| | Important Notice Regarding the Availability of Proxy Materials for the Stockholders’ Meeting to Be Held on May 17, 2023 at 10:00 a.m. EDT at http://www.meetnow.global/MAJWHPT | | |
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The proxy statement and annual report to stockholders are available at www.envisonreports.com/sens.
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| |
| | You are cordially invited to attend the meeting online. Whether or not you expect to attend the meeting, please vote by one of following methods as promptly as possible in order to ensure your representation at the meeting: 1) over the internet at www.envisionreports.com/sens, 2) by telephone by calling the toll-free number 1-800-652-VOTE, or 3) by completing, dating, signing and returning the proxy mailed to you. Even if you have voted by proxy, you may still vote online if you attend the meeting. Please note, however, that if your shares are held of record by a broker, bank or other nominee and you wish to vote online at the meeting, you must obtain a proxy issued in your name from that record holder. | | |
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Proposals
|
| |
Page
|
| |
Voting Standard
|
| |
Board
Recommendation |
|
Election of Directors | | | | | Plurality | | |
FOR each director
nominee |
| |
Advisory approval of the compensation of the Company’s named executive officers | | | | | Majority of shares present in person or virtually or represented by proxy and entitled to vote on the matter. | | |
FOR
|
| |
Ratification of the selection of KPMG LLP as the Company’s independent registered public accounting firm for fiscal year ending December 31, 2023 | | | | | Majority of shares present in person or virtually or represented by proxy and entitled to vote on the matter. | | |
FOR
|
|
Proposal
Number |
| |
Proposal Description
|
| |
Vote Required for Approval
|
| |
Effect of
Abstentions |
| |
Effect of Broker
Non-Votes |
|
1
|
| | Election of Directors | | | Five nominees receiving the most “For” votes; withheld votes will have no effect | | |
Not
applicable |
| | No effect | |
2
|
| | Advisory approval of the compensation of our named executive officers | | | “For” votes from the holders of a majority of shares present at the Annual Meeting or represented by proxy and entitled to vote on the matter | | | Against | | | No effect | |
3
|
| | Ratification of selection of KPMG LLP as independent registered public accounting firm for the year ending December 31, 2023 | | | “For” votes from the holders of a majority of shares present at the Annual Meeting or represented by proxy and entitled to vote on the matter | | | Against | | |
Not
applicable(1) |
|
Board Diversity Matrix (As of April 1, 2023)
|
| |||||||||||||||||||||
Total Number of Directors
|
| |
11
|
| ||||||||||||||||||
| | |
Female
|
| |
Male
|
| |
Non-
Binary |
| | |||||||||||
Part I: Gender Identity | | | | | | | | | | | | | | | | | | | | | | |
Directors
|
| | | | 2 | | | | | | 9 | | | | | | — | | | | ||
Part II: Demographic Background
|
| | | | | | | | | | | | | | | | | | | | ||
African American or Black
|
| | | | 1 | | | | | | — | | | | | | — | | | | ||
Alaskan Native or Native American
|
| | | | — | | | | | | — | | | | | | — | | | | ||
Asian
|
| | | | — | | | | | | — | | | | | | — | | | | ||
Hispanic or Latinx
|
| | | | — | | | | | | — | | | | | | — | | | | ||
Native Hawaiian or Pacific Islander
|
| | | | — | | | | | | — | | | | | | — | | | | ||
White
|
| | | | 1 | | | | | | 9 | | | | | | — | | | | ||
Two or More Races or Ethnicities
|
| | | | — | | | | | | — | | | | | | — | | | | ||
LGBTQ+
|
