| | | | Very truly yours, | |
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| | | | Angelos M. Stergiou, M.D., Sc.D. h.c. | |
| | | | President and Chief Executive Officer | |
| | | | By Order of the Board of Directors, | |
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| | | | Barbara A. Wood | |
| | | | Executive Vice President, General Counsel and Corporate Secretary | |
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| By email to Computershare Subject line must be: Legal Proxy Forward the email from your intermediary or attach an image of your proof of ownership to: legalproxy@computershare.com | | | By mail to Computershare Computershare SELLAS Life Sciences Group, Inc. Legal Proxy P.O. Box 43001 Providence, RI 02940-3001 | |
| | | By | | ||||
| | | By | | ||||
| | | By Proxy by | |
| Proposal 1: | | | To elect two (2) Class I directors to serve on the Company’s Board of Directors for a three-year term expiring in 2026; | |
| Proposal 2: | | | To ratify the appointment by our Audit Committee of Moss Adams LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2023; | |
| Proposal 3: | | | To approve an amendment to the Company’s 2019 Equity Incentive Plan (“2019 Equity Plan”) to increase the number of shares of Common Stock authorized for issuance by 3,000,000 shares and to delete the reference to the evergreen provision, which expired on January 2, 2023 from the 2019 Equity Plan; | |
| Proposal 4: | | | To approve a proposed amendment to the Company’s Amended and Restated Certificate of Incorporation to reflect new Delaware law provisions regarding officer exculpation; and | |
| Proposal 5: | | | Non-binding advisory vote to approve the compensation of our named executive officers. | |
Name of Beneficial Owner | | | Number | | | Percentage of Shares Beneficially Owned | | ||||||
Angelos M. Stergiou, President, Chief Executive Officer and Director | | | | | 98,268(1) | | | | | | * | | |
Barbara A. Wood, Executive Vice President, General Counsel and Corporate Secretary | | | | | 34,919(2) | | | | | | * | | |
Dragan Cicic, Senior Vice President, Clinical Development | | | | | 36,755(3) | | | | | | * | | |
Jane Wasman, Chair of the Board | | | | | 14,830(5) | | | | | | * | | |
David L. Scheinberg, Director | | | | | 15,012(4) | | | | | | * | | |
Robert Van Nostrand, Director | | | | | 14,830(5) | | | | | | * | | |
John Varian, Director | | | | | 14,830(5) | | | | | | * | | |
All current executive officers and directors as a group (7 persons) | | | | | 229,444 | | | | | | 1.1 | | |
Name of Beneficial Owner | | | Number | | | Percentage of Shares Beneficially Owned | | ||||||
Angelos M. Stergiou, President, Chief Executive Officer and Director | | | | | 213,818(1) | | | | | | * | | |
Barbara A. Wood, Executive Vice President, General Counsel and Corporate Secretary | | | | | 78,592(2) | | | | | | * | | |
Robert Francomano, Chief Commercial Officer | | | | | 34,167(3) | | | | | | * | | |
Jane Wasman, Chair of the Board | | | | | 23,855(5) | | | | | | * | | |
David L. Scheinberg, Director | | | | | 24,037(4) | | | | | | * | | |
Robert Van Nostrand, Director | | | | | 23,855(5) | | | | | | * | | |
John Varian, Director | | | | | 23,855(5) | | | | | | * | | |
Katherine Bach Kalin, Director | | | | | — | | | | | | * | | |
