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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 14A INFORMATION


Proxy Statement Pursuant to Section 14(a) of the


Securities Exchange Act of 1934


(Amendment No.  )

Filed by the Registrant  ☒                                 Filed by a Party other than the Registrant  ☐

Filed by the Registrant ☒
Filed by a Party other than the Registrant  ☐
Check the appropriate box:

 ☐
Preliminary Proxy Statement
 ☐
Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
Definitive Proxy Statement
 ☐
Definitive Additional Materials
 ☐
Soliciting Material Pursuant to § 240.14a-12

EIGER BIOPHARMACEUTICALS, INC.


(Name of Registrant as Specified in Its Charter)

Not Applicable.


(Name of Person(s) Filing Proxy Statement if Other Than the Registrant)

Payment of Filing Fee (Check all boxes that apply)

No fee required.
 ☐

Fee paid previously with preliminary materials.

Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11.

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LOGO

NOTICE OF ANNUALSPECIAL MEETING OF STOCKHOLDERS


To Be Held on June 16, 2022

December 28, 2023

Dear Stockholder:

You are cordially invited to attend the AnnualSpecial Meeting of Stockholders of Eiger BioPharmaceuticals, Inc., a Delaware corporation (the “Company”). The meeting will be held on Thursday, June 16, 2022December 28, 2023 at 10:9:00 a.m. Pacific Time. In light of continuing public health concerns regarding the COVID-19 pandemic and to protect the health and safety of our stockholders and employees and facilitate stockholder participation in the Annual Meeting, this year the Annual Meeting will be held throughTime via a live webcast at www.virtualshareholdermeeting.com/EIGR2022.EIGR2023SM. You will not be able to attend the meeting in person. The meeting will be held for the following purposes:

1.

To elect our three nominees for director named hereinThe approval of an amendment to serve as Class I directorsthe Company’s Amended and Restated Certificate of Incorporation to hold office untileffect a reverse stock split of Company common stock (without reducing the 2025 Annual Meetingauthorized number of Stockholders or until their respective successors are duly electedshares of Company common stock), if and qualified.

when determined by the Company’s board of directors;

2.

To approve, on an advisory basis, the compensationThe approval of the Company’s named executive officers, as disclosedadjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the Proxy Statement accompanying this Notice.

event there are not sufficient votes in favor of the amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split; and

3.

To ratify the selection by the Audit CommitteeThe transaction of our Board of Directors of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022.

4.

To conduct anysuch other business as may properly broughtcome before the meeting, or any adjournment or postponement thereof.

These items of business are more fully described in the Proxy Statement accompanying this Notice.

The record date for the AnnualSpecial Meeting is April 19, 2022.November 20, 2023. Only stockholders of record at the close of business on that date may vote at the meeting or any adjournment or postponement thereof.

Important Notice Regarding the Availability of Proxy Materials for the Stockholders’ Meeting to Be Held on

Thursday, June 16, 2022 at 10:00 a.m. Pacific Time through a live webcast at

www.virtualshareholdermeeting.com/EIGR2022.

The Proxy Statement and Annual Report to stockholders

are available electronically at www.proxyvote.com.

By Order of the Board of Directors

LOGO



/s/ James Vollins
James Vollins
General Counsel, Corporate Secretary and Chief Compliance Officer

and Corporate Secretary


Palo Alto, California

April 28, 2022


December 11, 2023
You are cordially invited to attend the meeting online. Whether or not you expect to attend the meeting, please vote by proxy over the telephone or through the internet, or by completing, dating, signing and returning the enclosed proxy as instructed in these materials, as promptly as possible in order to ensure your representation at the meeting. Even if you have voted by proxy, you may still vote online if you attend the meeting. Please note, however, that if your shares are held through a broker, bank or other nominee and you wish to vote at the meeting, you must obtain a proxy issued in your name from that record holder.


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EIGER BIOPHARMACEUTICALS, INC.


2155 PARK BLVD.


PALO ALTO, CA 94306

PROXY STATEMENT


FOR THE 2022 ANNUALSPECIAL MEETING OF STOCKHOLDERS

QUESTIONS AND ANSWERS ABOUT THESE PROXY MATERIALS AND VOTING

Why did I receive

TO BE HELD ON DECEMBER 28, 2023
GENERAL INFORMATION
This proxy statement is furnished to stockholders of Eiger BioPharmaceuticals, Inc., a notice regardingDelaware corporation (the “Company,” “we,” “our” or “us”), in connection with the availabilitysolicitation of proxy materials on the internet?

Pursuant to rules adoptedproxies by the Securities and Exchange Commission (the “SEC”), we have elected to provide access to our proxy materials over the internet. Accordingly, we have sent you a Notice of Internet Availability of Proxy Materials (the “Notice”) because our Board of Directors (our “Board”) for use at a special meeting of stockholders to be held on December 28, 2023, and at any adjournment or postponement thereof (our “Special Meeting”). Our Special Meeting will be held at 9:00 a.m. Pacific Time via a live webcast at www.virtualshareholdermeeting.com/EIGR2023SM.

On or about December 11, 2023, we will commence mailing of the proxy materials which are also available at www.proxyvote.com. The proxy materials are being sent to stockholders who owned our common stock at the close of business on November 20, 2023, the record date for the Special Meeting (the “Board”“record date”). This proxy statement contains important information for you to consider when deciding how to vote on the matters brought before the meeting. Please read it carefully.
Why am I receiving these materials?
We sent you this proxy statement because our Board is soliciting your proxy to vote at our Special Meeting. This proxy statement summarizes the 2022 Annual Meeting of Stockholders (the “Annual Meeting”), including any votes related to adjournments or postponements of the meeting. All stockholders will have the ability to access the proxy materials on the website referred to in the Notice or request to receive a printed set of the proxy materials. Instructions on how to access the proxy materials over the internet or to request a printed copy may be found in the Notice. In this Proxy Statement, “we,” “us,” “our” and “Eiger” refer to Eiger BioPharmaceuticals, Inc.

We intend to mail the Notice on or about April 28, 2022 to all stockholders of record entitledinformation you need to vote at our Special Meeting. You do not need to attend our Special Meeting to vote your shares.

What proposals will be voted on at our Special Meeting?
Stockholders will vote on two proposals at our Special Meeting:
1.
The approval of an amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split of Company common stock (without reducing the authorized number of shares of Company common stock), if and when determined by the Company’s board of directors (the “Amendment Proposal”); and
2.
The approval of the adjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event there are not sufficient votes in favor of the amendment to the Company’s Amended and Restated Certificate of Incorporation to effect a reverse stock split (the “Adjournment Proposal”).
The Board knows of no other matters that will be presented for consideration at the AnnualSpecial Meeting.

Will I receive If any other matters are properly brought before the meeting, it is the intention of the persons named in the accompanying proxy materials by mail?

We may send you a proxy card, alongto vote on those matters in accordance with a second Notice, after May 9, 2022.

their best judgment.

How do I attend the AnnualSpecial Meeting?

You are entitled to attend the Annual Meeting if you were a stockholder as of the close of business on April 19, 2022, the record date, or hold a valid proxy for the meeting.

To be admitted to the AnnualSpecial Meeting, you will need to visit www.virtualshareholdermeeting.com/EIGR2022EIGR2023SM and enter the 16-digit Control Number control number found next to the label “Control Number” on your Noticeproxy card or proxy card.voting instruction form. If you are a beneficial stockholder, you should contact the bank, broker or other institution where you hold your account well in advance of the meeting if you have questions about obtaining your control number/proxy to vote.

Whether or not you participate in the Annual Meeting, it is important that you vote your shares.

WHETHER OR NOT YOU PARTICIPATE IN THE SPECIAL MEETING, IT IS IMPORTANT THAT YOU VOTE YOUR SHARES.
We encourage you to access the AnnualSpecial Meeting before it begins. Online check-in will start approximately 15 minutes before the meeting on Thursday, June 16, 2022.December 28, 2023.
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Who can vote

Can I ask questions during the Special Meeting?
Stockholders will have the ability to submit questions during the Special Meeting via the Special Meeting website at www.virtualshareholdermeeting.com/EIGR2023SM. Questions may be submitted online shortly prior to, and during, the Special Meeting by logging in with the 16-digit control number at www.virtualshareholdermeeting.com/EIGR2023SM. We will answer questions during the Special Meeting that are pertinent to the proposals presented at the Annual Meeting?

OnlySpecial Meeting. If we receive substantially similar written questions, we plan to group such questions together and provide a single response to avoid repetition and allow time for additional question topics. For appropriate questions that are not otherwise addressed during the Special Meeting, we will publish our responses on our Investor Relations site after the meeting or communicate the relevant response directly to the submitting stockholder. Additional information regarding the rules and procedures for participating in the virtual Special Meeting will be provided in our rules of conduct for the Special Meeting, which stockholders ofcan view during the meeting at the meeting website.

What happens if there are technical difficulties at the Special Meeting
We will have technicians ready to assist you with any technical difficulties you may have accessing the virtual Special Meeting, voting at the Special Meeting or submitting questions at the Special Meeting. If you encounter any difficulties accessing the virtual Special Meeting during the check-in or meeting time, please call the technical support number that will be posted on www.virtualshareholdermeeting.com/EIGR2023SM.
How does our Board recommend that stockholders vote on the proposals?
Our Board recommends that stockholders vote “FOR” the Amendment Proposal and “FOR” the Adjournment Proposal.
Who is entitled to vote?
The record atdate for our Special Meeting is the close of business on April 19, 2022 will be entitled to vote atNovember 20, 2023 (the “record date”). As of the Annual Meeting. On this record date, there were 43,216,12644,384,684 shares of our common stock outstanding and entitled to vote. vote at the Special Meeting. Holders of record of our common stock as of the record date will be entitled to notice of and to vote on the Amendment Proposal and the Adjournment Proposal at our Special Meeting or any adjournment or postponement thereof.
A list of stockholders entitled to vote at the AnnualSpecial Meeting will be available for examination during normal business hours for ten days before the AnnualSpecial Meeting at our address above. To the extent office access is impracticable due to the ongoing COVID-19 pandemic,an unexpected health crisis, you may send a written request to the Corporate Secretary at our corporate headquarters, and we will arrange a way for you to inspect the list.

