08/15/2022 | Press release | Distributed by Public on 08/15/2022 15:57
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Page
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Proxy Statement
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Proposal 1: Election of Directors
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| | | | 4 | | |
Information Regarding Directors
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Information Regarding the Board of Directors and its Committees
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| | | | 8 | | |
Report of the Audit Committee
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| | | | 13 | | |
Executive Officers
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Executive Compensation
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Director Compensation
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| | | | 24 | | |
Security Ownership of Certain Beneficial Owners and Management
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Equity Compensation Plan Information
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Transactions With Related Persons
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Expenses of Solicitation
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| | | | 31 | | |
Submission of Stockholder Proposals for the 2023 Annual Meeting
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Submission of Securityholder Recommendations for Director Candidates
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Stockholder Communications with the Board of Directors
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| | | | 33 | | |
Independent Registered Public Accounting Firm
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Proposal 2: Non-Binding Advisory Vote on the Compensation of Named Executive Officers
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| | | | 35 | | |
Proposal 3: Approval of Amendment of the Restated Certificate of Incorporation to Effect the Reverse Stock Split
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| | | | 36 | | |
Proposal 4: Approval of an Amendment to the 2014 Equity Incentive Plan to Increase the Maximum
Number of Shares Authorized for Issuance by 8,000,000 Shares and to increase the maximum shares issuable under the evergreen provision |
| | | | 44 | | |
Proposal 5: To Approve the Adjournment of the Annual Meeting in order to Solicit Additional
Proxies if there are not Sufficient Shares to be Voted in favor of any of Proposals 1-4 at the time of the Annual Meeting |
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Multiple Stockholders Sharing the Same Address
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Other Matters
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| | | | 51 | | |
Appendix A - Form of Certificate of Amendment for Reverse Stock Split
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| | | | A-1 | | |
Appendix B - Kiora Pharmaceuticals, Inc. 2014 Equity Incentive Plan, as amended
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| | | | B-1 | | |
Name
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Age
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Position with the Company
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Director Since
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Class I Directors - Term expires 2022 | | | | | | | | | | | | | |
Paul Chaney(2)(3)
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| | | | 64 | | | |
Chairman
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September 2007
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Brian M. Strem, Ph.D.
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| | | | 43 | | | |
President, CEO and Director
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July 2021
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Class II Directors - Term expires 2023 | | | | | | | | | | | | | |
Kenneth Gayron(1)(3)
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| | | | 52 | | | |
Director
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April 2021
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Aron Shapiro
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| | | | 44 | | | |
Director
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April 2021
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Praveen Tyle(1)(3)
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| | | | 62 | | | |
Director
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June 2008