All current executive officers and directors as a group (9 persons) | | | | | 464,350(6) | | | | | | 1.6 | | |
Name | | | Age | | | Position | | | Term Expires | | | Audit Committee | | | Compensation Committee | | | Nominating And Corporate Governance Committee | | | Science Committee | | ||||||||||||||||||
Jane Wasman | | | | | 65 | | | | Chair of the Board | | | | | 2023 | | | | | | ✓ | | | | | | ✓ | | | | | | ✓* | | | | | | | | |
Angelos M. Stergiou | | | | | 46 | | | | Director, President and Chief Executive Officer | | | | | 2022 | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | |
David A. Scheinberg | | | | | 66 | | | | Director | | | | | 2024 | | | | | | | | | | | | ✓ | | | | | | | | | | | | ✓* | | |
Robert L. Van Nostrand | | | | | 65 | | | | Director | | | | | 2023 | | | | | | ✓ | | | | | | ✓* | | | | | | ✓ | | | | | | | | |
John Varian | | | | | 61 | | | | Director | | | | | 2022 | | | | | | ✓* | | | | | | | | | | | | ✓ | | | | | | ✓ | | |
Name | | | Age | | | Position | | | Term Expires | | | Audit Committee | | | Compensation Committee | | | Nominating And Corporate Governance Committee | | | Science Committee | | ||||||||||||
Jane Wasman | | | 66 | | | Chair of the Board | | | 2023 | | | | | ✔ | | | | | | ✔ | | | | | | ✔* | | | | | | | | |
Angelos M. Stergiou | | | 47 | | | Director, President and Chief Executive Officer | | | 2025 | | | | | | | | | | | | | | | | | | | | | | | ✔ | | |
David A. Scheinberg | | | 67 | | | Director | | | 2024 | | | | | | | | | | | ✔ | | | | | | | | | | | | ✔* | | |
Robert L. Van Nostrand | | | 66 | | | Director | | | 2023 | | | | | ✔ | | | | | | ✔* | | | | | | ✔ | | | | | | | | |
John Varian | | | 63 | | | Director | | | 2025 | | | | | ✔* | | | | | | | | | | | | ✔ | | | | | | ✔ | | |
Katherine Bach Kalin | | | 60 | | | Director | | | 2024 | | | | | | | | | | | ✔ | | | | | | ✔ | | | | | | | | |
Name | | | Age | | | Position with the Company | |
Angelos M. Stergiou, M.D., Sc.D. h.c. | | | | | President, Chief Executive Officer and Director | | |
Barbara A. Wood, Esq. | | | | | Executive Vice President, General Counsel and Corporate Secretary | | |
| | | | Senior Vice President, | |||
| |||||||
Robert Francomano | | | | | Senior Vice President, Chief Commercial Officer | |
| | | Year | | | Salary ($) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | Bonus ($) | | | Option Awards ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||||||||
Angelos M. Stergiou, M.D., Sc.D. h.c. | | | | | 2021 | | | | | | 565,100 | | | | | | 280,000 | | | | | | — | | | | | | 827,887 | | | | | | 158,000 | | | | | | 2,930(6) | | | | | | 1,833,917 | | |
President and Chief Executive Officer | | | | | 2020 | | | | | | 540,750 | | | | | | 283,894 | | | | | | — | | | | | | 107,800 | | | | | | 179,550 | | | | | | 2,930(6) | | | | | | 1,114,924 | | |
Barbara A. Wood, Esq. | | | | | 2021 | | | | | | 404,700 | | | | | | 152,000 | | | | | | — | | | | | | 330,107 | | | | | | 63,000 | | | | | | 14,530(7) | | | | | | 964,337 | | |
Executive Vice President, General Counsel and Corporate Secretary | | | | | 2020 | | | | | | 387,230 | | | | | | 165,734 | | | | | | 10,000(4) | | | | | | 38,500 | | | | | | 66,150 | | | | | | 14,330(8) | | | | | | 681,944 | | |