Stockholder of Record: Shares Registered in Your Name

If on April 19, 2022November 20, 2023 your shares were registered directly in your name with our transfer agent, American Stock Transfer & Trust Company, LLC, then you are a stockholder of record. As a stockholder of record, you may vote

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online at the meeting or vote by proxy. Whether or not you plan to attend the meeting, we urge you to vote by proxy over the telephone, on the internet as instructed below or by proxy using a proxy card that you may request or that we may elect to deliver at a later time to ensure your vote is counted.

Beneficial Owner: Shares Registered in the Name of a Broker or Bank

If on April 19, 2022November 20, 2023 your shares were held not in your name but rather in an account at a brokerage firm, bank, dealer or other similar organization, then you are the beneficial owner of shares held in “street name” and the Notice isproxy materials are being forwarded to you by that organization. The organization holding your account is considered to be the stockholder of record for purposes of voting at the AnnualSpecial Meeting. As a beneficial owner, you have the right to direct your broker or other agent regarding how to vote the shares in your account. You are also invited to attend the AnnualSpecial Meeting. However, since you are not the stockholder of record, you may not vote your shares virtually at the meeting unless you request and obtain a valid proxy from your broker or other agent.

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What am I voting on?

There are three matters scheduled for a vote:

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Election of three Class I directors to hold office until the 2025 Annual Meeting of Stockholders;

Advisory approval of the compensation of the Company’s named executive officers, as disclosed in this Proxy Statement in accordance with SEC rules; and

Ratification of selection by the Audit Committee of the Board of Directors of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022.

What if another matter is properly brought before the meeting?

The Board of Directors knows of no other matters that will be presented for consideration at the Annual Meeting. If any other matters are properly brought before the meeting, it is the intention of the persons named in the accompanying proxy to vote on those matters in accordance with their best judgment.

How do I vote?

You may either vote “For” the nominees to the Board of Directors or you may “Withhold” your vote for the nominees. For each of the other matters to be voted on, you may vote “For,” “Against” or abstain from voting.

The procedures for voting are as follows:

Stockholder of Record: Shares Registered in Your Name

If you are a stockholder of record, you may vote online at the AnnualSpecial Meeting, vote by proxy over the telephone, vote by proxy through the internet or vote by proxy by mail using athe enclosed proxy card that you may request and that we may elect to deliver at a later time.card. Whether or not you plan to attend the meeting, we urge you to vote by proxy to ensure your vote is counted. You may still attend the meeting and vote online even if you have already voted by proxy.

To vote during the AnnualSpecial Meeting, if you are a stockholder of record as of the record date, follow the instructions at www.virtualshareholdermeeting.com/EIGR2022.EIGR2023SM. You will need to enter the 16-digit Control Number control number found on your Noticeproxy card or in the email sending you the Proxy Statement.

voting instruction form.

To vote using the proxy card that may be delivered to you, simply complete, sign and date the proxy card and return it promptly in the envelope provided. If you return your signed proxy card to us before the AnnualSpecial Meeting, we will vote your shares as you direct.

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To vote over the telephone, dial toll-free 1-800-690-6903 using a touch-tone phone and follow the recorded instructions. You will be asked to provide the company number and control number from the Notice.your proxy card or voting instruction form. Your telephone vote must be received by 11:59 p.m., Eastern Time on June 15, 2022December 27, 2023 to be counted.

To vote through the internet, go to http://www.proxyvote.com to complete an electronic proxy card. You will be asked to provide the company number and control number from the Notice.proxy card or voting instruction form. Your internet vote must be received by 11:59 p.m. Eastern Time on June 15, 2022December 27, 2023 to be counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If you are a beneficial owner of shares registered in the name of your broker, bank, or other agent, you should have received a Noticefull set of proxy materials containing voting instructions from that organization rather than from Eiger. Simply follow the voting instructions in the Noticeproxy materials to ensure that your vote is counted. To vote online at the AnnualSpecial Meeting, you must obtain a valid proxy from your broker, bank or other agent. Follow the instructions from your broker or bank included with these proxy materials or contact your broker or bank to request a proxy form.

How many votes do I have?

On each matter to be voted upon, you have one vote for each share of common stock you own as of April 19, 2022.

November 20, 2023.

What happens if I do not vote?

Stockholder of Record: Shares Registered in Your Name

If you are a stockholder of record and do not vote by completing your proxy card, by mail, by telephone, through the internet or online at the AnnualSpecial Meeting, your shares will not be voted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If you are a beneficial owner and do not instruct your broker, bank, or other agent how to vote your shares, your broker, bank or other agent may still be able to vote your shares in its discretion. In this regard, under the rules of the New York Stock Exchange (NYSE), brokers, banks and other securities intermediaries that are subject to NYSE rules may use their discretion to vote your “uninstructed” shares with respect to matters considered to be “routine” under NYSE rules,, but not with respect to “non-routine”“non-routine” matters. Proposals 1One and 2Two are considered to be “non-routine” under NYSE rules, meaning that your broker may not vote your shares on those proposals in the absence of your voting instructions. However, Proposal 3 is considered a “routine” matter under NYSE rules,matters, meaning that if you do not return voting instructions to your broker before its deadline, your shares may be voted by your broker in its discretion on Proposal 3.

Proposals One and Two.

What if I return a proxy card or otherwise vote but do not make specific choices?

If you return a signed and dated proxy card or otherwise vote without marking voting selections, your shares will be voted, as applicable, “For”“FOR” the election ofAmendment Proposal and “FOR” the nominees for director; “For” the advisory approval of named executive officer compensation and “For” the ratification of the selection by the Audit Committee of the Board of KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022.Adjournment Proposal. If any other matter is properly presented at the meeting, your proxyholder (one of the individuals named on your proxy card) will vote your shares using his or her best judgment.
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Who is paying for this proxy solicitation?

We will pay for the entire cost of soliciting proxies. In addition to these proxy materials, our directors and employees may also solicit proxies in person, by telephone, or by other means of communication. Directors and employees will not be paid any additional compensation for soliciting proxies. We may also reimburse brokerage firms, banks and other agents for the cost of forwarding proxy materials to beneficial owners.

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What does it mean if I receive more than one Notice?

full set of proxy materials?

If you receive more than one Notice,full set of proxy materials, your shares may be registered in more than one name or in different accounts. Please follow the voting instructions on each of the Noticesproxy cards or voting instruction forms to ensure that all of your shares are voted.

Can I change my vote after submitting my proxy?

Stockholder of Record: Shares Registered in Your Name

Yes. You can revoke your proxy at any time before the final vote at the meeting. If you are the record holder of your shares, you may revoke your proxy in any one of the following ways:

You may submit another properly completed proxy card with a later date.

You may grant a subsequent proxy by telephone or through the internet.

You may send a timely written notice that you are revoking your proxy to Eiger’s Corporate Secretary at 2155 Park Blvd., Palo Alto, California 94306.

You may attend the AnnualSpecial Meeting and vote online. Simply attending the meeting will not, by itself, revoke your proxy.

Your most current proxy card or telephone or internet proxy is the one that is counted.

Beneficial Owner: Shares Registered in the Name of Broker or Bank

If your shares are held by your broker or bank as a nominee or agent, you should follow the instructions provided by your broker or bank.

