | | | 396,000 | | | | | | 4.0 | | | | Base salary negotiated in and adjusted per employment agreement and annual review. |
|
Name and Principal Position
|
| |
2014 Bonus Target
(% of Base Salary) |
| |
2014 Bonus Actual
(% of Base Salary) |
| |
Comment
|
|
Paolo Pucci, CEO
|
| |
60.0%
|
| |
51.0%
|
| | Target bonus set by terms of amended employment agreement. Actual bonus 85% of target. | |
Peter S. Lawrence, COO
|
| |
45.0%
|
| |
38.3%
|
| | Target bonus set by terms of amended employment agreement. Actual bonus 85% of target. | |
Name and Principal Position
|
| |
2014 Bonus Target
(% of Base Salary) |
| |
2014 Bonus Actual
(% of Base Salary) |
| |
Comment
|
|
Dr. Brian Schwartz, CMO
|
| |
40.0%
|
| |
34.0%
|
| | Target bonus set by terms of employment agreement. Actual bonus 85% of target. | |
Name and Principal Position
|
| |
Year
|
| |
Salary ($)
(1) |
| |
Bonus ($)
|
| |
Stock
Awards ($) |
| |
Option
Awards ($) (2) |
| |
Non-Equity
Incentive Plan Compensation ($) (3) |
| |
All Other
Compensation ($) (4) |
| |
Total ($)
|
|||||||||||||||||||||||
Paolo Pucci
Chief Executive Officer |
| | | | 2014 | | | | | | 489,345 | | | | | | — | | | | | | — | | | | | | 532,134 | | | | | | 249,566 | | | | | | 8,400 | | | | | | 1,279,445 |
| | | 2013 | | | | | | 489,345 | | | | | | — | | | | | | — | | | | | | 486,609 | | | | | | 249,566 | | | | | | 8,100 | | | | | | 1,233,620 | ||
| | | 2012 | | | | | | 488,786 | | | | | | — | | | | | | — | | | | | | 1,549,485 | | | | | | 278,927 | | | | | | 7,950 | | | | | | 2,325,148 | ||
Peter S. Lawrence
President, Chief Operating Officer, General Counsel and Secretary |
| | | | 2014 | | | | | | 413,921 | | | | | | — | | | | | | — | | | | | | 245,130 | | | | | | 158,325 | | | | | | 8,400 | | | | | | 825,776 |
| | | 2013 | | | | | | 413,921 | | | | | | — | | | | | | — | | | | | | 210,864 | | | | | | 158,325 | | | | | | 8,100 | | | | | | 791,210 | ||
| | | 2012 | | | | | | 412,530 | | | | | | — | | | | | | — | | | | | | 726,782 | | | | | | 157,290 | | | | | | 7,950 | | | | | | 1,304,552 | ||
Dr. Brian Schwartz
Chief Medical Officer and Senior Vice President |
| | | | 2014 | | | | | | 394,597 | | | | | | — | | | | | | — | | | | | | 185,811 | | | | | | 134,761 | | | | | | 8,400 | | | | | | 723,569 |
| | | 2013 | | | | | | 380,258 | | | | | | — | | | | | | — | | | | | | 145,983 | | | | | | 129,578 | | | | | | 8,100 | | | | | | 663,919 | ||
| | | 2012 | | | | | | 367,520 | | | | | | — | | | | | | — | | | | | | 538,631 | | | | | | 123,029 | | | | | | 7,950 | | | | | | 1,037,130 |
| | | | | | | | |
Estimated Future Payouts
Under Non-Equity Incentive Plan Awards(1) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#) |
| |
Grant Date Fair
Value of Stock and Option Awards(2) ($) |
| |||||||||||||||||||||
Name
|
| |
Grant Date
|
| |
Threshold
($) |
| |
Target
($) |
| |
Maximum
($) |
| ||||||||||||||||||||||||
Paolo Pucci
|
| | | | N/A | | | | | | — | | | | | | 293,607 | | | | | | 440,410 | | | | | ||||||||||
| | | | | 1/22/2014 | | | | | | | | | | | | | | | | | | | | | | | | 305,000 | | | | | | 532,134 | | |
Peter S. Lawrence
|
| | | | N/A | | | | | | — | | | | | | 189,990 | | | | | | 284,984 | | | | | ||||||||||
| | | | | 1/22/2014 | | | | | | | | | | | | | | | | | | | | | | | | 140,500 | | | | | | 245,130 | | |
Dr. Brian Schwartz
|
| | | | N/A | | | | | | — | | | | | | 164,884 | | | | | | 247,327 | | | | | ||||||||||