Dragan Cicic, M.D.(5) | | | | | 2021 | | | | | | 339,900 | | | | | | 112,000 | | | | | | — | | | | | | 330,107 | | | | | | 63,000 | | | | | | 14,530(7) | | | | | | 859,537 | | |
Senior Vice President, Clinical Development | | | | | 2020 | | | | | | 302,550 | | | | | | 91,658 | | | | | | — | | | | | | 53,900 | | | | | | 47,250 | | | | | | 13,694(8) | | | | | | 509,052 | | |
| | | Year | | | Salary ($) | | | Non-Equity Incentive Plan Compensation ($)(3) | | | Bonus ($) | | | Option Awards ($)(1) | | | Stock Awards ($)(2) | | | All Other Compensation ($) | | | Total ($) | | ||||||||||||||||||||||||
Angelos M. Stergiou, M.D., Sc.D. h.c. President and Chief Executive Officer | | | | | 2022 | | | | | | 593,500 | | | | | | 326,425 | | | | | | — | | | | | | 795,300 | | | | | | 234,960 | | | | | | 2,060(6) | | | | | | 1,952,245 | | |
| | | 2021 | | | | | | 565,100 | | | | | | 280,000 | | | | | | — | | | | | | 827,887 | | | | | | 158,000 | | | | | | 2,930(6) | | | | | | 1,833,917 | | | ||
Robert Francomano Chief Commercial Officer(5) | | | | | 2022 | | | | | | 339,728 | | | | | | 124,950 | | | | | | — | | | | | | 471,980 | | | | | | — | | | | | | 116,725(7) | | | | | | 1,053,383 | | |
Barbara Wood, Esq. Executive Vice President, General Counsel and Corporate Secretary | | | | | 2022 | | | | | | 425,000 | | | | | | 173,400 | | | | | | 20,000(4) | | | | | | 234,975 | | | | | | 69,420 | | | | | | 14,260(8) | | | | | | 937,055 | | |
| | | 2021 | | | | | | 404,700 | | | | | | 152,000 | | | | | | | | | | | | 330,107 | | | | | | 63,000 | | | | | | 14,530(9) | | | | | | 964,337 | | |
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable(1) | | | Option Exercise Price ($)(2) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#)(3) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(4) | | |||||||||||||||||||||
Angelos M. Stergiou | | | | | 3/13/2018 | | | | | | 1,781 | | | | | | 119 | | | | | $ | 262.00 | | | | | | 3/13/2028 | | | | | | — | | | | | | — | | |
| | | | | 3/18/2019 | | | | | | 5,844 | | | | | | 2,656 | | | | | $ | 69.00 | | | | | | 3/18/2029 | | | | | | — | | | | | | — | | |
| | | | | 3/12/2020 | | | | | | 30,625 | | | | | | 39,375 | | | | | $ | 1.89 | | | | | | 3/12/2030 | | | | | | — | | | | | | — | | |
| | | | | 3/12/2020 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 95,000 | | | | | $ | 525,350 | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | 118,500 | | | | | $ | 8.00 | | | | | | 3/4/2031 | | | | | | — | | | | | | — | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 14,812 | | | | | $ | 81,910 | | |
Barbara A. Wood | | | | | 3/13/2018 | | | | | | 938 | | | | | | 62 | | | | | $ | 255.00 | | | | | | 3/14/2028 | | | | | | — | | | | | | — | | |
| | | | | 3/18/2019 | | | | | | 2,269 | | | | | | 1,031 | | | | | $ | 69.00 | | | | | | 3/18/2029 | | | | | | — | | | | | | — | | |
| | | | | 3/12/2020 | | | | | | 10,938 | | | | | | 14,062 | | | | | $ | 1.89 | | | | | | 3/12/2030 | | | | | | — | | | | | | — | | |
| | | | | 3/12/2020 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 35,000 | | | | | $ | 193,550 | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | 47,250 | | | | | $ | 8.00 | | | | | | 3/4/2031 | | | | | | — | | | | | | — | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 5,906 | | | | | $ | 32,660 | | |