When

How are votes counted?
Votes will be counted by the inspector of election appointed for the meeting, who will separately count each proposal as follows:
Proposal One, the Amendment Proposal, must receive FOR votes from the holders of a majority of votes cast on the proposal. Abstentions with respect to the Amendment Proposal will not be considered “votes cast” and so will have no effect on the proposal. Brokers will have discretionary authority to vote on this proposal. Accordingly, there will not be any broker non-votes on this proposal.
Proposal Two, the Adjournment Proposal, must receive FOR votes from the holders of a majority in voting power of the shares of our common stock present or represented by proxy at the Special Meeting and entitled to vote on such proposal. An abstention on Proposal Two will have the same effect as a vote “AGAINST” Proposal Two. Brokers will have discretionary authority to vote on this proposal. Accordingly, there will not be any broker non-votes on the Adjournment Proposal.
What are “broker non-votes”?
As discussed above, when a beneficial owner of shares held in “street name” does not give instructions to the broker or nominee holding the shares as to how to vote on matters deemed by applicable stock exchange rules to be “non-routine,” the broker or nominee cannot vote the shares. These unvoted shares are counted as “broker non-votes.”
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How many votes are needed to approve each proposal?
The following table summarizes the minimum vote needed to approve each proposal and the effect of abstentions and broker non-votes.
Proposal
Number
Proposal Description
Vote Required for
Approval
Effect of
Abstentions
Effect of Broker
Non-Votes
1
Amendment Proposal
“FOR” votes from the holders of a majority of votes cast on the proposal
No effect
Not applicable(1)
2
Adjournment Proposal
“FOR” votes from the holders of a majority of shares present virtually or represented by proxy and entitled to vote on the matter
Against
Not applicable(1)
(1)
The Company believes that this proposal is considered to be a “routine” matter. Accordingly, if you hold your shares in street name and do not provide voting instructions to your broker, bank or other agent that holds your shares, your broker, bank or other agent has discretionary authority to vote your shares on this proposal.
What is the quorum requirement?
A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if stockholders holding at least a majority of the outstanding shares of stock entitled to vote are present at the meeting virtually or represented by proxy. On the record date, there were 44,384,684 shares outstanding and entitled to vote. Thus, the holders of 22,192,343 shares must be present virtually or represented by proxy at the meeting to have a quorum.
Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote online at the meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, the holders of a majority of shares present at the meeting virtually or represented by proxy may adjourn the meeting to another date.
How can I find out the results of the voting at the Special Meeting?
Preliminary voting results will be announced at the Special Meeting. In addition, final voting results will be published in a current report on Form 8-K that we expect to file within four business days after the Special Meeting. If final voting results are not available to us in time to file a Form 8-K within four business days after the meeting, we intend to file a Form 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additional Form 8-K to publish the final results.
What proxy materials are available on the internet?
The Proxy Statement, Form 10-K and Annual Report to stockholders are available at www.proxyvote.com.
All references to “Eiger,” “we,” “us” or “our” in this Proxy Statement mean Eiger BioPharmaceuticals, Inc.
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PROPOSAL ONE
APPROVAL OF AN AMENDMENT TO OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF OUR COMMON STOCK (WITHOUT REDUCING THE AUTHORIZED NUMBER OF SHARES OF OUR COMMON STOCK), IF AND WHEN DETERMINED BY OUR BOARD
Overview
The Amendment Proposal is a proposal to adopt an amendment to our Amended and Restated Certificate of Incorporation to effect a reverse stock split at a ratio between one-for-ten (1:10) and one-for-thirty-five (1:35)], inclusive (the “Split Ratio Range”), in the form set forth in Exhibit A to this proxy statement. The Amendment Proposal, if approved, would not immediately cause a reverse stock split, but rather would grant authorization to our Board to effect the reverse stock split (without reducing the number of authorized shares of our common stock) with a split ratio within the Split Ratio Range, if and when determined by our Board. Our Board has deemed it advisable, approved and recommended that our stockholders adopt and is hereby soliciting stockholder approval of the proposed amendment to our Amended and Restated Certificate of Incorporation to effect a reverse stock split at a ratio within the Split Ratio Range, in the form set forth in Exhibit A to this proxy statement.
If we receive the required stockholder approval, our Board will have the sole authority to elect, at any time prior to the 2024 Annual Meeting of Stockholders, whether or not to effect a reverse stock split. Even with stockholder approval of the Amendment Proposal, our Board will not be obligated to pursue the reverse stock split. Rather, our Board will have the flexibility to decide whether or not a reverse stock split (and at what ratio within the Split Ratio Range) is in the best interests of the Company and its stockholders.
If approved by our stockholders and following such approval our Board determines that effecting a reverse stock split is in the best interests of the Company and our stockholders, the reverse stock split would become effective upon filing a certificate of amendment to our Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware. As filed, the certificate of amendment would state the number of outstanding shares to be combined into one share of our common stock, at the ratio approved by our Board within the Split Ratio Range. The amendment would not change the par value of our common stock and would not impact the total number of authorized shares of our common stock. Therefore, upon effectiveness of a reverse stock split, the number of shares of our common stock that are authorized and unissued will increase relative to the number of issued and outstanding shares of our common stock.
Although we presently intend to effect the reverse stock split to regain compliance with the Nasdaq Global Market’s minimum bid price requirement, under Section 242(c) of the Delaware General Corporation Law, our Board has reserved the right, notwithstanding our stockholders’ approval of the proposed amendment of the Amended and Restated Certificate of Incorporation at the Special Meeting, to abandon the proposed amendment at any time (without further action by our stockholders) before the certificate of amendment with respect thereto is filed with the Secretary of State of the State of Delaware. Our Board may consider a variety of factors in determining whether or not to proceed with the proposed amendment of the Amended and Restated Certificate of Incorporation and the appropriate range within the Split Ratio Range for any such amendment, including overall trends in the stock market, recent changes and anticipated trends in the per-share market price of our common stock, business developments and our actual and projected financial performance. If the closing bid price of our common stock on the Nasdaq Global Market reaches a minimum of $1.00 per share and remains at or above that level for a minimum of ten consecutive trading days (or longer, if required by the Nasdaq Listing Qualifications Panel), as discussed more fully below, our Board may decide to abandon the proposed amendment of the Amended and Restated Certificate of Incorporation in its entirety.
Purpose and Overview of the Reverse Stock Split
Our primary objective in effectuating the reverse stock split would be to attempt to raise the per-share trading price of our common stock to continue our listing on the Nasdaq Global Market. To maintain listing, the Nasdaq Global Market requires, among other things, that our common stock maintain a minimum closing bid price of $1.00 per share. On November 20, 2023, the closing price for our common stock on the Nasdaq Global Market was $0.4020 per share.
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On July 26, 2023, we received a deficiency letter from the Nasdaq Stock Market notifying the Company that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum bid price for continued inclusion on the Nasdaq Global Market pursuant to Nasdaq Listing Rule 5450(a)(1) (the “minimum bid price rule”). In accordance with Nasdaq rules, the Company was provided an initial period of 180 calendar days, or until January 22, 2024, to regain compliance. Under the Nasdaq rules, companies may be eligible for an additional 180 calendar day compliance period but the Company is not presently eligible. If the Company does not regain compliance with the minimum bid price rule by January 22, 2024 and is not eligible for an additional compliance period, Nasdaq will provide written notification to the Company that its common stock may be delisted.
Our Board is seeking stockholder approval of the Amendment Proposal in order to have the authority to effectuate the reverse stock split as a means of increasing the share price of our common stock at or above $1.00 per share in order to avoid further action by Nasdaq, in the event we are not able to satisfy the minimum bid price requirement in adequate time before the deadline. We expect that the reverse stock split would increase the bid price per share of our common stock above the $1.00 per share minimum price, thereby satisfying this listing requirement. However, there can be no assurance that the reverse stock split would have that effect, initially or in the future, or that it would enable us to maintain the listing of our common stock on the Nasdaq Global Market. The proposed reverse stock split is not intended to be an anti-takeover device.
In addition, we believe that the low per-share market price of our common stock impairs its marketability to, and acceptance by, institutional investors and other members of the investing public and creates a negative impression of the Company. Theoretically, decreasing the number of shares of our common stock outstanding should not, by itself, affect the marketability of the shares, the type of investor who would be interested in acquiring them or our reputation in the financial community. In practice, however, many investors, brokerage firms and market makers consider low-priced stocks as unduly speculative in nature and, as a matter of policy, avoid investment and trading in such stocks. Moreover, the analysts at many brokerage firms do not monitor the trading activity or otherwise provide coverage of lower-priced stocks. The presence of these factors may be adversely affecting, and may continue to adversely affect, not only the price of our common stock but also its trading liquidity. In addition, these factors may affect our ability to raise additional capital through the sale of our common stock.
We also believe that a higher stock price could help us attract and retain employees and other service providers. We believe that some potential employees and service providers are less likely to work for a company with a low stock price, regardless of the size of the company’s market capitalization. If the reverse stock split successfully increases the per-share price of our common stock, we believe this increase would enhance our ability to attract and retain employees and service providers. Further, the reverse stock split will result in additional authorized and unissued shares becoming available for general corporate purposes as the Board may determine from time to time, including for use under its equity compensation plans.
We believe that the decrease in the number of shares of our outstanding common stock because of the reverse stock split, and the anticipated increase in the price per share, would possibly promote greater liquidity for our stockholders with respect to their shares. However, liquidity may be adversely affected by the reduced number of shares that would be outstanding if the reverse stock split is effected, particularly if the price per share of our common stock begins a declining trend after the reverse stock split is effectuated.
There can be no assurance that the reverse stock split would achieve any of the desired results. There also can be no assurance that the price per share of our common stock immediately after the reverse stock split would increase proportionately with the reverse stock split, or that any increase would be sustained for any period of time.
We believe the reverse stock split is the most likely way to assist the stock price in reaching the minimum bid level required by the Nasdaq Global Market, although effecting the reverse stock split cannot guarantee that we would be in compliance with the minimum bid price requirement for even the minimum ten-day trading period required by the Nasdaq Global Market. Furthermore, the reverse stock split cannot guarantee we would be in compliance with the market capitalization, net worth or stockholders’ equity criteria required to maintain our listing on the Nasdaq Global Market. If our stockholders do not approve the Amendment Proposal and our stock price does not otherwise increase to greater than $1.00 per share for an least ten consecutive trading days before January 22, 2024 (or before the end of an extended compliance period, if granted), we expect our common stock to be subject to a delisting action by Nasdaq.
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If our common stock were delisted from the Nasdaq Global Market, trading of our common stock would thereafter be conducted on the OTC Bulletin Board or the “pink sheets.” As a result, an investor may find it more difficult to dispose of, or to obtain accurate quotations as to the price of, our common stock. To relist shares of our common stock on the Nasdaq Global Market, we would be required to meet the initial listing requirements for the Nasdaq Global Market, which are more stringent than the maintenance requirements.
If our common stock were delisted from the Nasdaq Global Market and the price of our common stock were below $5.00 at such time, such stock would come within the definition of “penny stock” as defined in the Securities Exchange Act of 1934, as amended, (the “Exchange Act”) and would be covered by Rule 15g-9 of the Exchange Act. That rule imposes additional sales practice requirements on broker-dealers who sell such securities to persons other than established customers and accredited investors (generally institutions with assets in excess of $5 million or individuals with net worth in excess of $1 million or annual income exceeding $200,000 or $300,000 jointly with their spouse). For transactions covered by Rule 15g-9, the broker-dealer must make a special suitability determination for the purchaser and receive the purchaser’s written agreement to the transaction prior to the sale. These additional sales practice restrictions would make trading in our common stock more difficult and the market less efficient.
In evaluating whether to seek stockholder approval of the Amendment Proposal, our Board took into consideration negative factors associated with reverse stock splits. These factors include: the negative perception of reverse stock splits that investors, analysts and other stock market participants may hold; the fact that the stock prices of some companies that have effected reverse stock splits have subsequently declined, sometimes significantly, following their reverse stock splits; the possible adverse effect on liquidity that a reduced number of outstanding shares could cause; and the costs associated with implementing a reverse stock split.
Even if our stockholders approve the Amendment Proposal, our Board reserves the right not to effect the proposed amendment in its entirety if in our Board’s opinion it would not be in the best interests of the Company or our stockholders to effect a reverse stock split.
Risks Associated with the Reverse Stock Split
We cannot predict whether the reverse stock split, if completed, will increase the market price for our common stock. The history of similar stock split combinations for companies in like circumstances is varied. There is no assurance that:
the market price per share would either exceed or remain in excess of the $1.00 minimum bid price per share as required to maintain the listing of our common stock on the Nasdaq Global Market;
we would otherwise meet the requirements for continued listing of our common stock on the Nasdaq Global Market;
the market price per share of our common stock after the reverse stock split would rise in proportion to the reduction in the number of shares outstanding before the reverse stock split;
the reverse stock split would result in a per-share price that would attract brokers and investors who do not trade in lower-priced stocks;
the reverse stock split would result in a per-share price that would increase our ability to attract and retain employees and other service providers; or
the reverse stock split would promote greater liquidity for our stockholders with respect to their shares.
In addition, the reverse stock split would reduce the number of outstanding shares of our common stock without reducing the number of shares of available but unissued common stock, increasing the number of authorized but unissued shares of common stock. Therefore, the number of shares of our common stock that are authorized and unissued will increase relative to the number of issued and outstanding shares of our common stock following the reverse stock split. The Board may authorize the issuance of the remaining authorized and unissued shares without further stockholder action for a variety of purposes, except as such stockholder approval may be required in particular cases by our Amended and Restated Certificate of Incorporation, applicable law or the rules of any stock exchange on which our securities may then be listed. The issuance of additional shares would be dilutive to our existing stockholders and may cause a decline in the trading price of our common stock. The issuance of authorized but unissued shares of common stock could be used to deter a potential takeover of
