Proxy Statement (Form DEF 14A)
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INFORMATION
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Preliminary Proxy Statement
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Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
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Definitive Proxy Statement
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Definitive Additional Materials
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Soliciting Material Pursuant to
§240.14a-12
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No fee required.
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Fee paid previously with preliminary materials.
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Fee computed on table in exhibit required by Item 25(b) per Securities Exchange Act of 1934 Rules
14a-6(i)(1)
and 0-11.
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NOTICE OF 2025 ANNUAL MEETING OF STOCKHOLDERS
To be held
Notice is hereby given that the 2025 Annual Meeting of Stockholders of
Stockholders of record at the close of business on
1. |
To elect two class I directors to our board of directors, to serve until the 2028 annual meeting of stockholders and until his, her or their successor has been duly elected and qualified, or until his, her or their earlier death, resignation or removal; |
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To ratify the appointment of |
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To transact any other business properly brought before the Annual Meeting or any adjournment or postponement of the Annual Meeting. |
You can find more information on each of the matters to be voted on at the Annual Meeting, including information regarding the nominees for election to our board of directors, in the accompanying proxy statement. The board of directors recommends a vote "FOR" the election of each of the two nominees for class I directors and "FOR" the ratification of the appointment of our independent registered public accounting firm for the fiscal year ending
This year, the Company is following the
To attend the Annual Meeting virtually via the Internet, please visit www.virtualshareholdermeeting.com/VIGL2025. This is a virtual meeting and you will not be able to attend the Annual Meeting in person.
Whether or not you expect to attend the Annual Meeting online, we encourage you to read the accompanying proxy statement and vote your shares as promptly as possible to ensure your representation and
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the presence of a quorum at the Annual Meeting on the Internet as described in the instructions included in the Notice by voting online at www.proxyvote.com. If you requested and received a paper copy of the Proxy Materials, you can vote by signing, dating and returning the enclosed proxy card, calling 1-800-690-6903and following the recorded instructions, or online at www.proxyvote.com. If you vote your shares on the Internet or by telephone, you will need to enter the 16-digitcontrol number provided in the Notice.
Your vote is important regardless of the number of shares you own. If you attend the Annual Meeting online, you may vote your shares during the Annual Meeting virtually via the Internet even if you previously voted your proxy. Your proxy is revocable in accordance with the procedures set forth in the proxy statement.
If your shares are held in "street name," that is, held for your account by a broker or other nominee, you will receive instructions from the holder of record that you must follow for your shares to be voted.
By order of the board of directors, | ||
/s/ Ivana Magovčević-Liebisch |
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Ivana Magovčević-Liebisch, Ph.D., J.D. | ||
President and Chief Executive Officer |
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PROXY STATEMENT
FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD
This proxy statement contains information about the 2025 Annual Meeting of Stockholders, or the Annual Meeting, of
All properly submitted proxies will be voted in accordance with the instructions contained in those proxies. If no instructions are specified, the proxies will be voted in accordance with the recommendation of our board of directors with respect to each of the matters set forth in the accompanying Notice of Meeting. You may revoke your proxy at any time before it is exercised at the meeting by giving our corporate secretary written notice to that effect.
We will make our proxy statement and our Annual Report to Stockholders for the fiscal year ended
We are an "emerging growth company" under applicable federal securities laws and therefore permitted to conform with certain reduced public company reporting requirements. As an emerging growth company, we provide in this proxy statement the scaled disclosure permitted under the Jumpstart Our Business Startups Act of 2012, or the JOBS Act, including the compensation disclosures required of a "smaller reporting company," as that term is defined in Rule 12b-2promulgated under the Securities Exchange Act of 1934, as amended, or the Exchange Act. In addition, as an emerging growth company, we are not required to conduct votes seeking approval, on an advisory basis, of the compensation of our named executive officers or the frequency with which such votes must be conducted, and we are not required to provide pay versus performance disclosure under Item 402(v) of Regulation S-K.We will remain an "emerging growth company" until the earliest of (i) the last day of the fiscal year following the fifth anniversary of our initial public offering in
Important Notice Regarding the Availability of Proxy Materials for
the Annual Meeting of Stockholders to be Held on
This proxy statement and our 2024 Annual Report to Stockholders are
available for viewing, printing and downloading at https://materials.proxyvote.com/92673K
A copy of our Annual Report on Form 10-Kfor the fiscal year ended
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PROXY STATEMENT
FOR THE 2025 ANNUAL MEETING OF STOCKHOLDERS
GENERAL INFORMATION
When are this proxy statement and the accompanying materials scheduled to be sent to stockholders?
We have elected to provide access to our proxy materials to our stockholders via the Internet. Accordingly, on or about
Why did I receive a Notice of Internet Availability of Proxy Materials instead of a full set of proxy materials?
Pursuant to rules adopted by the
Who is soliciting my vote?
Our board of directors is soliciting your vote for the Annual Meeting, including at any adjournments or postponements of the Annual Meeting.
When is the record date for the Annual Meeting?
The record date for determination of stockholders entitled to vote at the Annual Meeting is the close of business on
How many votes can be cast by all stockholders?
There were 46,671,534 shares of our common stock, par value
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Who is entitled to vote?
Registered Stockholders. If shares of our common stock are registered directly in your name with our transfer agent, you are considered the stockholder of record with respect to those shares. As the stockholder of record, you have the right to grant your voting proxy directly to the individuals listed on the proxy card or vote on your own behalf at our virtual Annual Meeting. Throughout this proxy statement, we refer to these registered stockholders as "stockholders of record."
Street Name Stockholders. If shares of our common stock are held on your behalf in a brokerage account or by a bank or other nominee, you are considered to be the beneficial owner of shares that are held in "street name," and the proxy materials were forwarded to you by your broker or nominee, who is considered the stockholder of record with respect to those shares. As the beneficial owner, you have the right to direct your broker, bank or other nominee as to how to vote your shares. Beneficial owners are also invited to attend our virtual Annual Meeting. However, since a beneficial owner is not the stockholder of record, you may not vote your shares of our common stock on your own behalf at the Annual Meeting unless you follow your broker's procedures for obtaining a legal proxy. Note you should also be receiving a voting instruction form for you to use from your broker. Throughout this proxy statement, we refer to stockholders who hold their shares through a broker, bank or other nominee as "street name stockholders."
How do I vote?
If you are a stockholder of record, there are several ways for you to vote your shares.
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By Internet. You may vote at www.proxyvote.com, 24 hours a day, seven days a week. You will need the 16-digitcontrol number included on your Notice. Votes submitted through the Internet must be received by |
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By Telephone. You may vote using a touch-tone telephone by calling 1-800-690-6903,24 hours a day, seven days a week. You will need the 16-digitcontrol number included on your Notice. Votes submitted by telephone must be received by |
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By Mail. If you requested and received a paper copy of the Proxy Materials you may vote by mail by completing, signing and dating the enclosed proxy card and returning it in the enclosed prepaid envelope. Votes submitted through the mail must be received by |
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During the Annual Meeting. You may vote during the Annual Meeting by going to www.virtualshareholdermeeting.com/VIGL2025. You will need the 16-digitcontrol number included on your proxy card. |
If the Annual Meeting is adjourned or postponed, the deadlines above may be extended.
The voting deadlines and availability of telephone and Internet voting for beneficial owners of shares held in "street name" will depend on the voting processes of the organization that holds your shares. Therefore, we urge you to carefully review and follow the voting instruction card and any other materials that you receive from that organization. If you hold your shares of
By Proxy
If you will not be attending the Annual Meeting, you may vote by proxy. You can vote by proxy over the Internet by following the instructions provided in the enclosed proxy card. Proxies submitted by mail must be received before the start of the Annual Meeting.