| | | | — | | | | | | — | | | | | | — | | | |
Name
|
| |
Audit
Committee |
| |
Compensation
Committee |
| |
Nominating &
Corporate Governance Committee |
| |||||||||
Stephen P. DeFalco
|
| | | | X | | | | | | | | | | | | X* | | |
Steven V. Edelman
|
| | | | | | | | | | X | | | | | | X | | |
Edward J. Fiorentino
|
| | | | X | | | | | | X | | | | | | | | |
Douglas S. Prince
|
| | | | X* | | | | | | | | | | | | X | | |
Douglas A. Roeder
|
| | | | | | | | | | X* | | | | | | X | | |
Sharon Larkin
|
| | | | | | | | | | X | | | | | | | | |
Anthony Raab
|
| | | | | | | | | | | | | | | | | | |
Robert Schumm
|
| | | | | | | | | | | | | | | | | | |
Timothy Goodnow
|
| | | | | | | | | | | | | | | | | | |
Francine Kaufman
|
| | | | | | | | | | | | | | | | | | |
John Marotta
|
| | | | | | | | | | | | | | | | | | |
Number of meetings in 2022
|
| | | | 9 | | | | | | 5 | | | | | | 2 | | |
| | |
2022
|
| |
2021
|
| ||||||
Audit fees(1)
|
| | | $ | 857,290 | | | | | $ | 1,204,000 | | |
Tax fees(2)
|
| | | | 63,704 | | | | | | — | | |
Non-audit-related fees(3)
|
| | | | 5,500 | | | | | | — | | |
Total fees
|
| | | $ | 926,494 | | | | | $ | 1,204,000 | | |
Name
|
| |
Position
|
|
Executive Officers: | | | | |
Timothy T. Goodnow, Ph.D. | | |
President, Chief Executive Officer and Director
|
|
Frederick (“Rick”) Sullivan | | | Chief Financial Officer, Secretary and Treasurer | |
Mukul Jain, Ph.D. | | | Chief Operating Officer | |
Francine R. Kaufman, M.D. | | | Chief Medical Officer and Director | |
Kenneth L. Horton | | | General Counsel and Corporate Development Advisor | |
Name of Beneficial Owner
|
| |
Number of
Shares Beneficially Owned |
| |
Percentage
of Shares Beneficially Owned |
| ||||||
Principal Stockholders: | | | | | | | | | | | | | |
PHC Holdings Corporation(1)
|
| | | | 86,892,237 | | | | | | 15.4 | | |
Entities affiliated with Robert J. Smith(2)
|
| | | | 39,380,057 | | | | | | 7.7 | | |
BlackRock, Inc.(3)
|
| | | | 32,405,894 | | | | | | 6.8 | | |
The Vanguard Group(4)
|
| | | | 24,013,935 | | | | | | 5.0 | | |
Named Executive Officers, Directors and Director Nominee: | | | | | | | | | | | | | |
Timothy T. Goodnow, Ph.D.(5)
|
| | | | 10,365,215 | | | | | | 2.2 | | |
Kenneth Horton(6)
|
| | | | 2,526,734 | | | | | | * | | |
Mukul Jain, Ph.D.(7)
|
| | | | 5,113,511 | | | | | | 1.1 | | |
Stephen P. DeFalco(8)
|
| | | | 1,794,417 | | | | | | * | | |
Edward J. Fiorentino(9)
|
| | | | 993,699 | | | | | | * | | |
Douglas S. Prince(10)
|
| | | | 935,599 | | | | | | * | | |
Douglas A. Roeder(11)
|
| | | | 365,073 | | | | | | * | | |
Steven Edelman, M.D.(12)
|
| | | | 981,090 | | | | | | * | | |
Anthony Raab (13)
|
| | | | 416,136 | | | | | | * | | |
Sharon Larkin(14)
|
| | | | 127,340 | | | | | | * | | |
John Marotta(15)
|
| | | | 66,372 | | | | | | * | | |
Francine Kaufman(16)
|
| | | | 1,987,357 | | | | | | * | | |
Robert Schumm
|
| | | | 0 | | | | | | * | | |
Koichiro Sato
|
| | | | 0 | | | | | | * | | |
All current directors, director nominees and named executive officers as a group (14 persons)(17)
|
| | | | 25,672,543 | | | | | | 5.4 | | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($)(1) |
| |
Stock
Awards ($)(2) |
| |
Non-Equity
Incentive Plan Compensation ($)(3) |
| |
All Other
Compensation |
| |
Total
($) |
| |||||||||||||||||||||
Timothy T. Goodnow
President and Chief Executive Officer |
| | | | 2022 | | | | | | 585,999 | | | | | | 109,000 | | | | | | 2,206,241 | | | | | | 600,476 | | | | | | 43,938 | | | | | | 3,545,654 | | |
| | | 2021 | | | | | | 568,560 | | | | | | — | | | | | | 2,044,999 | | | | | | 496,800 | | | | | | 34,866 | | | | | | 3,145,225 | | | ||
Mukul Jain, Ph.D.