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us that may otherwise be beneficial to stockholders by diluting the shares held by a potential suitor or issuing shares to a stockholder that will vote in accordance with the Board’s desires. A takeover may be beneficial to independent stockholders because, among other reasons, a potential suitor may offer such stockholders a premium for their shares of stock compared to the then-existing market price. We do not have any plans or proposals to adopt provisions or enter into agreements that may have material anti-takeover consequences.
The market price of our common stock is based on our performance and director nominations dueother factors, some of which are unrelated to the number of shares outstanding. If the reverse stock split is effected and the market price of our common stock declines, the percentage decline as an absolute number and as a percentage of our overall market capitalization may be greater than would occur in the absence of a reverse stock split.
Principal Effects of the Reverse Stock Split on the Market for next year’s Annual Meeting?Our Common Stock
On November 20, 2023, the closing price for our common stock on the Nasdaq Global Market was $0.4020 per share. By decreasing the number of shares of our common stock outstanding without altering the aggregate economic interest represented by the shares, we believe the market price would be increased. The greater the market price rises above $1.00 per share, the less risk there would be that we would fail to meet the requirements for maintaining the listing of our common stock on the Nasdaq Global Market. However, there can be no assurance that the market price of the common stock would rise to or maintain any particular level or that we would at all times be able to meet the requirements for maintaining the listing of our common stock on the Nasdaq Global Market.
Principal Effects of the Reverse Stock Split on Our Common Stock; No Fractional Shares
If our stockholders approve the Amendment Proposal, and if our Board decides to effectuate a proposed amendment to effect a reverse stock split, the principal effect of the amendment would be to reduce the number of issued and outstanding shares of our common stock including those held by the Company in treasury stock, depending on the Split Ratio Range set forth in such amendment, from 44,384,684 shares as of the record date to between 1,268,133 shares and 4,438,468 shares. If the reverse stock split is effectuated, the total number of shares of our common stock each stockholder holds would be reclassified automatically into the number of shares of our common stock equal to the number of shares of our common stock each stockholder held immediately prior to the reverse stock split divided by the ratio approved by the Board within the Split Ratio Range and set forth in the applicable amendment.
Effecting the reverse stock split will not change the total authorized number of shares of our common stock. However, the reduction in the issued and outstanding shares would provide more authorized shares available for future issuance. We have no specific plan, commitment, arrangement, understanding or agreement, either oral or written, regarding the issuance of common stock subsequent to this proposed increase in the number of authorized shares at this time, and we have not allocated any specific portion of the proposed increase in the authorized number of shares to any particular purpose. However, we have in the past conducted certain public and private offerings of our securities, and we will continue to require, and are actively seeking, additional capital in the near future to fund our operations. As a result, it is foreseeable that we will seek to issue such additional shares of common stock in connection with any such capital raising activities, or any of the other activities described above. The Board does not intend to issue any common stock or securities convertible into common stock except on terms that the Board deems to be in the best interests of us and our stockholders.
The reverse stock split would affect all of our stockholders uniformly and would not affect any stockholder’s percentage ownership interests, except to the extent that the reverse stock split results in such stockholder owning a fractional share. No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares because they hold a number of pre-split shares not evenly divisible by the number of pre-split shares for which each post-split share is to be exchanged, will be entitled to a cash payment in lieu thereof at a price equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing price of the common stock, as reported by Nasdaq, on the last trading day prior to the effective date of the split. The proceeds would be subject to certain taxes as discussed below. In addition, stockholders would not be entitled to receive interest for the period of time between the filing of the certificate of amendment to the Amended and Restated Certificate of Incorporation and the date a stockholder receives payment for the cashed-out shares. The payment amount would be paid to the stockholder in the form of a check in accordance with the procedures outlined below.
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After the reverse stock split, a stockholder would have no further interest in the Company with respect to such stockholder’s cashed-out fractional shares. A person otherwise entitled to a fractional interest would not have any voting, dividend or other rights except to receive payment as described above.
Principal Effects of the Reverse Stock Split on Outstanding Equity
As of the record date, we had outstanding (a) options to purchase an aggregate of 5,058,045 shares of our common stock with exercise prices ranging from $0.261 to $17.25 per share and (b) 186,296 restricted stock units outstanding (including performance-based restricted stock units at target). Under the terms of the stock options, when the reverse stock split becomes effective, the number of shares of our common stock covered by each of them would be divided by the number of shares being combined into one share of our common stock in the reverse stock split and the exercise or conversion price per share would be increased to a dollar amount equal to the current exercise or conversion price, multiplied by the number of shares being combined into one share of our common stock in the reverse stock split. This results in the same aggregate price being required to be paid upon exercise as was required immediately preceding the reverse stock split. The number of shares reserved under our option plan would decrease by the ratio approved by the Board within the Split Ratio Range. Outstanding restricted stock units will also be proportionally adjusted by the ratio approved by the Board within the Split Ratio Range.
Principal Effects of the Reverse Stock Split on Legal Ability to Pay Dividends
We have not declared or paid any dividends on our common stock, nor do we have any plans to declare in the foreseeable future any distributions of cash or other property to holders of common stock, and we are not in arrears on any dividends. Therefore, we do not believe that the reverse stock split would have any effect with respect to future distributions, if any, to holders of our common stock.
Accounting Matters
The reverse stock split would not affect the par value of our common stock, which would remain unchanged at $0.001 per share. As a result, on the effective date of the reverse stock split, the stated capital on our balance sheet attributable to our common stock would be reduced by the ratio approved by the Board within the Split Ratio Range. In other words, stated capital would be reduced by the ratio approved by the Board within the Split Ratio Range, and the additional paid-in capital account would be credited with the amount by which the stated capital is reduced. The per-share net income or loss and net book value of our common stock would be increased because there would be fewer shares of our common stock outstanding.
Beneficial Holders of Our Common Stock (Stockholders Who Hold in “Street Name”)
Upon the reverse stock split, we intend to treat shares held by stockholders in “street name,” through a broker, in the same manner as registered stockholders whose shares are registered in their names. Brokers would be instructed to effect the reverse stock split for their beneficial holders holding our common stock in “street name.” However, brokers may have different procedures than registered stockholders for processing the reverse stock split and making payment for fractional shares. Stockholders holding shares of our common stock with a broker and having any questions in this regard should contact their broker.
Registered “Book-Entry” Holders of Our Common Stock
If a stockholder holds registered shares in book-entry form with the transfer agent, no action needs to be taken to receive post-reverse stock split shares or cash payment in lieu of any fractional share interest, if applicable. If such a stockholder is entitled to post-reverse stock split shares, a transaction statement would automatically be sent to such stockholder’s address of record indicating the number of shares of our common stock held following the reverse stock split.
If such a stockholder is entitled to a payment in lieu of any fractional share interest, a check would be mailed to the stockholder’s registered address as soon as practicable after the effective time of the reverse stock split. By signing and cashing the check, stockholders would warrant that they owned the shares of our common stock for which they received a cash payment. The cash payment is subject to applicable federal and state income tax and state abandoned property laws. No stockholders would be entitled to receive interest for the period of time between the effective time of the reverse stock split and the date payment is received.
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No Dissenters’ Rights
Under the Delaware General Corporation Law, stockholders are not entitled to dissenters’ rights with respect to the reverse stock split.
Material Federal Income Tax Consequences of the Reverse Stock Split
The following summary describes certain material U.S. federal income tax consequences of the reverse stock split to holders of our common stock.
For purposes of this summary a “non-U.S. holder” is any beneficial owner of our common stock that is not a “U.S. holder.” A “U.S. holder” is any of the following:
an individual who is or is treated as a citizen or resident of the United States;
a corporation (or other entity treated as a corporation for U.S. federal income tax purposes) created or organized under the laws of the United States, any state thereof or the District of Columbia;
an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
a trust (i) if a court within the United States is able to exercise primary supervision over the administration of such trust and one or more “United States Persons” have the authority to control all substantial decisions of such trust or (ii) that has a valid election in effect to be treated as “United States Persons” for U.S. federal income tax purposes.
This summary does not address all of the tax consequences that may be relevant to any particular stockholder, including tax considerations that arise from rules of general application to all taxpayers or to certain classes of taxpayers or that are generally assumed to be known by stockholders. This summary also does not address the tax consequences to (i) persons that may be subject to special treatment under U.S. federal income tax law, such as banks, insurance companies, thrift institutions, regulated investment companies, real estate investment trusts, tax-exempt organizations, U.S. expatriates, persons subject to the alternative minimum tax, traders in securities that elect to mark to market and dealers in securities or currencies, (ii) persons that hold our common stock as part of a position in a “straddle” or as part of a “hedging,” “conversion” or other integrated investment transaction for federal income tax purposes, or (iii) persons that do not hold our common stock as “capital assets” (generally, property held for investment).
This summary is based on the provisions of the Code, U.S. Treasury regulations, administrative rulings and judicial authority, all as in effect as of the date of this proxy statement. Subsequent developments in U.S. federal income tax law, including changes in law or differing interpretations, which may be applied retroactively, could have a material effect on the U.S. federal income tax consequences of the reverse stock split.
EACH STOCKHOLDER SHOULD CONSULT ITS OWN TAX ADVISOR REGARDING THE U.S. FEDERAL, STATE, LOCAL, AND FOREIGN INCOME AND OTHER TAX CONSEQUENCES OF THE REVERSE STOCK SPLIT.
If a partnership (or other entity classified as a partnership for U.S. federal income tax purposes) is the beneficial owner of our common stock, the U.S. federal income tax treatment of a partner in the partnership will generally depend on the status of the partner and the activities of the partnership.
Partnerships that hold our common stock, and partners in such partnerships, should consult their own tax advisors regarding the U.S. federal income tax consequences of the reverse stock split.
U.S. Holders
The reverse stock split should be treated as a recapitalization for U.S. federal income tax purposes. Therefore, except as described below with respect to cash in lieu of fractional shares, no gain or loss will be recognized upon the reverse stock split. In addition, the aggregate tax basis in the common stock received pursuant to the reverse stock split should equal the aggregate tax basis in the common stock surrendered (excluding the portion of the tax basis that is allocable to any fractional share), and the holding period for the common stock received should include the holding period for the common stock surrendered.
A U.S. holder that receives cash in lieu of a fractional share of common stock in the reverse stock split generally will be treated as having received such fractional share and then as having received such cash in
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redemption of such fractional share interest. A U.S. holder generally will recognize gain or loss measured by the difference between the amount of cash received and the portion of the basis of the pre-reverse stock split common stock allocable to such fractional interest. Such gain or loss generally will constitute capital gain or loss and will be long-term capital gain or loss if the U.S. holder’s holding period in our common stock surrendered in the reverse stock split was greater than one year as of the date of the exchange.
U.S. Information Reporting and Backup Withholding
Information returns generally will be required to be filed with the Internal Revenue Service (“IRS”) with respect to the receipt of cash in lieu of a fractional share of our common stock pursuant to the reverse stock split in the case of certain U.S. holders. In addition, U.S. holders may be subject to a backup withholding tax at the rate specified in the Code on the payment of such cash if they do not provide their taxpayer identification numbers in the manner required or otherwise fail to comply with applicable backup withholding tax rules. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be refunded or allowed as a credit against the U.S. holder’s federal income tax liability, if any, provided the required information is timely furnished to the IRS.
Non-U.S. Holders
Generally, non-U.S. holders will not recognize any gain or loss upon completion of the reverse stock split. In particular, gain or loss will not be recognized with respect to cash received in lieu of a fractional share provided that (a) such gain or loss is not effectively connected with the conduct of a trade or business in the United States (or, if certain income tax treaties apply, is not attributable to a non-U.S. holder’s permanent establishment or fixed base in the United States), (b) with respect to non-U.S. holders who are individuals, such non-U.S. holders are present in the United States for less than 183 days in the taxable year of the reverse stock split and other conditions are met, and (c) such non-U.S. holders comply with certain certification requirements.
U.S. Information Reporting and Backup Withholding Tax
In general, backup withholding and information reporting will not apply to payments of cash in lieu of a fractional share of our common stock to a non-U.S. holder pursuant to the reverse stock split if the non-U.S. holder certifies under penalties of perjury that it is a non-U.S. holder and the applicable withholding agent does not have actual knowledge to the contrary. Backup withholding is not an additional tax. Any amounts withheld under the backup withholding rules may be refunded or allowed as a credit against the non-U.S. holder’s U.S. federal income tax liability, if any, provided that certain required information is timely furnished to the IRS. In certain circumstances the amount of cash paid to a non-U.S. holder in lieu of a fractional share of our common stock, the name and address of the beneficial owner and the amount, if any, of tax withheld may be reported to the IRS.
Recommendation of our Board
OUR BOARD UNANIMOUSLY RECOMMENDS A VOTE “FOR” APPROVAL OF AN AMENDMENT TO OUR AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT OF OUR COMMON STOCK (WITHOUT REDUCING THE AUTHORIZED NUMBER OF SHARES OF OUR COMMON STOCK), IF AND WHEN DETERMINED BY OUR BOARD.
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PROPOSAL TWO