If you submit a proxy without giving voting instructions, your shares will be voted in the manner recommended by the board of directors on all matters presented in this proxy statement, and as the persons
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named as proxies in the proxy card may determine in their discretion with respect to any other matters properly presented at the Annual Meeting. You may also authorize another person or persons to act for you as proxy in a writing, signed by you or your authorized representative, specifying the details of those proxies' authority. The original writing must be given to each of the named proxies, although it may be sent to them by electronic transmission if, from that transmission, it can be determined that the transmission was authorized by you.
If any other matters are properly presented for consideration at the Annual Meeting, including, among other things, consideration of a motion to adjouthe Annual Meeting to another time or place (including, without limitation, for the purpose of soliciting additional proxies), the persons named in your proxy and acting thereunder will have discretion to vote on those matters in accordance with their best judgment. We do not currently anticipate that any other matters will be raised at the Annual Meeting.
How can I virtually attend the Annual Meeting?
To attend and participate in the Annual Meeting, stockholders will need to access the live webcast of the meeting. To do so, stockholders of record will need to visit www.virtualshareholdermeeting.com/VIGL2025, and beneficial owners of shares held in street name will need to follow the instructions provided in the voting instructions form by the broker, bank or other nominee that holds their shares.
The live webcast of the Annual Meeting will begin promptly at
Additionally, questions regarding how to attend and participate via the Internet can be answered by following the assistance instructions included on the virtual meeting website (www.virtualshareholdermeeting.com/VIGL2025) or by calling the phone number provided on the virtual meeting website on the day of the Annual Meeting.
If you wish to submit a question during the Annual Meeting, you may log into, and submit a question on, the virtual meeting platform using the unique link provided to you on your proxy card and following the instructions there. Our Annual Meeting will be governed by the Annual Meeting's Rules of Conduct, which will address the ability of stockholders to ask questions during the meeting and rules for how questions will be recognized and addressed. The Annual Meeting's Rules of Conduct will be available during the meeting on the virtual meeting website (www.virtualshareholdermeeting.com/VIGL2025).
How do I revoke my proxy?
You may revoke your proxy by (1) following the instructions on the Notice and entering a new vote by mail that we receive before the start of the Annual Meeting or over the Internet by the cutoff time of
If a broker, bank, or other nominee holds your shares, you must contact such broker, bank, or nominee in order to find out how to change your vote.
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How is a quorum reached?
Our Amended and Restated Bylaws, or bylaws, provide that the presence, in person, by remote communication, if applicable, or by proxy duly authorized, of the holders of a majority of the outstanding shares of stock entitled to vote, will constitute a quorum for the transaction of business at the Annual Meeting. Our outstanding Series A Non-VotingConvertible Preferred Stock is not entitled to vote at the Annual Meeting and is not counted for purposes of determining whether a quorum is present.
Under the General Corporation Law of the
How is the vote counted?
Under our bylaws, to be elected, each of the directors nominated in Proposal No. 1 must receive a plurality of the shares present in person, by remote communication, if applicable, or represented by proxy duly authorized at the meeting and entitled to vote generally on the election of directors, meaning that the director nominees receiving the highest number of affirmative votes will be elected as directors. You may vote for all the director nominees, withhold authority to vote your shares for all the director nominees or withhold authority to vote your shares with respect to any one or more of the director nominees. Withholding authority to vote your shares with respect to one or more director nominees will have no effect on the election of directors. Broker non-votesare not considered votes cast and will have no effect on the election of directors.
Under our bylaws, any proposal other than an election of directors is decided by the affirmative vote of a majority of shares present in person, by remote communication, if applicable, or represented by proxy duly authorized at the meeting and entitled to vote generally on the subject matter, except where a larger vote is required by law or by our Third Amended and Restated Certificate of Incorporation, or certificate of incorporation, or our bylaws. Abstentions are included in the tabulation of the voting results on any such proposal and, therefore, would count as a vote against any such proposal. Broker "non-votes"are not included in the tabulation of the voting results on any such proposal and, therefore, would not have an impact on any such proposal. A broker "non-vote"occurs when a nominee holding shares for a beneficial owner does not vote on a particular proposal because the nominee does not have discretionary voting power with respect to that item, and has not received instructions from the beneficial owner.
If your shares are held in "street name" by a brokerage firm, your brokerage firm is required to vote your shares according to your instructions. If you do not give instructions to your brokerage firm, the brokerage firm will still be able to vote your shares with respect to certain "discretionary" items, but will not be allowed to vote your shares with respect to "non-discretionary"items.
The election of directors (Proposal No. 1) is a "non-discretionary"item. If you do not instruct your broker how to vote your shares with respect to this proposal, your broker may not vote for these proposals, and those shares will be counted as broker "non-votes."Proposal No. 2 is considered to be a discretionary item, and your brokerage firm will be able to vote your shares on this proposal even if it does not receive instructions from you. Accordingly, we do not anticipate that there will be any broker non-voteson this proposal; however, any broker non-voteswill not be counted as "votes cast" and will therefore have no effect on this proposal.
Who pays the cost for soliciting proxies?
We are making this solicitation and will pay the entire cost of preparing and distributing the Notice and our proxy materials and soliciting votes. If you choose to access the proxy materials or vote over the Internet, you are
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responsible for any Internet access charges that you may incur. Our officers and employees may, without compensation other than their regular compensation, solicit proxies through further mailings, personal conversations, facsimile transmissions, e-mails,or otherwise. We have hired
How may stockholders submit matters for consideration at next year's annual meeting?
The required notice must be in writing and received by our corporate secretary at our principal executive offices not later than the close of business on
In addition, any stockholder proposal intended to be included in the proxy statement for the next annual meeting of our stockholders in 2026 must also satisfy the requirements of SEC Rule 14a-8under the Exchange Act, and be received not later than
How can I get help if I have trouble checking in or listening to the meeting online?
If you encounter any difficulties accessing the virtual meeting during the check-inor meeting time, please refer to the instructions on the virtual meeting website and the phone number made available the day of the meeting on the virtual meeting website.
How can I know the voting results?
We plan to announce preliminary voting results at the Annual Meeting. Final voting results will be published in a Current Report on Form 8-K,or Form 8-K,that we expect to file with the
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PROPOSAL NO. 1 - ELECTION OF CLASS I DIRECTORS
Our board of directors currently consists of eight members. In accordance with the terms of our certificate of incorporation and bylaws, our board of directors is divided into three classes, class I, class II and class III, with members of each class serving staggered three-year terms. The members of the classes are divided as follows:
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the class I directors are |
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the class II directors are |
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the class III directors are |
Upon the expiration of the term of a class of directors, directors in that class will be eligible to be elected for a new three-year term at the annual meeting of stockholders in the year in which their term expires.
Our certificate of incorporation and bylaws provide that the authorized number of directors may be changed only by resolution of our board of directors. Our certificate of incorporation also provides that our directors may be removed only for cause by the affirmative vote of the holders of at least two-thirds(2/3) of the outstanding shares then entitled to vote in an annual election of directors, and that any vacancy on our board of directors, including a vacancy resulting from an enlargement of our board of directors, may be filled only by vote of a majority of our directors then in office.
This year, the term of our class I directors,
Our nominating and corporate governance committee's Policies and Procedures for Director Candidates, or the Director Guidelines, seeks to identify individuals who (i) possess relevant experience and expertise to enable him, her or their to offer germane advice and guidance to management; (ii) have proven achievement and competence in his, her or their field; (iii) have the ability to exercise sound business judgment; (iv) have an understanding of the fiduciary responsibilities required of a director; (v) are committed to devoting time and energy to the affairs of the Company; (vi) have a diverse personal background, perspective and experience; (vii) are committed to vigorously representing the long-term interests of the Company's stockholders; and (viii) have the highest personal integrity and ethics.