Chief Operating Officer |
| | | | 2022 | | | | | | 453,000 | | | | | | 30,000 | | | | | | 952,201 | | | | | | 232,219 | | | | | | 52,427 | | | | | | 1,719,847 | | |
| | | 2021 | | | | | | 439,810 | | | | | | — | | | | | | 749,999 | | | | | | 192,150 | | | | | | 37,787 | | | | | | 1,419,746 | | | ||
Kenneth Horton
General Counsel and Corporate Development Advisor |
| | | | 2022 | | | | | | 444,000 | | | | | | 28,000 | | | | | | 552,201 | | | | | | 227,673 | | | | | | 2,658 | | | | | | 1,254,532 | | |
Name
|
| |
2021
Base Salary ($) |
| |
%
Increase |
| |
2022
Base Salary ($) |
| |
%
Increase |
| |
2023
Base Salary ($) |
| |||||||||||||||
Timothy T. Goodnow
|
| | | | 568,560 | | | | | | 3% | | | | | | 586,000 | | | | | | 4.6% | | | | | | 613,000 | | |
Mukul Jain
|
| | | | 439,810 | | | | | | 3% | | | | | | 453,000 | | | | | | 4.6% | | | | | | 474,000 | | |
Kenneth Horton
|
| | | | | | | | | | | | | | | | 444,000 | | | | | | 4.6% | | | | | | 464,000 | | |
Name
|
| |
Target Bonus
(as a % of Base Salary) (%) 2021 |
| |
Target Bonus
(as a % of Base Salary) (%) 2022 |
| ||||||
Timothy T. Goodnow
|
| | | | 100 | | | | | | 100 | | |
Mukul Jain
|
| | | | 50 | | | | | | 50 | | |
Kenneth Horton
|
| | | | | | | | | | 50 | | |
Name
|
| |
RSUs
|
| |||
Timothy T. Goodnow
|
| | | | 1,762,932 | | |
Mukul Jain
|
| | | | 775,863 | | |
Kenneth Horton
|
| | | | 431,035 | | |
Name
|
| |
Cash Payments
|
| |
RSUs
|
| ||||||
Timothy T. Goodnow
|
| | | $ | 109,000 | | | | | | 139,000 | | |
Mukul Jain
|
| | | $ | 30,000 | | | | | | 45,000 | | |
Kenneth Horton
|
| | | $ | 28,000 | | | | | | 45,000 | | |
Name
|
| |
RSUs
|
| |||
Timothy T. Goodnow
|
| | | | 1,099,462 | | |
Mukul Jain
|
| | | | 403,225 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||||||||||||||
Name (a)
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable (b) |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable (c) |
| |
Option
Exercise Price ($) (e) |
| |
Option
Expiration Date (f) |
| |
Number of
Shares or Units of Stock That Have Not Vested (#) (g) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested(3) ($) (h) |
| |
Equity
Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (i) |
| |
Equity
Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($) (j) |
| ||||||||||||||||||||||||
Timothy T. Goodnow
|
| | | | 220,236 | | | | | | 0 | | | | | $ | 1.95 | | | | | | 7/23/2025 | | | | | | 959,239(4) | | | | | $ | 988,016.17 | | | | | | — | | | | | | — | | |
| | | 347,652 | | | | | | 0 | | | | | $ | 2.97 | | | | | | 4/11/2026 | | | | | | 549,731(5) | | | | | $ | 566,222.93 | | | | | | — | | | | | | — | | | ||
| | | 750,000 | | | | | | 0 | | | | | $ | 2.74 | | | | | | 1/16/2027 | | | | | | 139,000(6) | | | | | $ | 143,170.00 | | | | | | — | | | | | | — | | | ||
| | | 777,797 | | | | | | 0 | | | | | $ | 2.62 | | | | | | 2/1/2028 | | | | | | 1,322,199(7) | | | | | $ | 1,361,864.97 | | | | | | — | | | | | | — | | | ||
| | | 747,335 | | | | | | 16,669(1)(2) | | | | | $ | 2.72 | | | | | | 1/16/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Mukul Jain
|
| | | | 153,774 | | | | | | 0 | | | | | $ | 0.46 | | | | | | 9/10/2023 | | | | | | 475,543(4) | | | | | $ | 489,809.29 | | | | | | — | | | | | | — | | |
| | | 335,599 | | | | | | 0 | | | | | $ | 0.54 | | | | | | 6/3/2024 | | | | | | 201,612(5) | | | | | $ | 207,660.36 | | | | | | — | | | | | | — | | | ||
| | | 108,686 | | | | | | 0 | | | | | $ | 0.54 | | | | | | 12/4/2024 | | | | | | 45,000(6) | | | | | $ | 46,350.00 | | | | | | — | | | | | | — | | | ||