APPROVAL OF THE ADJOURNMENT OF THE SPECIAL MEETING TO A LATER DATE OR DATES, IF NECESSARY, TO PERMIT FURTHER SOLICITATION AND VOTE OF PROXIES IN THE EVENT THERE ARE NOT SUFFICIENT VOTES IN FAVOR OF THE AMENDMENT TO THE COMPANY’S AMENDED AND RESTATED CERTIFICATE OF INCORPORATION TO EFFECT A REVERSE STOCK SPLIT
Background of and Rationale for the Adjournment Proposal
If, at the Special Meeting, the number of shares of our common stock present or represented and voting in favor of the Amendment Proposal is insufficient to approve such proposal, the Chief Executive Officer or the Chairman of the Board of the Company, in his reasonable discretion, may move to adjourn the Special Meeting in order to enable our Board to continue to solicit additional proxies in favor of the Amendment Proposal.
Our Board believes that if the number of shares of our common stock cast at the Special Meeting is insufficient to approve the Amendment Proposal, it is in the best interests of our stockholders to enable our Board to continue to seek to obtain a sufficient number of additional votes to approve the Amendment Proposal.
In the Adjournment Proposal, we are asking stockholders to authorize the holder of any proxy solicited by our Board to vote in favor of adjourning or postponing the Special Meeting or any adjournment or postponement thereof. If our stockholders approve this proposal, we could adjourn or postpone the Special Meeting, and any adjourned session of the Special Meeting, to use the additional time to solicit additional proxies in favor of the Amendment Proposal.
Additionally, approval of the Adjournment Proposal could mean that, in the event we receive proxies indicating that a majority of the votes cast on the Amendment Proposal vote against the Amendment Proposal, we could adjourn or postpone the Special Meeting without a vote on the Amendment Proposal and use the additional time to solicit the holders of those shares to change their vote in favor of the Amendment Proposal.
Recommendation of our Board
OUR BOARD UNANIMOUSLY RECOMMENDS
A VOTE “FOR” APPROVAL OF THE ADJOURNMENT PROPOSAL.
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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
The following table sets forth certain information regarding the ownership of the Company’s common stock as of November 20, 2023 by: (i) each of our directors and named executive officers; (ii) all executive officers and directors of the Company as a group; and (iii) all those known by the Company to be beneficial owners of more than five percent of its common stock.
Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including options and warrants that are currently exercisable or exercisable within 60 days of November 20, 2023, or issuable upon settlement of restricted stock units within 60 days of November 20, 2023. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all shares of common stock shown that they beneficially own, subject to community property laws where applicable. Common stock subject to stock options currently exercisable or exercisable within 60 days of November 20, 2023, or issuable upon settlement of restricted stock units within 60 days of November 20, 2023, is deemed to be outstanding for computing the percentage ownership of the person holding these options and the percentage ownership of any group of which the holder is a member but is not deemed outstanding for computing the percentage of any other person.
Our calculation of the percentage of beneficial ownership is based on 44,384,684 shares of our common stock outstanding on November 20, 2023. Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., Palo Alto, CA 94306.
 
Beneficial Ownership(1)
 
Number of Shares
Percent of Total
5% Stockholders:
 
 
Entities affiliated with Ameriprise Financial, Inc.(2)
 
 
45 Ameriprise Financial Center
 
 
Minneapolis, MN 55474
8,028,922
18.09%
Entities affiliated with Propel Bio Partners LLC(3)
 
 
1900 Avenue of the Stars, #1000
 
 
Los Angeles, CA 90067
5,375,225
12.11%
Moshe Arkin(4)
 
 
6 Ha’Choshlim St., Building C, 6th Floor
 
 
Herzliya Pituach 46724
 
 
Israel
4,481,126
10.09%
Entities affiliated with 683 Capital Management, LLC(5)
 
 
1700 Broadway, Suite 4200
 
 
New York, NY 100193
3,115,000
7.02%
Named Executive Officers and Directors:
 