In addition to the information presented below regarding each of the nominees and continuing directors' specific experience, qualifications, attributes and skills that our board of directors and our nominating and corporate governance committee considered in determining that he or she should serve as a director, we also believe that each of our directors has demonstrated business acumen, integrity and an ability to exercise sound judgment, as well as a commitment of service to
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Nominees for Election as Class I Directors
The following table and biographies identifies our director nominees, and sets forth their principal occupation and business experience during the last five years and their ages as of
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Positions and Offices Held with Vigil |
Director Since |
Age | |||
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Director | 2020 | 64 | |||
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Director | 2023 | 52 |
The proxies will be voted in favor of the above nominees unless a contrary specification is made in the proxy. The nominees have consented to serve as our directors if elected. However, if any nominee is unable to serve or for good cause will not serve as a director, the proxies will be voted for the election of such substitute nominee as our board of directors may designate.
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Vote Required
To be elected, each director nominee must receive a plurality of the shares present in person or represented by proxy duly authorized at the meeting and entitled to vote on the election of directors. Withheld votes and broker non-voteswill have no effect on the election of directors.
Board Recommendation
The board of directors recommends voting "FOR" the election of
Directors Continuing in Office
The following table identifies our continuing directors, and sets forth their principal occupation and business experience during the last five years and their ages as of
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Position and Offices Held with Vigil |
Director Since |
Class and Year in Which Term Will Expire |
Age | ||||
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Director | 2020 | Class II - 2026 | 60 | ||||
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Director | 2022 | Class II - 2026 | 65 | ||||
Stefan Vitorovic, MS, MBA |
Director | 2021 | Class II - 2026 | 40 | ||||
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Director | 2020 | Class III - 2027 | 50 | ||||
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Director | 2022 | Class III - 2027 | 61 | ||||
Ivana Magovčević-Liebisch, Ph.D., J.D. |
Director and CEO | 2020 | Class III - 2027 | 57 |
Class II Directors (Term Expires at 2026 Annual Meeting)
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joining
Stefan Vitorovic, MS, MBA, has served as a member of our board of directors since
Class III Directors (Term Expires at 2027 Annual Meeting)
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commercializing therapies for the treatment of serious diseases with significant unmet need. She is currently Chief Executive Officer of the
Ivana Magovčević-Liebisch, Ph.D., J.D., has served as our President and Chief Executive Officer and as a member of our board of directors since
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PROPOSAL NO. 2 - RATIFICATION OF THE APPOINTMENT OF PRICEWATERHOUSECOOPERS
LLP AS VIGIL NEUROSCIENCE'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
FOR THE FISCAL YEAR ENDING
The audit committee is solely responsible for selecting
A representative of
Principal Accountant Fees and Services
Fee Category |
Fiscal Year 2024 ($) |
Fiscal Year 2023 ($) |
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Audit Fees(1) |
900,000 | 1,015,000 | ||||||||
Audit-Related Fees |
- | - | ||||||||
Tax Fees(2) |
45,000 | 62,000 | ||||||||
All Other Fees(3) |
2,984 | 4,057 | ||||||||
Total Fees |
947,984 | 1,081,057 | ||||||||
(1) |
Audit Fees consist of fees for the audit of our annual financial statements, the review of our interim financial statements included in our quarterly reports on Form 10-Qand fees related to our registration statements, including comfort letters and consents. |
(2) |
Tax Fees consist of fees for tax compliance, advice and tax services. |
(3) |
Consists of aggregate fees billed for products and services provided by the independent registered accounting firm other than those disclosed above, which for the fiscal year ended |
Audit Committee Pre-approvalPolicy and Procedures
Our audit committee has adopted policies and procedures relating to the approval of all audit and non-auditservices that are to be performed by our independent registered public accounting firm. This policy provides that we will not engage our independent registered public accounting firm to render audit or non-auditservices unless the service is specifically approved in advance by our audit committee or the engagement is entered into pursuant to the pre-approvalprocedure described below.
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From time to time, our audit committee may pre-approvespecified types of services that are expected to be provided to us by our independent registered public accounting firm during the next 12 months. Any such pre-approvaldetails the particular service or type of services to be provided and is also generally subject to a maximum dollar amount.
During the fiscal years ended 2024 and 2023, no services were provided to us by
Vote Required
To ratify the appointment of
Board Recommendation
The board of directors recommends voting "FOR" Proposal No. 2 to ratify the appointment of
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CORPORATE GOVERNANCE
Director Nomination Process
Our nominating and corporate governance committee is responsible for identifying individuals qualified to serve as directors, consistent with criteria approved by our board, and recommending such persons to be nominated for election as directors, except where we are legally required by contract, law or otherwise to provide third parties with the right to nominate.
The process followed by our nominating and corporate governance committee to identify and evaluate director candidates includes requests to board members and others for recommendations, meetings from time to time to evaluate biographical information and background material relating to potential candidates, and interviews of selected candidates by management, recruiters, members of the committee and our board. The qualifications, qualities and skills that our nominating and corporate governance committee believes must be met by a committee recommended nominee for a position on our board of directors are as follows:
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Nominees should demonstrate high standards of personal and professional ethics and integrity. |
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Nominees should have proven achievement and competence in the nominee's field and the ability to exercise sound business judgment. |
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Nominees should have the education, expertise and business acumen to make significant contributions to the Company's success. |
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Nominees should have skills that are complementary to those of the existing board. |
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Nominees should have the ability to assist and support management and make significant contributions to the Company's success. |
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Nominees should have an understanding of the fiduciary responsibilities that are required of a member of the board of directors and the commitment of time and energy necessary to diligently carry out those responsibilities. |
Stockholders may recommend individuals to the nominating and corporate governance committee for consideration as potential director candidates. Any such proposals should be submitted to our corporate secretary at our principal executive offices no later than the close of business on the 90th day nor earlier than the close of business on the 120th day prior to the one-yearanniversary of the date of the preceding year's annual meeting and should include appropriate biographical and background material to allow the nominating and corporate governance committee to properly evaluate the potential director candidate and the number of shares of our stock beneficially owned by the stockholder proposing the candidate. Stockholder proposals should be addressed to
Director Independence
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rules, a director will only qualify as an "independent director" if, in the opinion of the listed company's board of directors, that person does not have a relationship that would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. In order to be considered independent for purposes of Rule 10A-3,a member of an audit committee of a listed company may not, other than in his, her or their capacity as a member of the audit committee, the board of directors, or any other board committee, accept, directly or indirectly, any consulting, advisory, or other compensatory fee from the listed company or any of its subsidiaries or otherwise be an affiliated person of the listed company or any of its subsidiaries. In addition, in affirmatively determining the independence of any director who will serve on a company's compensation committee, Rule 10C-1under the Exchange Act requires that a company's board of directors must consider all factors specifically relevant to determining whether a director has a relationship to such company which is material to that director's ability to be independent from management in connection with the duties of a compensation committee member, including: the source of compensation to the director, including any consulting, advisory or other compensatory fee paid by such company to the director, and whether the director is affiliated with the company or any of its subsidiaries or affiliates.
Our board of directors has determined that all members of the board of directors, except Ivana Magovčević-Liebisch, Ph.D., J.D. are independent directors, including for purposes of the rules of Nasdaq and the
Board Committees
Our board of directors has established an audit committee, a compensation committee and a nominating and corporate governance committee. Each of the audit committee, compensation committee and nominating and corporate governance committee operates under a charter that satisfies the applicable standards of the
Audit Committee
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appointing, approving the compensation of, and assessing the independence of our independent registered public accounting firm; |
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pre-approvingauditing and permissible non-auditservices, and the terms of such services, to be provided by our independent registered public accounting firm; |
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reviewing the overall audit plan with our independent registered public accounting firm and members of management responsible for preparing our financial statements; |
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reviewing and discussing with management and our independent registered public accounting firm our annual and quarterly financial statements and related disclosures as well as critical accounting policies and practices used by us; |
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coordinating the oversight and reviewing the adequacy of our internal control over financial reporting; |
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establishing policies and procedures for the receipt and retention of accounting-related complaints and concerns; |
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recommending, based upon the audit committee's review and discussions with management and our independent registered public accounting firm, whether our audited financial statements shall be included in our Annual Report on Form 10-K; |
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monitoring the integrity of our financial statements and our compliance with legal and regulatory requirements as they relate to our financial statements and accounting matters; |
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reviewing and discussing our information security and technology risks, and our risk management programs, controls and procedures; |
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preparing the audit committee report required by |
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reviewing all related person transactions for potential conflict of interest situations and approving all such transactions; and |
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reviewing quarterly earnings releases. |
All audit and non-auditservices, other than de minimis non-auditservices, to be provided to us by our independent registered public accounting firm must be approved in advance by our audit committee.