| | | | | 1/22/2014 | | | | | | | | | | | | | | | | | | | | | | | | 106,500 | | | | | | 185,811 | | |
| | |
Option Awards
|
| | | | | | | |
Stock Awards
|
| ||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) (1) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) (1) Unexercisable |
| |
Option Exercise
Price ($) |
| |
Option
Expiration Date |
| |
Equity Incentive
Plan Awards: Number of Shares, Units or Other Rights that Have Not Vested |
| |
Equity Incentive
Plan Awards: Market or Payout Value of Shares, Units or Other Rights that Have Not Vested(2) |
| ||||||||||||||||||
Paolo Pucci
|
| | | | 500,000(3) | | | | | | | | | | | $ | 3.95 | | | | | | 6/9/2018 | | | | | ||||||||||
| | | 225,000 | | | | | | | | | | | | 3.42 | | | | | | 1/21/2020 | | | | | ||||||||||||
| | | 100,000 | | | | | | | | | | | | 4.14 | | | | | | 7/15/2020 | | | | | ||||||||||||
| | | 225,000 | | | | | | 75,000 | | | | | | 6.70 | | | | | | 1/24/2021 | | | | | ||||||||||||
| | | 157,500 | | | | | | 157,500 | | | | | | 7.95 | | | | | | 2/1/2022 | | | | | ||||||||||||
| | | 71,250 | | | | | | 213,750 | | | | | | 2.51 | | | | | | 1/14/2023 | | | | | ||||||||||||
| | | | | | | | | 305,000 | | | | | | 2.57 | | | | | | 1/22/2024 | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 390,000(4) | | | | | $ | 1,614,600 | | | ||
Peter S. Lawrence
|
| | | | 300,000 | | | | | | | | | | | | 6.20 | | | | | | 4/13/2016 | | | | | ||||||||||
| | | 50,000 | | | | | | | | | | | | 6.16 | | | | | | 1/16/2017 | | | | | ||||||||||||
| | | 100,000 | | | | | | | | | | | | 7.56 | | | | | | 10/4/2017 | | | | | ||||||||||||
| | | 200,000 | | | | | | | | | | | | 4.75 | | | | | | 1/17/2018 | | | | | ||||||||||||
| | | 130,000 | | | | | | | | | | | | 3.42 | | | | | | 1/21/2020 | | | | | ||||||||||||
| | | 97,500 | | | | | | 32,500 | | | | | | 6.70 | | | | | | 1/24/2021 | | | | | ||||||||||||
| | | 18,750 | | | | | | 6,250 | | | | | | 6.70 | | | | | | 1/24/2021 | | | | | ||||||||||||
| | | 73,875 | | | | | | 73,875 | | | | | | 7.95 | | | | | | 2/1/2022 | | | | | ||||||||||||
| | | 30,875 | | | | | | 92,625 | | | | | | 2.51 | | | | | | 1/14/2023 | | | | | ||||||||||||
| | | | | | | | | 140,500 | | | | | | 2.57 | | | | | | 1/22/2024 | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 18,750(5) | | | | | $ | 47,063 | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 125,000(6) | | | | | $ | 307,500 | | | ||
Dr. Brian Schwartz
|
| | | | 200,000 | | | | | | | | | | | | 3.62 | | | | | | 7/14/2018 | | | | | ||||||||||
| | | 90,000 | | | | | | | | | | | | 3.42 | | | | | | 1/21/2020 | | | | | ||||||||||||
| | | 67,500 | | | | | | 22,500 | | | | | | 6.70 | | | | | | 1/24/2021 | | | | | ||||||||||||
| | | 37,500 | | | | | | 12,500 | | | | | | 6.70 | | | | | | 1/24/2021 | | | | | ||||||||||||
| | | 54,750 | | | | | | 54,750 | | | | | | 7.95 | | | | | | 2/1/2022 | | | | | ||||||||||||
| | | 21,375 | | | | | | 64,125 | | | | | | 2.51 | | | | | | 1/14/2023 | | | | | ||||||||||||
| | | | | | | | | 106,500 | | | | | | 2.57 | | | | | | 1/22/2024 | | | | | ||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 50,000(7) | | | | | $ | 375,000 | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 22,500(8) | | | | | $ | 56,475 | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | 120,000(7) | | | | | $ | 295,200 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||