 
David Apelian, M.D., Ph.D.(6)
629,250
1.40%
Eldon Mayer(7)
303,992
*
David Cory(8)
179,135
*
Sriram Ryali(9)
21,425
*
Thomas Dietz, Ph.D.(10)
223,000
*
Jeffrey Glenn, M.D., Ph.D.(11)
455,879
1.02%
Lisa Kelly-Croswell(12)
15,000
*
Evan Loh, M.D.(13)
91,000
*
Christine Murray, M.S., R.A.C.(14)
78,000
*
Kim Sablich, M.B.A.(15)
40,222
*
Amit Sachdev, J.D.(16)
73,000
*
All current executive officers and directors as a group (11 persons)(17)
1,931,843
4.22%
*
Less than one percent.
(1)
This table is based upon information supplied by officers, directors and certain principal stockholders, Forms 4 and Schedules 13D and 13G filed with the SEC.
(2)
The indicated ownership is based solely on a Schedule 13G/A filed with the SEC by the reporting entities on April 10, 2023. The Schedule 13G/A provides information as of February 28, 2023. Of the 8,028,922 shares of common stock reported as beneficially
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owned by Ameriprise Financial, Inc. (“Ameriprise”), Ameriprise has shared voting power with respect to 7,283,215 shares and shared dispositive power with respect to 8,028,922 shares of common stock. Ameriprise, as the parent company of Columbia Management Investment Advisers, LLC (“CMIA”) may be deemed to have, but disclaims, beneficial ownership of the shares reported by Columbia in the Schedule 13G/A filing. Accordingly, the shares reported as beneficially owned by Ameriprise include those shares separately reported as beneficially owned by CMIA in the Schedule 13G/A filing. CMIA, as the investment adviser to Columbia Seligman Technology and Information Fund and Seligman Tech Spectrum (Master) Fund (collectively, the “Funds”) and various other unregistered and registered investment companies and other managed accounts, may be deemed to have, but disclaims, beneficial ownership of the shares reported by the Funds. Accordingly, the shares reported as beneficially owned by CMIA include those shares separately reported by the Funds in the Schedule 13G/A filing.
(3)
The indicated ownership is based solely on a Schedule 13D/A filed with the SEC by the reporting entities on November 3, 2023. The Schedule 13D/A provides information as of November 2, 2023. Of the 5,375,225 shares of common stock reported as beneficially owned by entities affiliated with Propel Bio Partners LLC (“Propel General Partner”), (i) Mr. Richard Kayne has shared voting and dispositive power over 5,375,225 shares; (ii) Propel Bio Management LLC (“Propel Management” and, with Propel General Partner, “Propel”) and Leen Kawas have shared voting and dispositive power over 4,391,432 shares; and (iii) the Richard Kayne and Suzanne Kayne Living Trust dtd 01/14/1999 (the “Family Trust”), of which Mr. Kayne serves as the trustee and a beneficiary, directly owns 983,793 shares, over which it has shared voting and dispositive power. Propel Management and Propel General Partner act as the investment advisor to one or more private investment funds and Propel Management acts as the investment advisor to an investment company registered under the Investment Company Act of 1940, as amended, and such investment funds and investment company directly owned the reported shares. Ms. Kawas and Mr. Kayne are co-founders of Propel and Ms. Kawas is the managing general partner thereof. Mr. Kayne, as trustee of the Family Trust, possesses voting control and/or power to direct the disposition of the shares held by the Family Trust. Accordingly, for purposes of Rule 13d-3 of the Exchange Act, the Family Trust and Mr. Kayne may be deemed to beneficially own such shares. Ms. Kawas is the sole owner of Propel Management. Propel General Partner, Propel Management, Ms. Kawas, Mr. Kayne and the Family Trust disclaim beneficial ownership of any shares not directly owned thereby.
(4)
The indicated ownership is based solely on a Schedule 13D/A filed with the SEC by the reporting person on December 4, 2023. The Schedule 13D/A provides information as of November 14, 2023. Moshe Arkin has sole voting power with respect to 4,481,126 shares and sole dispositive power with respect to 4,481,126 shares.
(5)
The indicated ownership is based solely on a Schedule 13G/A filed with the SEC by the reporting entities on February 14, 2023. The Schedule 13G/A provides information as of December 31, 2022. 683 Capital Management, LLC (“683 CM LLC”), 683 Capital Partners, LP (“683 CP LP”) and Ari Zweiman 683 CP LP and Ari Zweiman reported share voting and dispositive power with respect to 3,115,000 shares. 683 CM LLC, as the investment manager of 683 CP LP, may be deemed to beneficially own the 3,115,000 shares beneficially owned by 683 CP LP. Ari Zweiman, as the Managing Member of 683 CM LLC, may be deemed to beneficially own the 3,115,000 shares beneficially owned by 683 CM LLC.
(6)
Includes 11,000 shares owned directly by Dr. Apelian and 618,250 shares that Dr. Apelian has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.
(7)
Includes 41,448 shares owned directly by Mr. Mayer and 247,919 shares that Mr. Mayer has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.
(8)
Shares owned directly by Mr. Cory.
(9)
Shares owned directly by Mr. Ryali.
(10)
Includes 21,000 shares directly owned by Dr. Dietz and 152,000 shares that Dr. Dietz has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units and 50,000 shares held by the Dietz Family Trust. As a co-trustee of the Dietz Family Trust, Dr. Dietz shares voting and dispositive power over the shares held by the Dietz Family Trust.
(11)
Includes 182,355 shares owned directly by Dr. Glenn, 5,460 shares owned by immediate family members of Dr. Glenn, 117,000 shares that Dr. Glenn has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units and 151,064 shares held by Eiger Group International, Inc. Dr. Glenn is the Chief Executive Officer of Eiger Group International, Inc. Dr. Glenn has sole power to vote and sole power to dispose of shares directly owned by Eiger Group International, Inc. The address for Eiger Group International, Inc. is 2061 Webster Street, Palo Alto, CA 94301.
(12)
Includes 15,000 shares that Ms. Kelly-Croswell has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options.
(13)
Includes 14,000 shares owned directly by Dr. Loh and 77,000 shares that Dr. Loh has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.
(14)
Includes 11,000 shares directly owned by Ms. Murray and 67,000 shares that Ms. Murray has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.
(15)
Includes 6,000 shares directly owned by Ms. Sablich and 34,222 shares that Ms. Sablich has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options.
(16)
Includes 16,000 shares directly owned by Mr. Sachdev and 57,000 shares that Mr. Sachdev has the right to acquire from the Company within 60 days of November 20, 2023 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.
(17)
Includes only current directors and executive officers serving in such capacity on the date of the table: Dr. Apelian, Mr. Kachioff, Mr. Mayer, Mr. Vollins, Dr. Dietz, Dr. Glenn, Ms. Kelly-Croswell, Dr. Loh, Ms. Murray, Ms. Sablich and Mr. Sachdev.
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ADDITIONAL INFORMATION
Householding of Proxy Materials
The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery requirements for proxy statements, annual reports and notices of internet availability of proxy materials with respect to two or more stockholders sharing the same address by delivering a single copy of the applicable document(s) addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially means extra convenience for stockholders and cost savings for companies.
Brokers with account holders who are stockholders of the Company may be “householding” our proxy materials. A single proxy statement or notice may be delivered to multiple stockholders sharing an address unless contrary instructions have been received from the affected stockholders. Once you have received notice from your broker that it will be “householding” communications to your address, “householding” will continue until you are notified otherwise or until you notify your broker or the Company that you no longer wish to participate in “householding.”
If, at any time, you no longer wish to participate in “householding” and would prefer to receive a separate proxy statement, annual report or notice you may (1) notify your broker, or (2) direct your written request to: Corporate Secretary, Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., Palo Alto, CA 94306 or contact Mr. Vollins at 650-272-6138. Stockholders who currently receive multiple copies of our proxy statement and/or notice at their address and would like to request “householding” of their communications should contact their broker. In addition, the Company will promptly deliver, upon written or oral request to the address or telephone number above, a separate copy of the proxy statement, annual report and/or notice to a stockholder at a shared address to which a single copy of the document(s) was delivered.
Stockholder Proposals and Nominations
To be considered for inclusion in next year’s proxy materials, your proposal must be submitted in writing by December 30, 202228, 2023 to Eiger’s Corporate Secretary at 2155 Park Blvd., Palo Alto, California 94306. If you wish to submit a proposal (including a director nomination) at the meeting that is not to be included in next year’s proxy materials, you must provide specified information in writing to our Corporate Secretary at the address above no earlier than February 16, 2023,2024, and no later than March 18, 2023;17, 2024; provided, however, that if our 20232024 Annual Meeting of Stockholders is held before May 17, 2023,16, 2024, or after July 16, 2023,15, 2024, notice by the stockholder to be timely must be received not earlier than the close of business on the 120th day prior to such annual meeting and not later than the close of business on the later of the 90th day prior to such annual meeting or the 10th day following the day on which public announcement of the date of such meeting is first made. You are also advised to review the Company’s Bylaws which contain additional requirements about advance notice of stockholder proposals and director nominations. In addition to satisfying the foregoing requirements and those under our Bylaws, to comply with the universal proxy rules (once effective), stockholders who intend to solicit proxies in support of director nominees other than management’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Securities Exchange Act, of 1934, as amended, or the “Exchange Act,” no later than April 17, 2023.

How are votes counted?

Votes will be counted by the inspector of election appointed for the meeting, who will separately count each proposal as follows:

16, 2024.

For Proposal 1, the proposal to elect directors, votes “For” and “Withhold” will be counted for each nominee. Broker non-votes will not be counted towards the vote total for the nominee.

Annual Report

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For Proposal 2, to approve on an advisory basis the compensation of the Company’s named executive officers as disclosed in the Proxy Statement, “For” and “Against” and abstentions will be counted, with abstentions having the same effect as “Against” votes. Broker non-votes have no effect and will not be counted towards this proposal.

For Proposal 3, to ratify they selection by the Audit CommitteeA copy of our Board of Directors of KPMG LLP as our independent registered public accounting firm, “For” and “Against” and abstentions will be counted, with abstentions having the same effect as “Against” votes.

What are “broker non-votes”?

As discussed above, when a beneficial owner of shares held in “street name” does not give instructions to the broker or nominee holding the shares as to how to vote on matters deemed by applicable stock exchange rules to be “non-routine,” the broker or nominee cannot vote the shares. These unvoted shares are counted as “broker non-votes.”

How many votes are needed to approve each proposal?

The following table summarizes the minimum vote needed to approve each proposal and the effect of abstentions and broker non-votes.

Proposal
Number

Proposal Description

Vote Required for Approval

Effect of Abstentions

Effect of Broker
Non-Votes

1Election of DirectorsNominees receiving the most “For” votesNo effectNo effect(1)
2Approval on an advisory basis of the compensation of the Company’s named executive officers“For” votes from the holders of a majority of shares present virtually or represented by proxy and entitled to vote on the matterAgainstNo effect
3Ratification of the selection of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022.“For” votes from the holders of a majority of shares present virtually or represented by proxy and entitled to vote on the matterAgainstNot applicable(2)

(1)

While “Withhold” votes and broker non-votes will have no effect on the outcome of the vote, we have adopted a Director Resignation Policy pursuant to which any nominee for director at the Annual Meeting would be required to submit an offer of resignation for consideration by the Nominating and Governance Committee if such nominee for director receives a greater number of “Withhold” votes in respect of his or her election than votes “For” such election. For more information on this policy see the section titled “Information Regarding the Board of Directors and Corporate Governance—Director Resignation Policy.”

(2)

This proposal is considered to be a “routine” matter under NYSE rules. Accordingly, if you hold your shares in street name and do not provide voting instructions to your broker, bank or other agent that holds your shares, your broker, bank or other agent has discretionary authority under NYSE rules to vote your shares on this proposal.

How does the Board of Directors recommend that I vote?

Our Board of Directors recommends that you vote “For” the election of the nominees for director in Proposal 1; “For” the advisory approval of named executive officer compensation and “For” the ratification of the selection by the Audit Committee of the Board of KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022.

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What is the quorum requirement?