Compensation Committee
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annually reviewing and approving the corporate goals and objectives relevant to the compensation of our Chief Executive Officer; |
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evaluating the performance of our Chief Executive Officer in light of such corporate goals and objectives and, based on such evaluation, recommending to the board of directors the compensation of our Chief Executive Officer; |
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determining and approving the compensation of our other executive officers; |
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overseeing our compensation and similar plans; |
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retaining or obtaining the advice of any consulting firm or outside advisor to assist in the evaluation of compensation matters and evaluating and assessing potential and current compensation advisors in accordance with the independence standards identified in the applicable Nasdaq rules; |
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appointing, overseeing and approving the compensation of any compensation advisors; |
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reviewing and approving the grant of equity-based awards; |
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reviewing and recommending to the board of directors the compensation of our directors; and |
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preparing the compensation committee report required by |
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The compensation committee may establish and delegate authority to one or more subcommittees consisting of one or more of its members to carry out its responsibilities. For example, to the extent permitted by applicable law and the provisions of a given equity-based plan, the compensation committee may delegate to a committee consisting of one or more of our executive officers, including the Chief Executive Officer, all or part of the authority and duties, with respect to granting stock awards, to any individuals who are (i) not subject to the reporting and other provisions of Section 16 of the Exchange and (ii) are at or below the level of Senior Vice President, such power to be subject to the parameters and limitations set forth in the applicable resolutions adopted by the compensation committee.
Nominating and Corporate Governance Committee
Stefan Vitorovic, MS, MBA,
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developing and recommending to the board of directors criteria for board and committee membership; |
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establishing procedures for identifying and evaluating board of director candidates, including nominees recommended by stockholders; |
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reviewing the composition of the board of directors to ensure that it is composed of members containing the appropriate skills and expertise to advise us; |
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identifying individuals qualified to become members of the board of directors; |
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recommending to the board of directors the persons to be nominated for election as directors and to each of the board's committees; |
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reviewing and recommending to the board of directors appropriate corporate governance guidelines; |
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overseeing the annual evaluation of our board of directors, its committees and management; |
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reviewing and discussing with the board of directors corporate succession plans for our Chief Executive Officer and other key officers; and |
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overseeing our environmental, social and governance, or ESG, policies and initiatives. |
The nominating and corporate governance committee considers candidates for board of directors membership suggested by its members and the Chief Executive Officer. Additionally, in selecting nominees for directors, the nominating and corporate governance committee will review candidates recommended by stockholders in the same manner and using the same general criteria as candidates recruited by the committee and/or recommended by our board of directors. Any stockholder who wishes to recommend a candidate for consideration by the committee as a nominee for director should follow the procedures described later in this proxy statement under the heading "Stockholder Proposals." The nominating and corporate governance committee will also consider whether to nominate any person proposed by a stockholder in accordance with the provisions of our bylaws relating to stockholder nominations as described later in this proxy statement under the heading "Stockholder Proposals."
Identifying and Evaluating Director Nominees. Our board of directors is responsible for filling vacancies on our board of directors and for nominating candidates for election by our stockholders each year in the class of directors whose term expires at the relevant annual meeting. The board of directors delegates the selection and nomination process to the nominating and corporate governance committee, with the expectation that other members of the board of directors, and of management, will be requested to take part in the process as appropriate.
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Generally, the nominating and corporate governance committee identifies candidates for director nominees in consultation with management, through the use of search firms or other advisors, through the recommendations submitted by stockholders or through such other methods as the nominating and corporate governance committee deems to be helpful to identify candidates. Once candidates have been identified, the nominating and corporate governance committee confirms that the candidates meet all of the minimum qualifications for director nominees established by the nominating and corporate governance committee. The nominating and corporate governance committee may gather information about the candidates through interviews, detailed questionnaires, comprehensive background checks or any other means that the nominating and corporate governance committee deems to be appropriate in the evaluation process. The nominating and corporate governance committee then meets as a group to discuss and evaluate the qualities and skills of each candidate, both on an individual basis and taking into account the overall composition and needs of our board of directors. Based on the results of the evaluation process, the nominating and corporate governance committee recommends candidates for the board of directors' approval to fill a vacancy or as director nominees for election to the board of directors by our stockholders each year in the class of directors whose term expires at the relevant annual meeting.
Board Diversity Policies
Our Director Guidelines provide that the value of diversity should be considered in determining director candidates as well as other factors such as a candidate's character, judgment, skills, education, expertise and absence of conflicts of interest. Our priority in selection of board members is identification of members who will further the interests of our stockholders through their established records of professional accomplishment, their ability to contribute positively to the collaborative culture among board members, and their knowledge of our business and understanding of the competitive landscape in which we operate and adherence to high ethical standards. The nominating and corporate governance committee and the full board of directors are committed to creating a board of directors with diversity, including diversity of expertise, experience, ethnicity, race, background and gender, and are committed to identifying, recruiting and advancing candidates offering such diversity in future searches.
Board and Committee Meetings Attendance
The full board of directors met eight times during 2024. During 2024, each member of the board of directors attended in person or participated in 75% or more of the aggregate of (i) the total number of meetings of the board of directors (held during the period for which such person has been a director), and (ii) the total number of meetings held by all committees of the board of directors on which such person served (during the periods that such person served).
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information or otherwise is not permitted to trade in Company securities. Our insider trading policy expressly prohibits derivative transactions of our stock by our executive officers, directors and employees. Our insider trading policy expressly prohibits purchases of any derivative securities that provide the economic equivalent of ownership.
Trading Plan Policy
trading plan policy, which permits our officers, directors, employees and certain other persons to enter into trading plans complying with Rule
under the Exchange Act. Generally, under these trading plans, the individual relinquishes control over the transactions once the trading plan is put into place and can only put such plans into place while the individual is not in possession of material
information. Accordingly, sales under these plans may occur at any time, including possibly before, simultaneously with, or immediately after significant events involving our company.
as Exhibit 19.
business, while allowing the Chairman of the board to lead the board of directors in its fundamental role of providing advice to and independent oversight of management. Our board of directors recognizes the time, effort, and energy that the Chief Executive Officer is required to devote to her position in the current business environment, as well as the commitment required to serve as our Chairman, particularly as the board of directors' oversight responsibilities continue to grow. While our bylaws and our corporate governance guidelines do not require that our Chairman and Chief Executive Officer positions be separate, our board of directors believes that having separate positions is the appropriate leadership structure for us at this time and demonstrates our commitment to good corporate governance.
management of risks we face, while our board of directors, as a whole and through its committees, has responsibility for the oversight of risk management. In its risk oversight role, our board of directors has the responsibility to satisfy itself that the risk management processes designed and implemented by management are adequate and functioning as designed.