Dragan Cicic | | | | | 3/12/2020 | | | | | | 15,313 | | | | | | 19,687 | | | | | $ | 1.89 | | | | | | 3/12/2030 | | | | | | | | | | | | | | |
| | | | | 3/12/2020 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 25,000 | | | | | $ | 138,250 | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | 47,250 | | | | | $ | 8.00 | | | | | | 3/4/2031 | | | | | | — | | | | | | — | | |
| | | | | 3/4/2021 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 5,906 | | | | | $ | 32,660 | | |
Name | | | Grant Date | | | Number of Securities Underlying Unexercised Options Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable(1) | | | Option Exercise Price ($)(2) | | | Option Expiration Date | | | Number of Shares or Units of Stock That Have Not Vested (#)(3) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(4) | | |||||||||||||||||||||
Angelos M. Stergiou | | | | | 3/13/2018 | | | | | | 1,900 | | | | | | — | | | | | $ | 262.00 | | | | | | 3/13/2028 | | | | | | — | | | | | | — | | |
| | | 3/18/2019 | | | | | | 7,969 | | | | | | 531 | | | | | $ | 69.00 | | | | | | 3/18/2029 | | | | | | — | | | | | | — | | | ||
| | | 3/12/2020 | | | | | | 48,125 | | | | | | 21,875 | | | | | $ | 1.89 | | | | | | 3/12/2030 | | | | | | — | | | | | | — | | | ||
| | | 3/12/2020 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 95,000 | | | | | $ | 224,200 | | | ||
| | | 3/4/2021 | | | | | | 51,844 | | | | | | 66,656 | | | | | $ | 8.00 | | | | | | 3/4/2031 | | | | | | — | | | | | | — | | | ||
| | | 3/4/2021 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 9,875 | | | | | $ | 23,305 | | | ||
| | | 1/31/2022 | | | | | | — | | | | | | 165,000 | | | | | $ | 5.34 | | | | | | 1/31/2032 | | | | | | — | | | | | | — | | | ||
| | | 1/31/2022 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 33,000 | | | | | $ | 77,880 | | | ||
Robert Francomano | | | | | 3/14/2022 | | | | | | — | | | | | | 100,000 | | | | | $ | 5.23 | | | | | | 3/14/2032 | | | | | | — | | | | | | — | | |
Barbara A. Wood | | | | | 3/13/2018 | | | | | | 1,000 | | | | | | — | | | | | $ | 255.00 | | | | | | 3/14/2028 | | | | | | — | | | | | | — | | |
| | | 3/18/2019 | | | | | | 3,094 | | | | | | 206 | | | | | $ | 69.00 | | | | | | 3/18/2029 | | | | | | — | | | | | | — | | | ||
| | | 3/12/2020 | | | | | | 17,188 | | | | | | 7,812 | | | | | $ | 1.89 | | | | | | 3/12/2030 | | | | | | — | | | | | | — | | | ||
| | | 3/12/2020 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 35,000 | | | | | $ | 82,600 | | | ||
| | | 3/4/2021 | | | | | | 20,672 | | | | | | 26,578 | | | | | $ | 8.00 | | | | | | 3/4/2031 | | | | | | — | | | | | | — | | | ||
| | | 3/4/2021 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 3,937 | | | | | $ | 9,291 | | | ||
| | | 1/31/2022 | | | | | | — | | | | | | 48,750 | | | | | $ | 5.34 | | | | | | 1/31/2032 | | | | | | — | | | | | | — | | | ||
| | | 1/31/2022 | | | | | | — | | | | | | — | | | | | $ | — | | | | | | — | | | | | | 9,750 | | | | | $ | 23,010 | | |
Year(a) | | | Summary Compensation Table Total for PEO(b) | | | Compensation Actually Paid To PEO(c) | | | Average Summary Compensation Table Total for Non-PEO NEOs(d) | | | Average Compensation Actually Paid to Non-PEO NEOs(e) | | | Value of Initial Fixed $100 Investment Based On Total Shareholder Return(f) | | | Net Loss (thousands)(g) | | ||||||||||||||||||