A quorum of stockholders is necessary to hold a valid meeting. A quorum will be present if stockholders holding at least a majority of the outstanding shares entitled to vote are present at the meeting virtually or represented by proxy. On the record date, there were 43,216,126shares outstanding and entitled to vote. Thus, the holders of 21,608,064 shares must be present virtually or represented by proxy at the meeting to have a quorum.

Your shares will be counted towards the quorum only if you submit a valid proxy (or one is submitted on your behalf by your broker, bank or other nominee) or if you vote online at the meeting. Abstentions and broker non-votes will be counted towards the quorum requirement. If there is no quorum, the holders of a majority of shares present at the meeting virtually or represented by proxy may adjourn the meeting to another date.

How can I find out the results of the voting at the Annual Meeting?

Preliminary voting results will be announced at the Annual Meeting. In addition, final voting results will be published in a current reportReport on Form 8-K that we expect to file within four business days after the Annual Meeting. If final voting results are not available to us in time to file a Form 8-K within four business days after the meeting, we intend to file a Form 8-K to publish preliminary results and, within four business days after the final results are known to us, file an additional Form 8-K to publish the final results.

What proxy materials are available on the internet?

The Proxy Statement, Form 10-K and Annual Report to stockholders are available at www.proxyvote.com.

All references to “Eiger,” “we,” “us” or “our” in this Proxy Statement mean Eiger BioPharmaceuticals, Inc., the combined company.

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PROPOSAL 1

ELECTION OF DIRECTORS

Our Board of Directors is divided into three classes. Each class consists, as nearly as possible, of one-third of the total number of directors, and each class has a three-year term. Vacancies on the Board may be filled only by persons elected by a majority of the remaining directors. A director elected by the Board to fill a vacancy in a class, including vacancies created by an increase in the number of directors, shall serve for the remainder of the full term of that class and until the director’s successor is duly elected and qualified.

Our Board of Directors currently has eight members. There are three directors in the class whose term of office expires in 2022: David A. Cory, R.Ph., M.B.A., David Apelian, M.D., Ph.D., M.B.A., and Christine Murray, M.S., R.A.C., each of whom is a nominee for director and currently a director of the Company. Based on the recommendation of the Nominating and Governance Committee, the Board nominated each of the three nominees for reelection. David A. Cory was elected to the Board prior to the completion of the Merger. David Apelian was appointed to the Board in June of 2017 and Christine Murray was appointed to the Board in January of 2019, each to serve as a Class I director. If elected at the Annual Meeting, each of the Class I nominees would serve until the 2025 Annual Meeting of Stockholders and until his or her successor has been duly elected and qualified, or, if sooner, until the director’s death, resignation or removal.

It is the Company’s policy to invite and encourage directors and nominees for director to attend the Annual Meeting. All directors attended the 2021 Annual Meeting.

Directors are elected by a plurality of the votes of the holders of shares present virtually or represented by proxy and entitled to vote on the election of directors. Accordingly, the nominees receiving the highest number of affirmative votes will be elected. Shares represented by executed proxies will be voted, if authority to do so is not withheld, for the election of the nominees named below. If the nominees become unavailable for election as a result of an unexpected occurrence, shares that would have been voted for that nominee will instead be voted for the election of a substitute nominee proposed by Eiger. Each person nominated for election has agreed to serve if elected. The Company’s management has no reason to believe that any nominee will be unable to serve.

Although the election of directors at the Annual Meeting is uncontested and directors are elected by a plurality of the votes of the holders of shares present virtually or represented by proxy and entitled to vote on the election of directors, and we therefore expect that each of the named nominees for director will be elected at the Annual Meeting, we have adopted a Director Resignation Policy pursuant to which any nominee for director at the Annual Meeting would be required to submit an offer of resignation for consideration by the Nominating and Governance Committee if such nominee for director receives a greater number of “Withhold” votes in respect of his or her election than votes “For” such election. For more information on this policy see the section titled “Information Regarding the Board of Directors and Corporate Governance—Director Resignation Policy.”

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THE BOARD OF DIRECTORS RECOMMENDS

A VOTE IN FAVOR OF EACH NAMED NOMINEE.

Set forth below is certain biographical information as of April 19, 2022 for each nominee and each director whose term will continue after the Annual Meeting.

Name

AgeDirector Class

David A. Cory R.Ph., M.B.A.

58Class I

David Apelian, M.D., Ph.D., M.B.A.

57Class I

Christine Murray, M.S., R.A.C.

61Class I

Jeffrey S. Glenn, M.D., Ph.D.

59Class II

Evan Loh, M.D.

63Class II

Amit K. Sachdev, J.D.

64Class II

Thomas J. Dietz, Ph.D.

58Class III

Kim Sablich, M.B.A.

53Class III

NOMINEES FOR ELECTION TO CLASS I FOR A THREE-YEAR TERM EXPIRING AT THE 2025 ANNUAL MEETING

David A. Cory, R.Ph., M.B.A. David Cory served as the President and Chief Executive Officer and a member of the board of directors of Private Eiger from 2009 until the completion of the Merger in March 2016. Since the completion of the Merger, Mr. Cory has served as Eiger’s President and Chief Executive Officer and a member of our Board. Mr. Cory was Chief Executive Officer of DiObex, Inc. from 2007 to 2008 and President and Chief Operating Officer at Prestwick Pharmaceuticals, Inc. from 2004 to 2006. Mr. Cory was Co-Founder and Acting Chief Commercial Officer at CoTherix, Inc. in 2003 and Senior Vice President of Sales and Marketing at InterMune, Inc. from 2000 to 2003. Previously, Mr. Cory held positions of increasing responsibility in Commercial Operations at Glaxo, Glaxo Wellcome and Glaxo Smith Kline. Mr. Cory earned a B.S. in Pharmacy from the University of Cincinnati, College of Pharmacy and an M.B.A. from the University of Maryland. We believe Mr. Cory’s qualifications to sit on the Board include his extensive management and commercial experience in the biopharmaceutical industry.

David Apelian, M.D., Ph.D., M.B.A. David Apelian has served as a member of our Board since June 2017 and previously as our Chief Operating Officer and Executive Medical Officer from January 2018 to June 2019. Dr. Apelian has been the CEO of BlueSphere Bio, Inc. since July 2019. Prior to joining Eiger, Dr. Apelian served as Executive Vice President and Chief Medical Officer of Achillion Pharmaceuticals, Inc. from May 2013 to December 2017. From 2005 to 2013, Dr. Apelian was Chief Medical Officer and subsequently head of R&D and Regulatory Affairs for GlobeImmune, Inc. He was previously at Bristol-Myers Squibb, where he served as Clinical Director and Medical Leader for development of Baraclude® (entecavir) for chronic HBV through NDA filing. Prior to that, Dr. Apelian was Clinical Director in the Department of Hepatology & Gastroenterology at Schering Plough, where he coordinated a supplemental NDA filing for interferon alpha-2b and ribavirin for the treatment of pediatric patients with chronic HCV. Dr. Apelian completed his residency training in pediatrics at New York Hospital, Cornell Medical Center. He received his Ph.D. in Biochemistry from Rutgers University and his M.D. from the University of Medicine and Dentistry of New Jersey. He also holds an M.B.A. from Quinnipiac University and B.A. in Biochemistry from Rutgers University. We believe Dr. Apelian’s qualifications to sit on the Board include his extensive experience in clinical development and regulatory compliance.

Christine Murray, M.S., R.A.C. Christine Murray has served as a member of our Board since January 2019. Since September 2021, Ms. Murray has served as Senior Advisor, Development at Ultragenyx Pharmaceutical Inc., where she previously held the role of Senior Vice President of Regulatory Affairs since July 2018. Prior to joining Ultragenyx in April 2017 as Vice President of Global Regulatory Affairs, Ms. Murray was Vice President of Regulatory Affairs at Raptor Pharmaceuticals Corp., a company that developed products for serious, ultra-rare

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diseases, from 2015 to February 2017. Raptor Pharmaceuticals was acquired by Horizon Pharma plc. in 2017. Ms. Murray also held positions of increasing responsibility at a number of biopharma companies including Achaogen, Inc. from 2011 to 2015, Alexza Pharmaceuticals, Inc. from 2008 to 2011, and Gilead Sciences, Inc. from 2004 to 2008, in Regulatory Affairs and Quality Assurance. Ms. Murray holds a BS in Biochemistry from Liverpool University, UK, an MS in Clinical Biochemistry from the University of Newcastle-upon-Tyne, UK and a Regulatory Affairs Certification from the University of California Santa Cruz Extension. We believe Ms. Murray’s qualifications to sit on the Board include her global regulatory expertise and senior management experience in the biopharmaceutical industry.

CLASS II DIRECTORS

CONTINUING IN OFFICE UNTIL THE 2023 ANNUAL MEETING

Jeffrey S. Glenn, M.D., Ph.D. Jeffrey Glenn served as a member of Private Eiger’s board of directors since his appointment in 2008 until the completion of the Merger in March 2016. Since the completion of the Merger, Dr. Glenn has served on our Board. Dr. Glenn is a Professor of Medicine, Division of Gastroenterology & Hepatology, and Microbiology & Immunology at Stanford University School of Medicine, a position he has held since 2000, and the Director of the Center for Hepatitis and Liver Tissue Engineering since 2006. Dr. Glenn is also the scientific founder of Eiger. Dr. Glenn earned a B.A. in biochemistry and French civilization from the University of California, Berkeley (summa cum laude) and both an M.D. and Ph.D. in biochemistry from the University of California, San Francisco. He also completed an internal medicine residency and a gastroenterology fellowship at Stanford University Medical Center. We believe Dr. Glenn’s qualifications to sit on the Board include his medical and research expertise.

