|
Proposal
Number |
| |
Proposal Description
|
| |
Vote Required for Approval
|
| |
Effect of
Abstentions |
| |
Effect of
Broker Non-Votes |
|
|
1
|
| | Election of Directors | | | Directors are elected by a plurality of the votes of the holders of shares present in person or represented by proxy and entitled to vote on the election of directors. The six nominees receiving the largest number of votes “For” votes cast will be elected to the Board of Directors. | | |
None
|
| |
None
|
|
|
2
|
| | Non-binding advisory vote on the compensation of our named executive officers | | | The number of shares that cast a vote “For” the proposal must exceed the number of shares that cast a vote “Against” the proposal. | | |
None
|
| |
None
|
|
|
3
|
| | Non-binding advisory vote on the frequency of the stockholder vote (every one, two, or three years) relating to the compensation of our named executive officers | | | The number of shares that cast a vote “For” any of the one-, two- or three-year option must exceed the number of shares that cast a vote for the other options. If no option receives votes from the majority of votes cast, no preference of our stockholders will have been approved by our stockholders; however, our board of directors and Compensation Committee will take the relative proportions of the votes cast into account in setting the frequency of stockholder advisory votes on the compensation of our named executive officers | | |
None
|
| |
None
|
|
|
4
|
| | Ratification of the Audit Committee’s selection of Ernst & Young as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2020 | | | The number of shares that cast a vote “For” the proposal must exceed the number of shares that cast a vote “Against” the proposal. | | |
None
|
| |
None
|
|
Name
|
| |
Age
|
| |
Position(s)
|
| |||
Todd R. Patrick | | | | | 58 | | | | Chief Executive Officer, Director | |
Richard J. Bastiani, Ph.D.(3) | | | | | 78 | | | | Chairman of the Board of Directors | |
Sarah J. Schlesinger, M.D.(2)(4) | | | | | 60 | | | | Director | |
Joseph M. Patti, Ph.D.(2)(3)(6)
|
| | | | 56 | | | | Director | |
Odysseas D. Kostas, M.D.(3)(4) | | | | | 46 | | | | Director | |
Todd C. Peterson, Ph.D.(1) | | | | | 62 | | | | Director | |
Robin C. Kramer(5) | | | | | 55 | | | | Director | |
Name
|
| |
Audit(1)
|
| |
Compensation
|
| |
Nominating and
Corporate Governance |
| |||||||||
Richard J. Bastiani, Ph.D. | | | | | | | | | | | | | | | | | X* | | |
Odysseas Kostas, M.D. | | | | | | | | | | | | | | | | | X | | |
Jeremy Curnock Cook | | | | | X | | | | | | X | | | | | | | | |
H. Stewart Parker | | | | | X* | | | | | | | | | | | | X | | |
Todd R. Patrick | | | | | | | | | | | | | | | | | | | |
Joseph M. Patti, Ph.D. | | | | | | | | | | | X* | | | | | | X | | |
Sarah J. Schlesinger, M.D. | | | | | | | | | | | X | | | | | | | | |
Todd C. Peterson, Ph.D. | | | | | X | | | | | | | | | | | | | | |
| | |
Fiscal Year Ended
December 31, 2019 |
| |
Fiscal Year Ended
December 31, 2018 |
| ||||||
Audit Fees
|
| | | $ | 277,000 | | | | | $ | — | | |
Audit Related Fees
|
| | | | 94,000 | | | | | | — | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 371,000 | | | | | $ | — | | |
| | |
Fiscal Year Ended
December 31, 2019 |
| |
Fiscal Year Ended
December 31, 2018 |
| ||||||
Audit Fees(1)
|
| | | $ | 143,000 | | | | | $ | 270,000 | | |
Audit Related Fees(2)
|
| | | | 102,000 | | | | | | 121,000 | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 245,000 | | | | | $ | 391,000 | | |
| | |
Fiscal Year Ended
December 31, 2019 |
| |
Fiscal Year Ended
December 31, 2018 |
| ||||||
Audit Fees(1)
|
| | | $ | 26,000 | | | | | $ | 253,000 | | |
Audit Related Fees(2)
|
| | | | — | | | | | | 71,000 | | |
Tax Fees
|
| | | | — | | | | | | — | | |
All Other Fees
|
| | | | — | | | | | | — | | |
Total
|
| | | $ | 26,000 | | | | | $ | 324,000 | | |
Name
|
| |
Age
|
| |
Position(s)
|
|
Todd R. Patrick | | | 58 | | | Chief Executive Officer & Director | |
Brian Varnum, Ph.D. | | | 60 | | | President & Chief Development Officer | |
Steve R. Martin | | | 59 | | | Chief Financial Officer | |
Duane Morris | | | 70 | | | Vice President, Operations | |
| | |
Beneficial Ownership
|
| |||||||||
Beneficial Owner
|
| |
Number of
Shares |
| |
Percent of
Total |
| ||||||
Greater than 5% Stockholders | | | | | | | | | | | | | |
Innoviva, Inc.