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The role of the board of directors in overseeing the management of our risks is conducted primarily through committees of the board of directors, as disclosed in the descriptions of each of the committees above and in the charters of each of the committees. The full board of directors (or the appropriate board committee in the case of risks that are under the purview of a particular committee) discusses with management our major risk exposures, their potential impact on us, and the steps we take to manage them. When a board committee is responsible for evaluating and overseeing the management of a particular risk or risks, the chairman of the relevant committee reports on the discussion to the full board of directors during the committee reports portion of the next board meeting. This enables the board of directors and its committees to coordinate the risk oversight role, particularly with respect to risk interrelationships.
Communication with the Directors of
Any interested party with concerns about our company may report such concerns to the board of directors or the Chairman of our board of directors and nominating and corporate governance committee, by submitting a written communication to the attention of such director at the following address:
c/o
You may submit your conceanonymously or confidentially by postal mail. You may also indicate whether you are a stockholder, customer, supplier or other interested party.
A copy of any such written communication may also be forwarded to our legal counsel and a copy of such communication may be retained for a reasonable period of time. The director may discuss the matter with our legal counsel, with independent advisors, with non-managementdirectors, or our management, or may take other action or no action as the director determines in good faith, using reasonable judgment and applying his, her or their own discretion.
Communications may be forwarded to other directors if they relate to important substantive matters and include suggestions or comments that may be important for other directors to know. In general, communications relating to corporate governance and long-term corporate strategy are more likely to be forwarded than communications relating to ordinary business affairs, personal grievances and matters as to which we tend to receive repetitive or duplicative communications.
The audit committee oversees the procedures for the receipt, retention, and treatment of complaints received by
Executive Officers Who Are Not Directors
The following table identifies our executive officers who are not directors, and sets forth their current positions at
|
Position Held with Vigil |
Officer Since |
Age | |||||||||
|
Chief Science Officer | 2023 | 50 | |||||||||
|
Chief Medical Officer | 2024 | 59 | |||||||||
|
Chief Financial Officer | 2021 | 51 |
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The principal occupation and employment during the past five years of each of our executive officers was carried on, in each case except as specifically identified in this proxy statement, with a corporation or organization that is not a parent, subsidiary or other affiliate of us. There is no arrangement or understanding between any of our executive officers and any other person or persons pursuant to which he or she was or is to be selected as an executive officer.
There are no material legal proceedings to which any of our directors, executive officers, or affiliates is a party adverse to us or our subsidiary or in which any such person has a material interest adverse to us or our subsidiary.
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Director Compensation
The table below shows all compensation earned by or paid to our non-employeedirectors during 2024. Other than as set forth below, we did not pay any compensation, make any equity awards or non-equityawards to, or pay any other compensation to any of the non-employeemembers of our board of directors in 2024. Ivana Magovčević-Liebisch, Ph.D., J.D., our Chief Executive Officer, does not receive any compensation for her services as director and, consequently, is not included in this table. The compensation received by Dr. Magovčević-Liebisch during 2024 is set forth in the section of this proxy statement captioned "Executive Compensation - Summary Compensation Table."
|
Fees Paid in Cash ($) |
Option Awards ($)(1) |
Total ($) | ||||||||||||
|
- | 116,440 | 116,440 | ||||||||||||
|
- | 143,731 | 143,731 | ||||||||||||
|
- | 116,790 | 116,790 | ||||||||||||
|
50,110 | 73,731 | 123,841 | ||||||||||||
|
40,907 | 61,545 | 102,452 | ||||||||||||
|
55,000 | 64,944 | 119,944 | ||||||||||||
Stefan Vitorovic, MS, MBA(8) |
48,000 | 51,062 | 99,062 |
(1) |
On |
(2) |
|
(3) |
|
(4) |
|
(5) |
As of |
(6) |
As of |
(7) |
As of |
(8) |
As of |
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Our board of directors has adopted the non-employeedirector compensation policy that is designed to enable us to attract and retain, on a long-term basis, highly qualified non-employeedirectors. In
Annual Retainer | |||||
Board of Directors: |
|||||
Members |
$ | 40,000 | |||
Additional retainer for non-executivechair |
$ | 30,000 | |||
Audit Committee: |
|||||
Members (other than chair) |
$ | 7,500 | |||
Retainer for chair |
$ | 15,000 | |||
Compensation Committee: |
|||||
Members (other than chair) |
$ | 5,000 | |||
Retainer for chair |
$ | 10,000 | |||
Nominating and Corporate Governance Committee: |
|||||
Members (other than chair) |
$ | 4,000 | |||
Retainer for chair |
$ | 8,000 |
Each non-employeedirector may elect to receive the entirety (but not a portion) of the cash retainer in the form of a stock option award to purchase common stock of the Company with an aggregate value equal to the amount of the cash retainer to be received by such non-employeedirector, referred to as the "Retainer Grant". Such Retainer Grant vests in four equal quarterly installments commencing on the date of grant, subject to the director's continued service with the Company through each applicable vesting date.
In addition, the amended and restated non-employeedirector compensation policy provides that, upon initial election to our board of directors, each non-employeedirector will be granted a stock option award to purchase a number of shares having a grant date fair value of
On
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price of the Company's common stock on the Nasdaq Global Select Market on
We also reimburse our non-employeedirectors for reasonable travel and out-of-pocketexpenses incurred by our non-employeedirectors in connection with attending our meetings of the board of directors and committees thereof.
Executive Compensation
This section describes the material elements of compensation awarded to, earned by or paid to our named executive officers in 2024, who were Ivana Magovčević-Liebisch, Ph.D., J.D., our President and Chief Executive Officer,
2024 Summary Compensation Table
The following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the years indicated.
|
Year | Salary ($) |
Bonus ($) |
Option Awards ($)(2) |
Non-Equity Incentive Plan Compensation ($)(3) |
All Other Compensation ($)(4) |
Total ($) | ||||||||||||||||||||||||||||
Ivana Magovčević-Liebisch, Ph.D., J.D. |
2024 | 620,000 | - | 1,692,871 | 306,900 | 13,800 | 2,633,571 | ||||||||||||||||||||||||||||
President and Chief Executive Officer |
2023 | 585,000 | - | 2,943,424 | 305,663 | 13,200 | 3,847,287 | ||||||||||||||||||||||||||||
|
2024 | 380,000 | - | 704,550 | 139,860 | 43,437 | (6) | 1,267,847 | |||||||||||||||||||||||||||
Chief Medical Officer |
|||||||||||||||||||||||||||||||||||
|
2024 | 463,000 | - | 595,907 | 174,088 | 13,800 | 1,246,795 | ||||||||||||||||||||||||||||
Chief Financial Officer |
2023 | 445,000 | - | 1,073,952 | 170,880 | 13,200 | 1,703,032 |
(1) |
|
(2) |
On |
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(3) |
The amounts reported represent annual cash incentive bonuses earned by our named executive officers for performance during our fiscal years ended |
(4) |
The amounts reported represent Company 401(k) matching contributions and, for |
Narrative to Summary Compensation Table
Our board of directors and compensation committee review compensation annually for our executives. In setting executive base salaries and bonuses and granting equity incentive awards, we consider compensation for comparable positions in the market, the historical compensation at
Our compensation committee is primarily responsible for determining the compensation for our executive officers. Our compensation committee typically reviews and discusses management's proposed compensation with our Chief Executive Officer for all executives other than the Chief Executive Officer. Based on those discussions and its discretion, taking into account the factors noted above, the compensation committee then sets the compensation for each executive officer other than the Chief Executive Officer and recommends the compensation for the Chief Executive Officer to our board of directors for approval. Our board of directors discusses the compensation committee's recommendation and ultimately approves the compensation of our Chief Executive Officer without members of management present.
In 2024, the compensation committee retained the services of Aon's
Base Salaries
Our named executive officers each receive a base salary to compensate them for services rendered to our Company. The base salary payable to each named executive officer is intended to provide a fixed component of compensation reflecting the executive's skill set, experience, role and responsibilities. Base salaries are reviewed annually, typically in connection with our annual performance review process, approved by our board of directors or the compensation committee of the board of directors, and may be adjusted from time to time to realign salaries with market levels after taking into account individual responsibilities, performance and experience.