Name
|
| |
Number of
Securities Acquired on Exercise |
| |
Value Realized
Upon Exercise ($) |
| |
Number of
Shares Acquired on Vesting |
| |
Value Realized
on Vesting ($) (1) |
| ||||||||||||
Peter S. Lawrence
|
| | | | — | | | | | | — | | | | | | 6,250 | | | | | | 14,750 | | |
Dr. Brian Schwartz
|
| | | | — | | | | | | — | | | | | | 7,500 | | | | | | 17,700 | | |
Name
|
| |
Cash
Payment(1) ($) |
| |
Equity
Acceleration(2) ($) |
| |
Benefits and
Perquisites(3) ($) |
| |
Total
($) |
| ||||||||||||
Paolo Pucci
|
| | | $ | 1,507,183 | | | | | | 475,800 | | | | | $ | 31,661 | | | | | $ | 2,014,644 | | |
Peter S. Lawrence
|
| | | | 600,186 | | | | | | 175,375 | | | | | | 31,661 | | | | | | 807,221 | | |
Dr. Brian Schwartz
|
| | | | 554,898 | | | | | | 234,850 | | | | | | 31,661 | | | | | | 821,409 | | |
| | |
2014
|
| |
2013
|
| ||||||||
Audit Fees
|
| | | $ | 427,000 | | | | | $ | 430,000 | | | ||
Audit-Related Fees
|
| | | | — | | | | | | — | | | ||
Tax Fees
|
| | | | — | | | | | | — | | | ||
All Other Fees
|
| | | | — | | | | | | — | | | ||
Total
|
| | | $ | 427,000 | | | | | $ | 430,000 | | | ||
|
Name
|
| |
Common
Stock Owned |
| |
Options to
Purchase Common Stock |
| |
Total Stock
and Stock-based Holdings |
| |
Percent
of Class |
| ||||||||||||
OrbiMed Advisors LLC(1)
OrbiMed Capital LLC 601 Lexington Avenue, 54th Floor New York, NY 10022 |
| | | | 5,702,000 | | | | | | — | | | | | | 5,702,000 | | | | | | 9.1% | | |
BVF Partners, LP(2)
900 North Michigan Avenue, Suite 1100 Chicago, IL 60611 |
| | | | 4,723,811 | | | | | | — | | | | | | 4,723,811 | | | | | | 7.5% | | |
First Eagle Investment Management, LLC(3)
1345 Avenue of the Americas New York, NY 10105 |
| | | | 4,444,899 | | | | | | — | | | | | | 4,444,899 | | | | | | 7.1% | | |
1Globe Capital LLC(4)
245 First Street Riverview II, 18th Floor Cambridge, MA 02142 |
| | | | 4,008,664 | | | | | | — | | | | | | 4,008,664 | | | | | | 6.4% | | |
Pfizer Inc(5)
235 East 42nd Street New York, New York 10017 |
| | | | 3,273,679 | | | | | | — | | | | | | 3,273,679 | | | | | | 5.2% | | |
Directors and Executive Officers(1)
|
| |
Common
Stock Owned |
| |
Options to
Purchase Common Stock |
| |
Total Stock
and Stock-based Holdings |
| |
Percent
of Class |
| ||||||||||||||||
Timothy C. Barabe(2)
|
| | | | 93,977 | | | | | | 120,000 | | | | | | 213,977 | | | | | | * | | | ||||
Susan L. Kelley
|
| | | | 50,000 | | | | | | 90,000 | | | | | | 140,000 | | | | | | * | | | ||||
Ronald M. Lindsay
|
| | | | 20,000 | | | | | | 125,000 | | | | | | 145,000 | | | | | | * | | | ||||
Michael D. Loberg
|
| | | | 115,413 | | | | | | 125,000 | | | | | | 240,413 | | | | | | * | | | ||||
William G. Messenger
|
| | | | 10,000 | | | | | | 120,000 | | | | | | 130,000 | | | | | | * | | | ||||
Patrick J. Zenner
|
| | | | 71,470 | | | | | | 190,000 | | | | | | 261,470 | | | | | | * | | | ||||
Peter S. Lawrence
|
| | | | 70,987 | | | | | | 1,142,687 | | | | | | 1,213,674 | | | | | | 1.9% | | | ||||
Paolo Pucci
|
| | | | 287,148 | | | | | | 1,580,000 | | | | | | 1,867,148 | | | | | | 3.0% | | | ||||
Brian Schwartz
|
| | | | 47,363 | | | | | | 581,500 | | | | | | 628,863 | | | | | | 1.0% | | | ||||
Directors and executive officers as a group (10 persons)
|
| | | | 766,358 | | | | | | 4,074,187 | | | | | | 4,840,545 | | | | | | 7.7% | | | ||||
|