|
| | | | 17,421,600(1) | | | | | | 63.7% | | |
Delta Dental of Wisconsin
|
| | | | 2,107,675(2) | | | | | | 11.3% | | |
Delta Dental Plan of Michigan, Inc.
|
| | | | 1,265,802(3) | | | | | | 6.8% | | |
Delta Dental of California
|
| | | | 990,643(4) | | | | | | 5.3% | | |
| | | | | | | | | | | % | | |
Directors, Director Nominees and Named Executive Officers | | | | | | | | | | | | | |
Richard J. Bastiani, Ph.D. (Director)
|
| | | | 28,390(5) | | | | | | * | | |
Jeremy Curnock Cook (Director)
|
| | | | 44,685(6) | | | | | | * | | |
H. Stewart Parker (Director)
|
| | | | 28,390(7) | | | | | | * | | |
Odysseas D. Kostas, M.D. (Director)
|
| | | | 17,421,600(13) | | | | | | 63.7% | | |
Sarah J. Schlesinger, M.D. (Director)
|
| | | | 17,421,600(13) | | | | | | 63.7% | | |
Joseph M. Patti, Ph.D. (Director)
|
| | | | 13,692(14) | | | | | | * | | |
Todd C. Peterson, Ph.D. (Director)
|
| | | | 13,692(15) | | | | | | * | | |
Todd R. Patrick (Chief Executive Officer and Director)
|
| | | | 334,823(8) | | | | | | 1.8% | | |
Brian Varnum, Ph. D. (President and Chief Development Officer)
|
| | | | 148,564(9) | | | | | | * | | |
Steve R. Martin (Chief Financial Officer)
|
| | | | 47,097(10) | | | | | | * | | |
Duane Morris (Vice President of Operations)
|
| | | | 52,213(11) | | | | | | * | | |
Robin C. Kramer (Director Nominee)
|
| | | | — | | | | | | * | | |
All current executive officers, director nominees and directors as a group (12 persons)(12)
|
| | |
|
18,133,146
|
| | | |
|
65.3%
|
| |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Option
Awards ($)(1) |
| |
Non-Equity
Incentive Plan Compensation ($) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Todd Patrick
Chief Executive Officer |
| | | | 2019 | | | | | | 412,000 | | | | | | — | | | | | | 714,556 | | | | | | 144,200 | | | | | | — | | | | | | 1,270,756 | | |
| | | 2018 | | | | | | 412,000 | | | | | | — | | | | | | — | | | | | | 206,000 | | | | | | — | | | | | | 618,000 | | | ||
Brian Varnum, Ph. D.
President and Chief Development Officer |
| | | | 2019 | | | | | | 320,000 | | | | | | — | | | | | | 714,556 | | | | | | 89,600 | | | | | | — | | | | | | 1,124,156 | | |
| | | 2018 | | | | | | 320,000 | | | | | | — | | | | | | — | | | | | | 128,000 | | | | | | — | | | | | | 448,000 | | | ||
Steve Martin
Senior VP and Chief Financial Officer |
| | | | 2019 | | | | | | 320,000 | | | | | | — | | | | | | 357,278 | | | | | | 89,600 | | | | | | — | | | | | | 766,878 | | |
| | | 2018 | | | | | | 320,000 | | | | | | — | | | | | | — | | | | | | 109,000 | | | | | | — | | | | | | 429,000 | | | ||
Paul C. Grint, M.D.