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Class III Directors - Term expires 2024 | | | | | | | | | | | | | |
David Hollander, MD, MBA(2)
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| | | | 48 | | | |
Director
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December 2021
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Erin Parsons(2)(1)
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| | | | 46 | | | |
Director
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January 2022
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Total Number of Directors
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7
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Part I. Gender Identity
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Female
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Male
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Non-Binary
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Did Not
Disclose Gender |
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Directors
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| | | | 1 | | | | | | 6 | | | | | | - | | | | | | - | | |
Part II. Demographic Background | | | | | | | | | | | | | | | | | | | | | | | | | |
African American or Black
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Alaskan Native or Native American
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Asian
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| | | | - | | | | | | 1 | | | | | | - | | | | | | - | | |
Hispanic or Latinx
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Native Hawaiian or Pacific Islander
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
White
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| | | | 1 | | | | | | 5 | | | | | | - | | | | | | - | | |
Two or More Races or Ethnicities
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
LGBTQ+
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| | | | - | | | | | | - | | | | | | - | | | | | | - | | |
Did Not Disclose Demographic Background
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Name
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Age
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Position
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Brian M. Strem, Ph.D. | | |
43
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| | President and Chief Executive Officer | |
Eric J. Daniels, MD, MBA | | |
49
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| | Chief Development Officer | |
Name and Principal Position
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Year
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Salary
($) |
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Bonus(1)
($) |
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Stock
Awards(2) ($) |
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Option
Awards(2) ($) |
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All Other
Compensation ($) |
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Total
($) |
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Brian M. Strem, Ph.D
President and Chief Executive Officer(3) |
| | | | 2021 | | | | | | 169,231 | | | | | | - | | | | | | - | | | | | | 274,750 | | | | | | - | | | | | | 443,981 | | |
| | | 2020 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | ||
Stephen From
Former Executive Chairman; former President and Chief Executive Officer(4) |
| | | | 2021 | | | | | | 245,292 | | | | | | 160,000 | | | | | | 108,900 | | | | | | 57,500 | | | | | | - | | | | | | 571,692 | | |
| | | 2020 | | | | | | 400,000 | | | | | | 160,000 | | | | | | 129,282 | | | | | | 193,923 | | | | | | - | | | | | | 883,205 | | | ||
Sarah Romano
Former Chief Financial Officer(5) |
| | | | 2021 | | | | | | 275,000 | | | | | | 64,500 | | | | | | 41,662 | | | | | | 172,500 | | | | | | - | | | | | | 553,662 | | |
| | | 2020 | | | | | | 264,361 | | | | | | 60,000 | | | | | | 64,641 | | | | | | 64,641 | | | | | | - | | | | | | 453,643 | | | ||
Franz Obermayr, Ph.D.
Former Acting Chief Executive Officer; former EVP Clinical Development(6) |
| | | | 2021 | | | | | | 287,958 | | | | | | - | | | | | | - | | | | | | 172,500 | | | | | | 120,999 | | | | | | 581,457 | | |
| | | 2020 | | | | | | 8,476 | | | | | | - | | | | | | - | | | | | | - | | | | | | - | | | | | | 8,476 | | |
Name
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Grant Date
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Number of
Securities Underlying Unexercised Options (#) Vested |
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Number of