The annual base salaries for each of our named executive officers for the fiscal year ended
|
Annual Base Salary | ||||
Ivana Magovčević-Liebisch, Ph.D., J.D. |
$ | 620,000 | |||
|
$ | 480,000 | |||
|
$ | 463,000 |
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Cash Bonuses
For the fiscal year ended
|
Target Bonus Percentage |
||||
Ivana Magovčević-Liebisch, Ph.D., J.D. |
55 | % | |||
|
40 | % | |||
|
40 | % |
Each named executive officer's annual cash bonus is determined by reference to the achievement of pre-determinedcorporate, research and development, clinical and regulatory, as well as chemistry manufacturing and controls goals, which are weighted, with respect to Dr. Magovčević-Liebisch, at 100%, and in the case of each of our other named executive officers, at 80%, and individual performance goals, which are weighted at 20%. Following review and determination of corporate performance for 2024, the board of directors determined that the corporate performance goals were achieved at 90% of target and that the individual performance goals were met at 100% of target for
Equity-Based Compensation
We believe that equity grants provide our executives with a strong link to our long-term performance, create an ownership culture and help to align the interests of our executives and our stockholders. In addition, we believe that equity grants promote executive retention because they incentivize our executive officers to remain in our employment during the vesting period. Accordingly, our board of directors or our compensation committee periodically reviews the equity incentive compensation of our named executive officers and may grant equity incentive awards to them from time to time. In furtherance of these goals, in 2024 each of our named executive officers was granted stock option awards. For additional information regarding outstanding equity awards held by our named executive officers as of
Stock Option Repricing
As previously disclosed, on
Under the terms of the option repricing, a repriced option will revert to its original exercise price if it is exercised during the period that commenced on
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The repricing does not change the number of shares, the vesting schedule, or the expiration date of the repriced options. Stock options covering an aggregate of 652,000 and 245,000 shares of common stock held by Dr. Magovčević-Liebisch and
401(k) Plan
We maintain a retirement savings plan, or 401(k) plan, that is intended to qualify for favorable tax treatment.
Other Benefits and Perquisites
Our executive officers participate in the Company's benefits programs available to employees generally. It is generally our policy not to extend perquisites to our executives that are not available to our employees generally.
Outstanding Equity Awards at 2024 Fiscal Year End
The following table lists all outstanding equity awards held by our named executive officers as of
Option Awards(1) | Stock Awards(1) | ||||||||||||||||||||||||||||||||||
Number of Securities Underlying Unexercised Options (#) Exercisable |
Number of Securities Underlying Unexercised Options (#) Unexercisable |
Equity Incentive Plan Awards: Number of Securities Underlying Unexercised Unearned Options (#) Unexercisable |
Option Exercise Price ($) |
Option Expiration Date |
Number of Shares or Units of Stock That Have Not Vested (#) |
Market Value of Shares or Units of Stock That Have Not Vested ($) |
|||||||||||||||||||||||||||||
Ivana Magovčević-Liebisch, Ph.D., J.D. |
369,351 | (2) | - | - | 1.89 | - | - | ||||||||||||||||||||||||||||
191,544 | (3) | 19,085 | (3) | - | 1.89 | - | - | ||||||||||||||||||||||||||||
337,911 | (4) | 67,583 | (4) | - | 6.02 | - | - | ||||||||||||||||||||||||||||
34,256 | (5) | 9,015 | (5) | - | 9.57 | - | - | ||||||||||||||||||||||||||||
193,875 | (6) | 88,125 | (6) | - | 3.03 | (7) | - | - | |||||||||||||||||||||||||||
161,875 | (8) | 208,125 | (8) | - | 3.03 | (9) | - | - | |||||||||||||||||||||||||||
86,812 | (10) | 376,188 | (10) | - | 3.39 | ||||||||||||||||||||||||||||||
|
- | 330,000 | (11) | - | 3.14 | - | |||||||||||||||||||||||||||||
|
43,722 | (12) | 6,246 | (12) | - | 3.78 | - | - | |||||||||||||||||||||||||||
112,427 | (13) | 7,496 | (13) | - | 3.78 | - | - | ||||||||||||||||||||||||||||
80,042 | (6) | 16,009 | (6) | - | 6.02 | - | - | ||||||||||||||||||||||||||||
17,127 | (7) | 4,508 | (7) | - | 9.57 | - | - | ||||||||||||||||||||||||||||
75,625 | (6) | 34,375 | (6) | 3.03 | (7) | - | - | ||||||||||||||||||||||||||||
59,062 | (8) | 75,938 | (8) | 3.03 | (9) | - | - | ||||||||||||||||||||||||||||
29,250 | (10) | 126,750 | (10) | - | 3.39 |
(1) |
Each award granted prior to 2022 was granted under the |
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(2) |
Represents an option to purchase shares of our common stock granted on |
(3) |
Represents an option to purchase shares of our common stock granted on |
(4) |
Represents an option to purchase shares of our common stock granted on |
(5) |
Represents an option to purchase shares of our common stock granted on |
(6) |
Represents an option to purchase shares of our common stock granted on |
(7) |
Effective on |
(8) |
Represents an option to purchase shares of our common stock granted on |
(9) |
Effective on |
(10) |
Represents an option to purchase shares of our common stock granted on |
(11) |
Represents an option to purchase shares of our common stock granted on |
(12) |
Represents an option to purchase shares of our common stock granted on |
(13) |
Represents an option to purchase shares of our common stock granted on |
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information into account when determining the timing of equity awards in order to take advantage of a depressed stock price or an anticipated increase in stock price. Similarly, it is our practice not to time the release of material nonpublic information based on equity award grant dates or for the purpose of affecting the value of executive compensation.
dates in accordance with our equity award grant policy. Typically, annual equity awards to eligible employees, including our executive officers, are made on the first trading day of the month following approval of such awards, which approval generally occurs at the regularly-scheduled board of directors or compensation committee (as applicable) meeting in February. Annual awards to members of our board of directors are made on the date of our annual meeting of stockholders, and awards to new hires or in connection with a promotion are generally made on the first trading day of the month following the later of approval of the award or the employee's date of hire or promotion, as applicable, except that new hire executive grants are generally made as of the date of hire. During 2024, we did not grant stock options to any of our named executive officers during any period beginning four business days before and ending one business day after the filing or furnishing of a Form
or
that discloses material nonpublic information.
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Ivana Magovčević-Liebisch
Pursuant to the employment agreement with Dr. Magovčević-Liebisch, or the CEO Agreement, Dr. Magovčević-Liebisch's current annual base salary is
Pursuant to the CEO Agreement, if Dr. Magovčević-Liebisch's employment is terminated by us without Cause or by Dr. Magovčević-Liebisch for Good Reason outside of the Change in Control Period (as such terms are defined in the CEO Agreement), subject to her execution and the effectiveness of a separation agreement, including a general release of claims in our favor, then Dr. Magovčević-Liebisch will be entitled to (i) 12 months of continuation of her then-current base salary; (ii) 50% acceleration of any unvested Founders Shares (as defined in the CEO Agreement) and accelerated vesting of all stock options and other stock-based awards subject solely to time-based vesting held by Dr. Magovčević-Liebisch that would have vested during the 12 month period following such termination; and (iii) subject to Dr. Magovčević-Liebisch's copayment of premium amounts at the applicable active employees' rate and proper election to continue COBRA health coverage, payment of the portion of the premiums equal to the amount that we would have paid to provide health insurance to Dr. Magovčević-Liebisch had she remained employed with us until the earliest of (A) 12 months following termination, (B) Dr. Magovčević-Liebisch's eligibility for group medical plan benefits under any other employer's group medical plan or (C) the end of Dr. Magovčević-Liebisch's COBRA health continuation period.