Former Chief Executive Officer(2) |
| | | | 2019 | | | | | | 170,928 | | | | | | — | | | | | | 4,125 | | | | | | — | | | | | | 519,717 | | | | | | 694,770 | | |
| | | 2018 | | | | | | 475,000 | | | | | | — | | | | | | — | | | | | | 143,000 | | | | | | — | | | | | | 618,000 | | |
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| ||||||||||||
Mr. Patrick
|
| | | | 56,056(1) | | | | | | — | | | | | | 38.12 | | | | | | 4/24/2024 | | |
| | | | | — | | | | | | 298,724(2) | | | | | | 3.15 | | | | | | 5/21/2029 | | |
| | | | | 56,056 | | | | | | 298,724 | | | | | | | | | | | | | | |
Dr. Varnum
|
| | | | 20,718(3) | | | | | | — | | | | | | 27.37 | | | | | | 3/12/2022 | | |
| | | | | 986(1) | | | | | | — | | | | | | 33.05 | | | | | | 6/25/2022 | | |
| | | | | 15,193(1) | | | | | | — | | | | | | 38.12 | | | | | | 4/21/2024 | | |
| | | | | 4,932(1) | | | | | | — | | | | | | 38.12 | | | | | | 12/8/2024 | | |
| | | | | — | | | | | | 298,724(2) | | | | | | 3.15 | | | | | | 5/21/2029 | | |
| | | | | 41,829 | | | | | | 298,724 | | | | | | | | | | | | | | |
Mr. Martin
|
| | | | 608(1) | | | | | | 14(1) | | | | | | 399.00 | | | | | | 1/17/2026 | | |
| | | | | 1,152(4) | | | | | | — | | | | | | 60.20 | | | | | | 3/31/2021 | | |
| | | | | 5,588(1) | | | | | | 4,340(1) | | | | | | 12.74 | | | | | | 9/6/2027 | | |
| | | | | — | | | | | | 149,362(2) | | | | | | 3.15 | | | | | | 5/21/2029 | | |
| | | | | 7,348 | | | | | | 153,716 | | | | | | | | | | | | | | |
Dr. Grint(6) | | | | | 1,786(5) | | | | | | —(1) | | | | | | 3.15 | | | | | | 11/6/2020 | | |
| | | | | 1,786 | | | | | | — | | | | | | | | | | | | | | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($) |
| |
Total ($)
|
| ||||||||||||
Richard Bastiani
|
| | | | 41,786 | | | | | | 63,249 | | | | | | — | | | | | | 105,035 | | |
Richard Bear(3)
|
| | | | 25,714 | | | | | | 63,249 | | | | | | — | | | | | | 88,963 | | |
H. Stewart Parker
|
| | | | 37,286 | | | | | | 63,249 | | | | | | — | | | | | | 100,535 | | |
Joseph Patti
|
| | | | 30,857 | | | | | | 63,249 | | | | | | — | | | | | | 94,106 | | |
Todd Peterson
|
| | | | 10,000 | | | | | | 75,714 | | | | | | — | | | | | | 85,714 | | |
Jeremy Curnock Cook
|
| | | | 57,786 | | | | | | 63,249 | | | | | | — | | | | | | 121,035 | | |
Louis Drapeau(2)
|
| | | | 22,500 | | | | | | — | | | | | | — | | | | | | 22,500 | | |
Michael S. Perry, Ph.D.(3)
|
| | | | 57,071 | | | | | | 63,249 | | | | | | — | | | | | | 120,320 | | |
Vijay Samant(2)
|
| | | | 16,429 | | | | | | — | | | | | | — | | | | | | 16,429 | | |
Wendy S. Johnson(2)
|
| | | | 14,286 | | | | | | — | | | | | | — | | | | | | 14,286 | | |
Board of Directors:
|
| |
Stock Options
Outstanding |
| |
Stock Options
Exercisable |
| ||||||
Richard Bastiani
|
| | | | 28,192 | | | | | | 809 | | |
Richard Bear(3)
|
| | | | 27,383 | | | | | | — | | |
Jeremy Curnock Cook
|
| | | | 28,497 | | | | | | 1,108 | | |
H. Stewart Parker
|
| | | | 28,192 | | | | | | 809 | | |
Todd Peterson
|
| | | | 27,383 | | | | | | — | | |
Michael Perry(3)
|
| | | | 28,275 | | | | | | 847 | | |
Joseph Patti
|
| | | | 27,383 | | | | | | — | | |