2022 | | | | $ | 1,952,245 | | | | | $ | 667,297 | | | | | $ | 995,219 | | | | | $ | 514,536 | | | | | $ | 42.68 | | | | | $ | (41,301) | | |
2021 | | | | $ | 1,833,917 | | | | | $ | 1,615,812 | | | | | $ | 911,937 | | | | | $ | 935,768 | | | | | $ | 95.18 | | | | | $ | (20,699) | | |
Year | | | Reported Summary Comp Table Total for PEO | | | Reported Value of Equity Awards(1) | | | Equity Award Adjustments(2) | | | Compensation Actually Paid to PEO | | ||||||||||||
2022 | | | | $ | 1,952,245 | | | | | $ | (1,030,260) | | | | | $ | (254,688) | | | | | $ | 667,297 | | |
2021 | | | | $ | 1,833,917 | | | | | $ | (985,887) | | | | | $ | 767,782 | | | | | $ | 1,615,812 | | |
Year | | | Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year | | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Total Equity Award Adjustments | | |||||||||||||||
2022 | | | | $ | 413,468 | | | | | $ | (606,744) | | | | | $ | 28,600 | | | | | $ | (90,013) | | | | | $ | (254,688) | | |
2021 | | | | $ | 666,308 | | | | | $ | (46,816) | | | | | $ | 31,057 | | | | | $ | 117,233 | | | | | $ | 767,782 | | |
Year | | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | | Average Reported Value of Equity Awards(1) | | | Average Equity Award Adjustments(2) | | | Average Compensation Actually Paid to Non-PEO NEOs | | ||||||||||||
2022 | | | | $ | 995,219 | | | | | $ | (388,187) | | | | | $ | (92,496) | | | | | $ | 514,536 | | |
2021 | | | | $ | 911,937 | | | | | $ | (393,107) | | | | | $ | 416,938 | | | | | $ | 935,768 | | |
Year | | | Average Year End Fair Value of Outstanding and Unvested Equity Awards Granted in the Year | | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards Granted in Prior Years | | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | | Total Average Equity Award Adjustments | | |||||||||||||||
2022 | | | | $ | 163,465 | | | | | $ | (229,926) | | | | | $ | 8,450 | | | | | $ | (34,484) | | | | | $ | (92,496) | | |
2021 | | | | $ | 265,680 | | | | | $ | 82,467 | | | | | $ | 12,383 | | | | | $ | 56,408 | | | | | $ | 416,938 | | |
Name | | Fees Earned or Paid in Cash ($)(1) | | Option Awards ($)(2) | | Total ($)(3) | | | Fees Earned or Paid in Cash ($)(1) | | Option Awards ($)(2) | | Stock Awards ($)(3) | | Total ($)(4) | | ||||||||||||||||||||||||||||
Jane Wasman | | | | 90,000 | | | | | 51,505 | | | | | 141,505 | | | | | | 104,000 | | | | | 33,701 | | | | | 10,146 | | | | | 147,847 | | | |||||||
Robert L. Van Nostrand | | | | 61,375 | | | | | 51,505 | | | | | 114,255 | | | | | | 74,000 | | | | | 33,701 | | | | | 10,146 | | | | | 117,847 | | | |||||||
John Varian | | | | 62,750 | | | | | 51,505 | | | | | 112,880 | | | | | | 74,000 | | | | | 33,701 | | | | | 10,146 | | | | | 117,847 | | | |||||||
David A. Scheinberg | | | | 47,500 | | | | | 51,505 | | | | | 99,005 | | | | | | 66,000 | | | | | 33,701 | | | | | 10,146 | | | | | 109,847 | | | |||||||
Katherine Bach Kalin(5) | | | | 19,000 | | | | | 51,319 | | | | | — | | | | | 70,319 | | |
Compensation Category | | | Amount | | |||
Annual Base Compensation | | | | $ | 40,000 | | |
Additional Non-Executive Chair Compensation | | | | $ | 30,000 | | |
Additional Committee Chair Compensation: | | | | | | | |