| | | 134,239 | | | | | | 0 | | | | | $ | 1.95 | | | | | | 7/23/2025 | | | | | | 581,897(7) | | | | | $ | 599,353.91 | | | | | | — | | | | | | — | | | ||
| | | 145,254 | | | | | | 0 | | | | | $ | 2.97 | | | | | | 4/11/2026 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 314,212 | | | | | | 0 | | | | | $ | 2.73 | | | | | | 1/19/2027 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 495,191 | | | | | | 0 | | | | | $ | 2.62 | | | | | | 2/1/2028 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
| | | 468,124 | | | | | | 66,876(1)(2) | | | | | $ | 2.72 | | | | | | 1/16/2029 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | ||
Kenneth Horton
|
| | | | 223,500 | | | | | | 0 | | | | | $ | 2.62 | | | | | | 11/14/2027 | | | | | | 242,747(4) | | | | | $ | 250,029.41 | | | | | | — | | | | | | — | | |
| | | 124,000 | | | | | | 0 | | | | | $ | 3.18 | | | | | | 3/7/2028 | | | | | | 153,225(5) | | | | | $ | 157,821.75 | | | | | | — | | | | | | — | | | ||
| | | 186,042 | | | | | | 3,958(1)(2) | | | | | $ | 2.72 | | | | | | 1/16/2029 | | | | | | 45,000(6) | | | | | $ | 46,350.00 | | | | | | — | | | | | | — | | | ||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 323,276(7) | | | | | $ | 332,974.28 | | | | | | — | | | | | | — | | |
Year
|
| |
Summary
Compensation Table Total for PEO(1) |
| |
Compensation
Actually Paid to PEO(1)(2) |
| |
Average
Summary Compensation Table Total for Non-PEO Named Executive Officers(3) |
| |
Average
Compensation Actually Paid to Non-PEO Named Executive Officers(4) |
| |
Value of
Initial Fixed $100 Investment Based On: |
| |
Total
Revenue ($M)(6) |
| |
Net
Income (Loss) ($M)(6) |
| |||||||||||||||||||||
|
Total
Shareholder Return(5) |
| |||||||||||||||||||||||||||||||||||||||||
2022
|
| | | $ | 3,545,654 | | | | | $ | (1,088,335) | | | | | $ | 1,487,190 | | | | | $ | (182,626) | | | | | $ | 118.15 | | | | | $ | 16.4 | | | | | $ | 142.1 | | |
2021
|
| | | $ | 3,145,225 | | | | | $ | 10,393,425 | | | | | $ | 1,293,093 | | | | | $ | 4,093,093 | | | | | $ | 306.26 | | | | | $ | 13.7 | | | | | $ | (302.5) | | |
| | |
2021
|
| |
2022
|
| ||||||
Summary Compensation Table Total
|
| | | $ | 3,145,225 | | | | | $ | 3,545,654 | | |
Subtract Grant Date Fair Value of Option Awards and Stock Awards Granted
in Fiscal Year(a) |
| | | $ | (2,044,999) | | | | | $ | (2,206,241) | | |
Add Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year(b)
|
| | | $ | 2,201,673 | | | | | $ | 1,505,035 | | |
Adjust for Change in Fair Value of Outstanding and Unvested Option Awards
and Stock Awards Granted in Prior Fiscal Year(b) |
| | | $ | 3,657,744 | | | | | $ | (2,474,711) | | |
Adjust for Fair Value at Vesting of Option Awards and Stock Awards Granted
in Fiscal Year That Vested During Fiscal Year(b) |
| | | $ | 1,029,371 | | | | | $ | 489,412 | | |
Adjust for Change in Fair Value as of Vesting Date of Option Awards and Stock Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year(b)
|
| | | $ | 2,404,411 | | | | | $ | (1,947,484) | | |
Subtract Fair Value as of Prior Fiscal Year-End of Option Awards and Stock Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year(b)
|
| | | $ | 0 | | | | | $ | 0 | | |
Add Value of Dividends or other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation
|
| | | $ | 0 | | | | | $ | 0 | | |
Compensation Actually Paid
|
| | | $ | 10,393,425 | | | | | $ | (1,088,335) | | |
|
2021
|