If Dr. Magovčević-Liebisch's employment is terminated by us without Cause or by Dr. Magovčević-Liebisch for Good Reason within the Change in Control Period then, subject to her execution and the effectiveness of a separation agreement, including a general release of claims in our favor, Dr. Magovčević-Liebisch will be entitled to (i) a lump sum cash payment equal to 1.5 times the sum of her then-current base salary (or her base salary in effect immediately prior to the Change in Control (as defined in the CEO Agreement), if higher) and her target bonus for the then-current year (or her target bonus in effect immediately prior to the Change in Control, if higher), (ii) full acceleration of all stock options and other stock-based awards subject solely to time-based vesting held by Dr. Magovčević-Liebisch, and (iii) subject to Dr. Magovčević-Liebisch's copayment of premium amounts at the applicable active employees' rate and proper election to continue COBRA health coverage, payment of the portion of the premiums equal to the amount that we would have paid to provide health insurance to Dr. Magovčević-Liebisch had she remained employed with us until the earliest of (A) 18 months following termination, (B) Dr. Magovčević-Liebisch's eligibility for group medical plan benefits under any other employer's group medical plan or (C) the end of Dr. Magovčević-Liebisch's COBRA health continuation period. In addition, the CEO Agreement provides for full acceleration upon a Change in Control of all stock options and other stock-based awards held by Dr. Magovčević-Liebisch as of the effective date of the CEO Agreement that are subject solely to time-based vesting. If the payments or benefits payable to Dr. Magovčević-Liebisch in connection with a change in control would be subject to the excise tax on golden parachutes imposed under Section 4999 of the Code, then those payments or benefits will be reduced if such reduction would result in a higher net after-taxbenefit to Dr. Magovčević-Liebisch.
Dr. Magovčević-Liebisch's post-employment restrictive covenants obligations pursuant to the Restrictive Covenants Agreement (as defined in the CEO Agreement) have been preserved.
Pursuant to the employment agreement with
Pursuant to the CMO Agreement, if
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Agreement), subject to her execution and the effectiveness of a separation agreement, including a general release of claims in our favor, then
If
Pursuant to the employment agreement with
Pursuant to the CFO Agreement, if
If
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prior to the Change in Control (as defined in the CFO Agreement), if higher) and her target bonus for the then-current year (or her target bonus in effect immediately prior to the Change in Control, if higher), (ii) full acceleration of all time-based stock options and other time-based stock awards held by
Compensation Risk Assessment
We believe that although a portion of the compensation provided to our executive officers and other employees is performance-based, our executive compensation program does not encourage excessive or unnecessary risk taking. Our compensation programs are designed to encourage our executive officers and other employees to remain focused on both short-term and long-term strategic goals, in particular in connection with our pay-for-performancecompensation philosophy. As a result, we do not believe that our compensation programs are reasonably likely to have a material adverse effect on us.
Equity Compensation Plan Information
The following table provides information as of
Equity Compensation Plan Information | |||||||||||||||
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 in First Column) |
||||||||||||
Equity compensation plans approved by security holders(1)(2) |
7,170,591 | $ | 7.19 | (3) | 2,821,218 | ||||||||||
Equity compensation plans not approved by security holders(4) |
330,000 | 3.14 | - | ||||||||||||
Total |
7,500,591 | $ | 7.01 | 2,821,218 | |||||||||||
(1) |
Includes the following plans: our 2020 Plan, our 2021 Plan and our 2021 Employee Stock Purchase Plan, or the 2021 ESPP. |
(2) |
As of |
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number is subject to adjustment in the event of a stock split, stock dividend or other change in our capitalization. The shares of common stock underlying any awards that are forfeited, cancelled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, reacquired by us prior to vesting, satisfied without the issuance of stock, expire or are otherwise terminated, other than by exercise, under the 2021 Plan and the 2020 Plan are added back to the shares of common stock available for issuance under the 2021 Plan. We no longer make grants under the 2020 Plan. As of |
(3) |
The reported weighted average exercise price of outstanding options does not include the |
(4) |
Represents shares of common stock underlying inducement awards granted outside of our equity compensation plans pursuant to Nasdaq Listing Rule 5635(c)(4). Awards granted pursuant to Nasdaq Listing Rule 5635(c)(4) may only be made to individuals not previously employees or directors of the Company (or following such individuals' bona fide period of non-employment)as an inducement material to the individuals' entry into employment with the Company. Although these awards were made outside the 2021 Plan, these awards are generally subject to the terms of the 2021 Plan. |
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CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
Certain Relationships and Transactions
Other than the compensation agreements and other arrangements described under "Executive Compensation" and "Director Compensation" in this proxy statement and the transactions described below, since
Agreements with Our Stockholders
In connection with our preferred stock financings prior to our initial public offering in
Indemnification Agreements
We have entered into agreements to indemnify our directors and executive officers. These agreements, among other things, require us to indemnify these individuals for certain expenses (including attorneys' fees), judgments, fines and settlement amounts reasonably incurred by such person in any action or proceeding, including any action by or in our right, on account of any services undertaken by such person on behalf of our Company or that person's status as a member of our board of directors to the maximum extent allowed under
Related Person Transaction Policy
Our board of directors reviews and approves transactions with directors, officers and holders of five percent or more of our voting securities and their affiliates, each a related party. The material facts as to the related party's relationship or interest in the transaction are disclosed to our board of directors prior to their consideration of such transaction, and the transaction is not considered approved by our board of directors unless a majority of the directors who are not interested in the transaction approve the transaction. Further, when stockholders are entitled to vote on a transaction with a related party, the material facts of the related party's relationship or interest in the transaction are disclosed to the stockholders, who must approve the transaction in good faith.
We have adopted a written related party transactions policy that such transactions must be approved by our audit committee.