Audit | | | | $ | 18,000 | | |
Compensation | | | | $ | 18,000 | | |
Nominations and Governance | | | | $ | 18,000 | | |
Science (f/k/a Research & Development) | | | | $ | 18,000 | | |
Additional Committee Membership Compensation: | | | | | | | |
Audit | | | | $ | 8,000 | | |
Compensation | | | | $ | 8,000 | | |
Nominations and Governance | | | | $ | 8,000 | | |
Science | | | | $ | 8,000 | | |
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 Reflected in Previous Columns) | | | 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 Reflected in Previous Columns) | | ||||||||||||||||||||||||
Equity compensation plans approved by security holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
2017 Equity Incentive Plan | | | | 21,520 | | | | $ | 112.85 | | | | | — | | | | | | 21,520 | | | | $ | 112.85 | | | | | — | | | ||||||
2019 Equity Incentive Plan | | | | 512,250 | | | | $ | 5.77 | | | | | 449,476 | | | ||||||||||||||||||||||
Restricted Stock units | | | | 200,280 | | | | | N/A | | | | | — | | | ||||||||||||||||||||||
2017 Employee Stock Purchase Plan | | | | — | | | | | N/A | | | | | 11,302 | | | ||||||||||||||||||||||
2019 Equity Incentive Plan Stock | | | | 1,273,099 | | | | $ | 5.35(1) | | | | | 640,961 | | | ||||||||||||||||||||||
2021 Employee Stock Purchase Plan | | | | — | | | | | N/A | | | | | 300,000 | | | | | | — | | | | | N/A | | | | | 274,911 | | | ||||||
Equity compensation plans not approved by security holders | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
None | | | | — | | | | | — | | | | | — | | | | | | — | | | | | — | | | | | — | | | ||||||
Total | | | | 734,050 | | | | $ | 10.09 | | | | | 760,778 | | | | | | 1,294,619 | | | | $ | 7.58 | | | | | 915,872 | | |
| | 2020 | | 2021 | | | 2022 | | 2021 | | ||||||||||||||||
| | (in thousands) | | | (in thousands) | | ||||||||||||||||||||
Audit Fees(1) | | | $ | 373 | | | | $ | 403 | | | | | $ | 416 | | | | $ | 403 | | | ||||
Audit-related Fees(2) | | | | 105 | | | | | 157 | | | | | | 187 | | | | | 157 | | | ||||
Tax Fees(3) | | | | 50 | | | | | 37 | | | | | | 37 | | | | | 37 | | | ||||
All Other Fees | | | | — | | | | | — | | | | | | — | | | | | — | | | ||||
Total Fees | | | $ | 528 | | | | $ | 597 | | | | | $ | 640 | | | | $ | 597 | | |
| | | 2022 | | | 2021 | | | 2020 | | |||||||||
Adjusted Gross Burn Rate as a % of Outstanding Shares(1) | | | | | 3.31% | | | | | | 2.37% | | | | | | 4.46% | | |
Adjusted Net Burn Rate as a % of Outstanding Shares(2) | | | | | 3.10% | | | | | | 2.37% | | | | | | 4.46% | | |
Name and Position | | | Number of shares subject to Stock Options | | | Number of shares subject to Restricted Stock Units | | ||||||
Named Executive Officers | | | | | 917,000 | | | | | | 304,625 | | |
All current executive officers as a group | | | | | 1,055,250 | | | | | | 352,100 | | |
All current directors who are not executive officers as a group | | | | | 151,000 | | | | | | 20,100 | | |
Each director nominee | | | | | — | | | | | | — | | |
Each associate of all directors, nominees and executive officers | | | | | — | | | | | | — | | |
Each person who received 5% of such awards | | | | | — | | | | | | — | | |
All employees who are not executive officers as a group | | | | | 430,950 | | | | | | 121,675 | | |