Securities Underlying Unexercised Options (#) Unvested |
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Option
Exercise Price ($) |
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Option
Expiration Date |
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Brian M Strem, Ph.D. | | | | | 27-Jul-21 | | | | | | - | | | | | | 100,000(1) | | | | | | 3.12 | | | | | | 27-Jul-31 | | |
Eric J. Daniels, MD, MBA | | | | | 21-Oct-21 | | | | | | - | | | | | | 50,000(1) | | | | | | 1.99 | | | | | | 21-Oct-31 | | |
Stephen From(2)
|
| | | | 14-Jan-11 | | | | | | 303 | | | | | | - | | | | | | 9.75 | | | | | | 14-Jan-21 | | |
| | | 14-Jan-11 | | | | | | 3,162 | | | | | | - | | | | | | 9.75 | | | | | | 14-Jan-21 | | | ||
| | | 23-Dec-12 | | | | | | 728 | | | | | | - | | | | | | 9.75 | | | | | | 23-Dec-22 | | | ||
| | | 19-Feb-15 | | | | | | 242 | | | | | | - | | | | | | 90.00 | | | | | | 19-Feb-25 | | | ||
| | | 24-Feb-15 | | | | | | 11,665 | | | | | | - | | | | | | 86.25 | | | | | | 24-Feb-25 | | | ||
| | | 28-Aug-15 | | | | | | 3,333 | | | | | | - | | | | | | 53.85 | | | | | | 28-Aug-25 | | | ||
| | | 25-Jan-16 | | | | | | 1,333 | | | | | | - | | | | | | 25.50 | | | | | | 25-Jan-26 | | | ||
| | | 29-Mar-16 | | | | | | 3,568 | | | | | | - | | | | | | 45.75 | | | | | | 29-Mar-26 | | | ||
| | | 18-Jul-16 | | | | | | 4,610 | | | | | | - | | | | | | 36.30 | | | | | | 18-Jul-26 | | | ||
| | | 18-May-17 | | | | | | 1,666 | | | | | | - | | | | | | 27.00 | | | | | | 18-May-27 | | | ||
| | | 21-Jun-17 | | | | | | 8,333 | | | | | | - | | | | | | 20.25 | | | | | | 21-Jun-27 | | | ||
| | | 28-Feb-18 | | | | | | 10,000 | | | | | | | | | | | | 8.55 | | | | | | 28-Feb-28 | | | ||
| | | 1-Feb-19 | | | | | | 12,592 | | | | | | 741(1) | | | | | | 7.20 | | | | | | 1-Feb-29 | | | ||
| | | 14-Feb-20 | | | | | | 18,333 | | | | | | 11,667(1) | | | | | | 6.55 | | | | | | 1-Feb-30 | | | ||
| | | 1-Feb-21 | | | | | | - | | | | | | 10,000(1) | | | | | | 6.46 | | | | | | 1-Feb-31 | | | ||
Sarah Romano(3)
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| | | | 24-Oct-16 | | | | | | 500 | | | | | | - | | | | | | 24.30 | | | | | | 24-Oct-26 | | |
| | | 12-Dec-16 | | | | | | 500 | | | | | | - | | | | | | 25.80 | | | | | | 12-Dec-26 | | | ||
| | | 21-Jun-17 | | | | | | 2,666 | | | | | | - | | | | | | 20.25 | | | | | | 21-Jun-27 | | | ||
| | | 28-Feb-18 | | | | | | 1,666 | | | | | | - | | | | | | 8.55 | | | | | | 28-Feb-28 | | | ||
| | | 1-Feb-19 | | | | | | 3,148 | | | | | | 185(1) | | | | | | 7.20 | | | | | | 1-Feb-29 | | | ||
| | | 14-Feb-20 | | | | | | 6,111 | | | | | | 3,889(1) | | | | | | 6.55 | | | | | | 1-Feb-30 | | | ||
| | | 1-Feb-21 | | | | | | - | | | | | | 30,000(1) | | | | | | 6.46 | | | | | | 1-Feb-31 | | |
Name
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Grant Date
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Number of Shares
or Units of Stock That Have Not Vested (#) |
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Market Value of
Shares or Units of Stock That Have Not Vested ($)(4) |
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Equity Incentive
Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) |
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Equity Incentive
Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(4) |
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Stephen From(2)
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| | | | 14-Feb-2020 | | | | | | 7,778 | | | | | | 11,745 | | | | | | - | | | | | | - | | |
Sarah Romano(3)
|
| | | | 14-Feb-2020 | | | | | | 3,889 | | | | | | 5,872 | | | | | | - | | | | | | - | | |
Name
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Fees earned or
paid in cash ($) |
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Option
awards(2)(3) ($) |
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Total
($) |
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Steven J. Boyd(4)
|
| | | | - | | | | | | - | | | | | | - | | |
Paul Chaney
|
| | | | 76,325 | | | | | | 20,090 | | | | | | 96,415 | | |
Kenneth Gayron(5)
|
| | | | 45,000 | | | | | | 15,592 | | | | | | 60,592 | | |
Morton Goldberg(6)
|
| | | | 9,625 | | | | | | 20,090 | | | | | | 29,715 | | |
Thomas E. Hancock(6)
|
| | | | 13,750 | | | | | | 20,090 | | | | | | 33,840 | | |
David Hollander, MBA, MD(7)
|
| | | | - | | | | | | - | | | | | | - | | |
I. Keith Maher, MD(4)
|
| | | | - | | | | | | - | | | | | | - | | |
Bernard Malfroy-Camine(6)
|
| | | | 11,750 | | | | | | 20,090 | | | | | | 31,840 | | |
Aron Shapiro(5)
|
| | | | 37,125 | | | | | | 15,592 | | | | | | 52,717 | | |
Praveen Tyle, Ph.D.