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PRINCIPAL STOCKHOLDERS
The following table sets forth information, to the extent known by us or ascertainable from public filings, with respect to the beneficial ownership of our common stock as of
• |
each of our directors; |
• |
each of our named executive officers; |
• |
all of our directors and executive officers as a group; and |
• |
each person, or group of affiliated persons, who is known by us to beneficially owner of greater than 5.0% of our common stock. |
The column entitled "Shares Beneficially Owned" is based on a total of 46,671,534 shares of our common stock outstanding as of
Beneficial ownership is determined in accordance with the rules and regulations of the
Shares Beneficially Owned |
Percentage of Shares Beneficially Owned |
|||||||||
Greater-than-five Percent Stockholders: |
||||||||||
Entities affiliated with |
5,836,874 | 12.51 | % | |||||||
Entities affiliated with |
5,015,929 | 10.75 | % | |||||||
Entities affiliated with |
4,214,498 | 9.03 | % | |||||||
|
3,206,281 | 6.87 | % | |||||||
Entities affiliated with BVF(5) |
2,739,727 | 5.87 | % | |||||||
Named Executive Officers and Directors: |
||||||||||
Ivana Magovčević-Liebisch, Ph.D., J.D., Chief Executive Officer and Director(6) |
1,800,495 | 3.73 | % | |||||||
|
494,486 | 1.05 | % | |||||||
|
102,250 | * | ||||||||
|
5,926,957 | 12.67 | % | |||||||
|
121,673 | * | ||||||||
|
89,813 | * | ||||||||
Stefan Vitorovic, MS, MBA, Director(12) |
26,083 | * | ||||||||
|
74,988 | * | ||||||||
|
50,392 | * | ||||||||
|
46,390 | * | ||||||||
All executive officers and directors as a group (11 persons)(16) |
8,919,818 | 18.01 | % |
* |
Represents beneficial ownership of less than one percent. |
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(1) |
Information herein is based on a Form 4 filed with the |
(2) |
Information herein is based on a Schedule 13D/A filed with the |
(3) |
Information herein is based on a Schedule 13D/A filed with the |
(4) |
Information herein is based on a Form 4 filed with the |
(5) |
Information herein is based on a Schedule 13G filed with the |
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shares of common stock. The Schedule 13G reflects that: (i) BVF beneficially owned 1,469,702 Shares, including 496,795 Shares underlying the Pre-FundedWarrants held by it; (ii) BVF2 beneficially owned 1,103,586 Shares, including 373,039 Shares underlying the Pre-FundedWarrants held by it; and (iii) Trading Fund OS beneficially owned 128,991 Shares, including 43,602 Shares underlying the Pre-FundedWarrants held by it. BVF GP, as the general partner of BVF, may be deemed to beneficially own the 1,469,702 Shares beneficially owned by BVF. BVF2 GP, as the general partner of BVF2, may be deemed to beneficially own the 1,103,586 Shares beneficially owned by BVF2. Partners OS, as the general partner of Trading Fund OS, may be deemed to beneficially own the 128,991 Shares beneficially owned by Trading Fund OS. BVF GPH, as the sole member of each of BVF GP and BVF2 GP, may be deemed to beneficially own the 2,573,288 Shares beneficially owned in the aggregate by BVF and BVF2. Partners, as the investment manager of BVF, BVF2 and Trading Fund OS, and the sole member of Partners OS, may be deemed to beneficially own the 2,739,727 Shares beneficially owned in the aggregate by BVF, BVF2 and Trading Fund OS and held in a certain Partners managed account (the "Partners Managed Account"), including 37,448 Shares, which includes 12,658 Shares underlying the Pre-FundedWarrants held in the Partners Managed Account. |
(6) |
Consists of (i) 222,687 shares of common stock held by Dr. Magovčević-Liebisch and (ii) 1,577,808 shares of common stock subject to underlying options exercisable within 60 days of |
(7) |
Consists of (i) 4,000 shares of common stock held by |
(8) |
Consists of 102,250 shares of common stock subject to underlying options exercisable within 60 days of |
(9) |
Consists of 90,083 shares of common stock subject to underlying options exercisable within 60 days of |
(10) |
Consists of 121,673 shares of common stock subject to underlying options exercisable within 60 days of |
(11) |
Consists of 89,813 are shares of common stock subject to underlying options exercisable within 60 days of |
(12) |
Consists of 26,083 shares of common stock subject to underlying options exercisable within 60 days of |
(13) |
Consists of 74,988 shares of common stock subject to underlying options exercisable within 60 days of |
(14) |
Consists of 50,392 shares of common stock subject to underlying options exercisable within 60 days of |
(15) |
Consists of (i) 12,000 shares of common stock held by Dr. |
(16) |
See notes (6) through (15) above; also includes 186,291 shares of common stock subject to underlying options exercisable within 60 days of |
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REPORT OF THE AUDIT COMMITTEE
The audit committee is appointed by the board of directors to assist the board of directors in fulfilling its oversight responsibilities with respect to (1) the integrity of
Management is responsible for the preparation of
In connection with these responsibilities, the audit committee reviewed and discussed with management and the independent registered public accounting firm the audited consolidated financial statements of
Based on the reviews and discussions referred to above, the audit committee recommended to the board of directors that the audited consolidated financial statements of
THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS OF VIGIL NEUROSCIENCE, INC. |
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HOUSEHOLDING
Some banks, brokers and other nominee record holders may be participating in the practice of "householding" proxy statements and annual reports. This means that only one copy of our documents, including the annual report to stockholders and proxy statement, may have been sent to multiple stockholders in your household. We will promptly deliver a separate copy of either document to you upon written or oral request to
STOCKHOLDER PROPOSALS
A stockholder who would like to have a proposal considered for inclusion in our 2026 proxy statement must submit the proposal in accordance with the procedures outlined in Rule 14a-8of the Exchange Act so that it is received by us no later than
If a stockholder wishes to propose a nomination of persons for election to our board of directors or present a proposal at an annual meeting but does not wish to have the proposal considered for inclusion in our proxy statement and proxy card, our bylaws establish an advance notice procedure for such nominations and proposals. Stockholders at an annual meeting may only consider proposals or nominations specified in the notice of meeting or brought before the meeting by or at the direction of the board of directors or by a stockholder of record on the record date for the meeting, who is entitled to vote at the meeting and who has delivered timely notice in proper form to our corporate secretary of the stockholder's intention to bring such business before the meeting.
The required notice must be in writing and received by our corporate secretary at our principal executive offices not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting. However, in the event that the date of the annual meeting is advanced by more than 30 days, or delayed by more than 60 days, from the first anniversary of the preceding year's annual meeting, a stockholder's notice must be so received no earlier than the 120th day prior to such annual meeting and not later than the close of business on the later of (A) the 90th day prior to such annual meeting and (B) the tenth day following the day on which notice of the date of such annual meeting was mailed or public disclosure of the date of such annual meeting was made, whichever first occurs. For stockholder proposals to be brought before the 2026 annual meeting of stockholders, the required notice must be received by our corporate secretary at our principal executive offices no earlier than
To comply with the
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OTHER MATTERS
Our board of directors does not know of any other matters to be brought before the Annual Meeting. If any other matters not mentioned in this proxy statement are properly brought before the meeting, the individuals named in the enclosed proxy intend to use their discretionary voting authority under the proxy to vote the proxy in accordance with their best judgment on those matters.
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100 FORGE ROAD, SUITE 700 |
VOTE BY INTERNET Before The Meeting - Go to www.proxyvote.comor scan the QR Barcode above Use the Internet to transmit your voting instructions and for electronic delivery of information up until During The Meeting - Go to www.virtualshareholdermeeting.com/VIGL2025 You may attend the meeting via the Internet and vote during the meeting. Have the information that is printed in the box marked by the arrow available and follow the instructions. VOTE BY PHONE - 1-800-690-6903 Use any touch-tone telephone to transmit your voting instructions up until VOTE BY MAIL Mark, sign and date your proxy card and retuit in the postage-paid envelope we have provided or retuit to Vote Processing, c/o Broadridge, |
TO VOTE,
V67841-P30654 KEEP THIS PORTION FOR YOUR RECORDS
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THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY
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The Board of Directors recommends you vote FOR the following proposals: |
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1. To elect two class I directors to our board of directors, to serve until the 2028 annual meeting of stockholders and until his, her or their successor has been duly elected and qualified, or until his, her or their earlier death, resignation or removal: |
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Nominees: |
For |
Withhold |
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1a. Samantha Budd Haeberlein, Ph.D. |
☐ | ☐ | ||||||||||||||||||||
1b. Gerhard Koenig, Ph.D. |
☐ | ☐ | ||||||||||||||||||||
For | Against | Abstain | ||||||||||||||||||||||||
2. To ratify the appointment of |
☐ | ☐ | ☐ | |||||||||||||||||||||||
Note:The proxies are authorized to vote on such other business as may properly come before meeting or and adjournment thereof. |
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Please sign exactly as your name(s) appear(s) hereon. When signing as attorney, executor, administrator, or other fiduciary, please give full title as such. Joint owners should each sign personally. All holders must sign. If a corporation or partnership, please sign in full corporate or partnership name by authorized officer. |
Signature [PLEASE SIGN WITHIN BOX] |
Date |
Signature (Joint Owners) |
Date |
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Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of
Stockholders to be Held on
The Notice, Proxy Statement and our 2024 Annual Report to Stockholders are available
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V67842-P30654 |
2025 Annual Meeting of Stockholders This proxy is solicited by the Board of Directors The undersigned stockholder(s) hereby appoint(s) Ivana Magovčević-Liebisch Ph.D., J.D. and This proxy, when properly executed, will be voted in the manner directed herein. If no such direction is made, this proxy will be voted in accordance with the Board of Directors' recommendations. Continued and to be signed on reverse side |
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