| |
2022
|
|
|
Mukul Jain
|
| |
Mukul Jain
|
|
|
Francine Kaufman
|
| |
Kenneth Horton
|
|
| | |
2021
|
| |
2022
|
| ||||||
Summary Compensation Table Total
|
| | | $ | 1,293,093 | | | | | $ | 1,487,190 | | |
Subtract Grant Date Fair Value of Option Awards and Stock Awards Granted in Fiscal Year(a)
|
| | | $ | (628,999) | | | | | $ | (752,201) | | |
Add Fair Value at Fiscal Year-End of Outstanding and Unvested Option Awards and Stock Awards Granted in Fiscal Year(b)
|
| | | $ | 677,188 | | | | | $ | 512,514 | | |
| | |
2021
|
| |
2022
|
| ||||||
Adjust for Change in Fair Value of Outstanding and Unvested Option Awards and Stock Awards Granted in Prior Fiscal Year(b)
|
| | | $ | 1,457,542 | | | | | $ | (879,966) | | |
Adjust for Fair Value at Vesting of Option Awards and Stock Awards Granted in Fiscal Year That Vested During Fiscal Year(b)
|
| | | $ | 316,613 | | | | | $ | 167,525 | | |
Adjust for Change in Fair Value as of Vesting Date of Option Awards and Stock
Awards Granted in Prior Fiscal Years For Which Applicable Vesting Conditions Were Satisfied During Fiscal Year(b) |
| | | $ | 977,656 | | | | | $ | (717,688) | | |
Subtract Fair Value as of Prior Fiscal Year-End of Option Awards and Stock
Awards Granted in Prior Fiscal Years That Failed to Meet Applicable Vesting Conditions During Fiscal Year(b) |
| | | $ | 0 | | | | | $ | 0 | | |
Add Value of Dividends or other Earnings Paid on Stock or Option Awards not
Otherwise Reflected in Fair Value or Total Compensation |
| | | $ | 0 | | | | | $ | 0 | | |
Compensation Actually Paid
|
| | | $ | 4,093,093 | | | | | $ | (182,626) | | |
| | |
Member
Annual Service Retainer |
| |
Chairman
Additional Annual Service Retainer |
| ||||||
Board of Directors
|
| | | $ | 40,000 | | | | | $ | 35,000 | | |
Audit Committee
|
| | | | 10,000 | | | | | | 10,000 | | |
Compensation Committee
|
| | | | 6,500 | | | | | | 7,500 | | |
Nominating and Corporate Governance Committee
|
| | | | 5,000 | | | | | | 5,000 | | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Stock
Awards ($) |
| |
Total
($) |
| |||||||||
Stephen P. DeFalco(3)
|
| | | | — | | | | | $ | 212,494 | | | | | $ | 212,494 | | |
Edward J. Fiorentino(4)
|
| | | | — | | | | | $ | 168,996 | | | | | $ | 168,996 | | |
Douglas S. Prince(5)
|
| | | $ | 37,500 | | | | | $ | 149,997 | | | | | $ | 187,497 | | |
Douglas A. Roeder(6)
|
| | | $ | 65,500 | | | | | $ | 112,499 | | | | | $ | 177,999 | | |
Steven Edelman(7)
|
| | | $ | 12,875 | | | | | $ | 151,121 | | | | | $ | 163,996 | | |
Anthony Raab(8)
|
| | | $ | 40,000 | | | | | $ | 112,499 | | | | | $ | 152,499 | | |
Robert Schumm(9)
|
| | | | — | | | | | | — | | | | | | — | | |
Sharon Larkin(10)
|
| | | $ | 29,063 | | | | | $ | 119,765 | | | | | $ | 148,827 | | |
John Marotta(11)
|
| | | $ | 13,846 | | | | | $ | 78,319 | | | | | $ | 92,165 | | |
Plan Category
|
| |
Number of securities
to be issued upon exercise of outstanding options, warrants and rights (a) |
| |
Weighted-average
exercise price of outstanding options, warrants and rights (b)(1) |
| |
Number of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) |
| |||||||||
Equity compensation plans approved by security holders
|
| | | | 20,556,277(2) | | | | | $ | 1.33 | | | | | | 35,416,657(3) | | |
Equity compensation plans not approved by security holders
|
| | | | 1,000,917(4) | | | | | $ | 1.52 | | | | | | 684,473(5) | | |
Total
|
| | | | 21,557,194 | | | | | $ | 1.34 | | | | | | 36,101,130 | | |