|
| | | | 66,750 | | | | | | 20,090 | | | | | | 86,840 | | |
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Common Stock
Beneficially Owned |
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Name of Beneficial Owner
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Shares
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Percent
|
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5% or Greater Stockholders | | | | | | | | | | | | | |
Intracoastal Capital LLC(3)
245 Palm Trail, Delray Beach, FL 33483 |
| | | | 3,903,460 | | | | | | 9.9% | | |
Lincoln Park Capital Fund, LLC(4)
440 North Wells, Suite 410, Chicago IL 60654 |
| | | | 3,716,769 | | | | | | 9.9% | | |
Lind Global Fund II LP(5)
444 Madison Ave, Floor 41, New York, NY 10022 |
| | | | 3,802,785 | | | | | | 9.9% | | |
Armistice Capital Master Fund, Ltd.(6)
510 Madison Avenue, 22nd Floor New York, NY 10022 |
| | | | 2,131,101 | | | | | | 5.5% | | |
Named Executive Officers, Directors and Nominees | | | | | | | | | | | | | |
Brian M. Strem, Ph.D.(7)
|
| | | | 69,015 | | | | | | * | | |
Eric Daniels, MD, MBA(8)
|
| | | | 9,520 | | | | | | * | | |
Paul Chaney(9)
|
| | | | 20,323 | | | | | | * | | |
Kenneth Gayron(10)
|
| | | | 2,000 | | | | | | * | | |
David Hollander, MD, MBA
|
| | | | - | | | | | | * | | |
Erin Parsons
|
| | | | - | | | | | | * | | |
Aron Shapiro(11)
|
| | | | 2,000 | | | | | | * | | |
Praveen Tyle(12)
|
| | | | 18,010 | | | | | | * | | |
All current executive officers, directors and nominees as a group (total 8 persons)(13)
|
| | | | 120,868 | | | | | | * | | |
Plan Category
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Number of
Securities to be Issued Upon Exercise of Outstanding Options, Restricted Stock Units, Warrants and Rights |
| |
Weighted
Average Exercise Price of Outstanding Options, Warrants, and Rights |
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Number of
Securities Remaining Available For Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) |
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(a)
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(b)
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(c)
|
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Equity compensation plans approved by security holders(1)
|
| | | | 830,315 | | | | | $ | 10.56 | | | | | | 128,333 | | |
Equity compensation plans not approved by security holders
|
| | | | - | | | | | | - | | | | | | - | | |
Total
|
| | | | 830,315 | | | | | $ | 10.56 | | | | | | 128,333 | | |
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2020
|
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2021
|
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Audit Fees(1)
|
| | | $ | 171,600 | | | | | $ | 226,430 | | |
Audit-Related Fees(2)
|
| | | $ | 25,153 | | | | | $ | - | | |
Tax Fees(3)
|
| | | $ | - | | | | | $ | - | | |
All Other Fees(4)
|
| | | $ | - | | | | | $ | - | | |
Total Fees
|
| | | $ | 196,753 | | | | | $ | 226,430 | | |
Name and Position
|
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Number of Shares
Underlying Awards |
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Brian M. Strem, Ph.D. - President and Chief Executive Officer
|
| | | | 100,000 | | |
Eric J. Daniels, MD, MBA - Chief Development Officer
|
| | | | 50,000 | | |
All executive officers as a group
|
| | | | 212,541 | | |
All directors who are not executive officers, as a group
|
| | | | 24,665 | | |
Employees as a group (excluding executive officers)
|
| | | | 71,200 | | |
Total
|
| | | | 308,406 | | |
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•
Earnings (before or after taxes)
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•
Sales or revenue (using a measure thereof that complies with Section 162(m))
|
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•
Earnings per share
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•
Expense or cost reduction
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•
Earnings before interest, taxes and depreciation
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•
Working capital
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•
Earnings before interest, taxes, depreciation and amortization
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•
Economic value added (or an equivalent metric)
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•
Total stockholder return
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•
Market share
|
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•
Return on equity or average stockholders'
equity
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•
Cash measures including cash flow and cash balance
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•
Return on assets, investment or capital employed
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•
Operating cash flow
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•
Operating income
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•
Cash flow per share
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•
Gross margin
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•
Share price
|
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•
Operating margin
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•
Debt reduction
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•
Net operating income
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•
Customer satisfaction
|
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•
Net operating income after tax
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•
Stockholders' equity
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•
Return on operating revenue
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•
Contract awards or backlog
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•
Objective corporate or individual strategic goals
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•
Objective individual performance goals
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