Evan Loh, M.D. Evan Loh has served as a member of our Board since September 2017. Dr. Loh has been the Chief Executive Officer of Paratek Pharmaceuticals, Inc. (“Paratek”; Nasdaq: PRTK) since June 2019. Prior to that, Dr. Loh served as President, Chief Operating Officer and Chief Medical Officer of Paratek, in each case until June 2019. From June 2012 to October 2014, Dr. Loh served as Chair of the board of directors of Paratek (prior to its merger with Transcept Pharmaceuticals, Inc.) and continues to serve as a member of its board. From October 2009 to January 2012, Dr. Loh served as Senior Vice President, Development and Strategic Operations, Worldwide Research and Development, at Pfizer Inc. From January 2007 to October 2009, Dr. Loh was Vice President, Clinical Research & Development at Wyeth. He is the 2006 and 2019 recipient of the Heroes of Chemistry Award from the American Chemical Society for his leadership roles in the development of Tygacil and Nuzyra, respectively. Dr. Loh is a member of the board of directors of Adaptive Phage Therapeutics, Inc. since June 2021 and Windtree Pharmaceuticals, Inc. (Nasdaq: WINT) since February 2021. He is the immediate past-Chair of the Antimicrobials Working Group, an industry leading organization of biotech companies focused on antimicrobial development and currently serves as a member of its Executive Committee. Dr. Loh has served as a faculty member at both Harvard Medical School and the University of Pennsylvania School of Medicine. Dr. Loh received his A.B. from Harvard College and his M.D. from Harvard Medical School. He completed his Internal Medicine and Cardiovascular fellowship training at Brigham and Women’s Hospital. We believe Dr. Loh’s qualifications to sit on the Board include his experience in senior executive management roles with large, international biopharmaceutical companies and at Paratek Pharmaceuticals.

Amit K. Sachdev, J.D. Amit K. Sachdev has served as a member of our Board since April 2019. Mr. Sachdev serves as Executive Vice President, Chief Patient Officer of Vertex Pharmaceuticals, Inc., where he is a member of the Executive Committee and has served as an executive officer since 2007. At Vertex, he oversees Regulatory Affairs, Government Affairs, Public Policy and Patient Advocacy and Engagement. Prior to joining Vertex, Mr. Sachdev served as Executive Vice President at the Biotechnology Innovation Organization (BIO) and was Deputy Commissioner for Policy at the U.S. Food and Drug Administration (FDA) where he held several senior executive appointments. Earlier in his career, Mr. Sachdev served as Majority Counsel to the Committee on Energy and Commerce in the U.S. House of Representatives and practiced law at the American Chemistry Council and also at the firm Ropes & Gray LLP. Mr. Sachdev received his B.S. from Carnegie Mellon and his

9


J.D. from Emory University School of Law. We believe Mr. Sachdev’s qualifications to sit on the Board include his experience in healthcare public policy, global regulatory affairs and market access as well his senior executive management experience in the biopharmaceutical industry and federal government.

CLASS III DIRECTORS

CONTINUING IN OFFICE UNTIL THE 2024 ANNUAL MEETING

Thomas J. Dietz, Ph.D. Thomas Dietz served as a member of Private Eiger’s board of directors since his appointment in October 2015 until the completion of the Merger in March 2016. Since the completion of the Merger, Dr. Dietz has served as Chair of our Board. Dr. Dietz has more than 30 years of life-sciences industry experience. Dr. Dietz has served as Chair and CEO of Waypoint Holdings, LLC, a financial services firm, since December 2010. Dr. Dietz was previously co-CEO and then CEO and a director of Pacific Growth Equities, LLC, an investment bank and institutional brokerage firm. The firm was acquired by Wedbush Securities, a financial services firm and Dr. Dietz subsequently served as head of the investment banking division. Dr. Dietz joined Pacific Growth in 1993 and served in various roles, including senior roles in equities research and investment banking, prior to taking the CEO role. Previously, Dr. Dietz was a member of the research faculty in the Department of Medicine, University of California, San Francisco and the VA Medical Center. Dr. Dietz holds a Ph.D. in molecular biology and biochemistry from Washington University in St. Louis and was a National Science Foundation Post-Doctoral Fellow. He also currently serves as board member of Paratek Pharmaceuticals, Inc, Leap Therapeutics, Inc, and several other private biotechnology companies. We believe Dr. Dietz’s qualifications to sit on the Board include his medical and research background and extensive finance and executive experience in the financial services industry.

Kim Sablich, M.B.A. Ms. Sablich has served as a member of our Board since April 2021. Ms. Sablich has served as Executive Vice President, General Manager of North America of Jazz Pharmaceuticals, plc. since June 2020. From November 2018 to May 2020, Ms. Sablich was Chief Commercial Officer of Myovant Sciences, Inc. She served on the board of directors of AllerGenis, LLC from 2017 to 2019. From May 2015 to May 2018, Ms. Sablich was Vice President, Primary Care Marketing in the U.S. for Glaxo SmithKline, or GSK, where she was responsible for revenue forecasts, product strategies and execution plans for a broad portfolio of products: Advair®, Breo®, Anoro®, Incruse®, Tanzeum, Levitra® and Trelegy®. From July 2013 to May 2015, she served as Vice President, Global Medicines Commercialization of GSK in the U.K., in which role she was responsible for directing development of global commercialization strategies for cardiovascular and renal anemia pipeline assets, and from October 2010 to June 2013, she was Vice President, Vaccines Commercial Strategies. Before joining GSK, from July 1995 to October 2010, Ms. Sablich held various positions at Merck & Co., Inc., where she had increasing responsibility in the commercial organization across sales, product management, pricing/access and customer insights, with a focus on the cardiovascular, respiratory and vaccines business areas. Ms. Sablich earned her B.A. degree in economics from Denison University and her M.B.A. from The Wharton School of the University of Pennsylvania. We believe Ms. Sablich’s qualifications to sit on the Board include her experience in senior executive management roles with large, international biopharmaceutical companies.

INFORMATION REGARDING THE BOARD OF DIRECTORS AND CORPORATE GOVERNANCE

INDEPENDENCE OF THE BOARD OF DIRECTORS

As required under The Nasdaq Stock Market (“Nasdaq”) listing standards, a majority of the members of a listed company’s Board of Directors must qualify as “independent,” as affirmatively determined by the Board of Directors. The Board consults with the Company’s counsel to ensure that the Board’s determinations are consistent with relevant securities and other laws and regulations regarding the definition of “independent,” including those set forth in pertinent listing standards of Nasdaq, as in effect from time to time.

Consistent with these considerations, after review of all relevant identified transactions or relationships between each director, or any of his or her family members, and the Company, its senior management and its independent

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auditors, the Board has affirmatively determined that, other than Mr. Cory, by virtue of his position as President and Chief Executive Officer, and Dr. Apelian, by virtue of his position as Chief Operating Officer and Executive Medical Officer until June 2019, each of the Company’s directors is independent within the meaning of the applicable Nasdaq listing standards. In making this determination, the Board found that none of the directors or nominees for director had a material or other disqualifying relationship with the Company.

BOARD LEADERSHIP STRUCTURE

The Board of Directors of the Company has an independent Chair, Dr. Dietz, who has authority to, among other things, call and preside over Board meetings, including meetings of the independent directors, to set meeting agendas and to determine materials to be distributed to the Board. Accordingly, the Chair of the Board has substantial ability to shape the work of the Board. The Company believes that separation of the positions of the Chair and Chief Executive Officer reinforces the independence of the Board in its oversight of the business and affairs of the Company. In addition, the Company believes that having an independent Chair creates an environment that is more conducive to objective evaluation and oversight of management’s performance, increasing management accountability and improving the ability of the Board to monitor whether management’s actions are in the best interests of the Company and its stockholders. As a result, the Company believes that having an independent Chair can enhance the effectiveness of the Board as a whole.

ROLE OF THE BOARD IN RISK OVERSIGHT

One of the Board’s key functions is informed oversight of the Company’s risk management process. The Board does not have a standing risk management committee, but rather administers this oversight function directly through the Board as a whole, as well as through various Board standing committees that address risks inherent in their respective areas of oversight. In particular, our Board is responsible for monitoring and assessing strategic risk exposure, including a determination of the nature and level of risk appropriate for the Company. The Audit Committee has the responsibility to consider and discuss our major financial risk exposures and the steps our management has taken to monitor and control these exposures, including guidelines and policies to govern the process by which risk assessment and management is undertaken. The Audit Committee also monitors compliance with legal and regulatory requirements, the performance of our internal audit function and risk related to cybersecurity. In its cybersecurity oversight role, the Audit Committee receives regular updates from management on developments in this area and measures taken to mitigate cybersecurity risk exposures. The Nominating and Governance Committee monitors the effectiveness of our corporate governance guidelines, including whether they are successful in preventing illegal or improper liability-creating conduct. The Compensation Committee assesses and monitors whether any of our compensation policies and programs has the potential to encourage excessive risk-taking. It is the responsibility of the committee chairs to report findings regarding material risk exposures to the Board as quickly as possible. The Board has delegated to the Board’s lead independent director the responsibility of coordinating between the Board and management with regard to the determination and implementation of responses to any problematic risk management issues.

MEETINGS OF THE BOARD OF DIRECTORS

The Board of Directors met nine times during the last fiscal year. Each Board member attended 75% or more of the aggregate number of meetings of the Board and of the committees on which he or she served, held during the portion of the last fiscal year for which he or she was a director or committee member.

INFORMATION REGARDING COMMITTEES OF THE BOARD OF DIRECTORS

The Board has three standing committees: an Audit Committee, a Compensation Committee and a Nominating and Governance Committee.

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The following table provides membership and meeting information for fiscal 2021 for each Board committee.

Name

  Audit  Compensation  Nominating
and
Governance

David A. Cory, R.Ph., M.B.A.

      

David Apelian, M.D., Ph.D.

      

Christine Murray, M.S., R.A.C.

      

Evan Loh, M.D.

    Chair  

Jeffrey S. Glenn, M.D., Ph.D.

      

Amit K. Sachdev, J.D.

      Chair

Thomas Dietz, M.D., Ph.D.

  Chair    

Kim Sablich, M.B.A.

      

Total meetings in 2021

  4  8  7

Below is a description of each standing committee of the Board of Directors.

Audit Committee

Following Ms. Sablich’s appointment to the Board, the Audit Committee of the Board of Directors is composed of four directors: Dr. Dietz (Chair), Dr. Glenn, Ms. Murray and Ms. Sablich. The Audit Committee met four times during the fiscal year. The Board has adopted a written Audit Committee charter that is available to stockholders on the Company’s website at http://ir.eigerbio.com/phoenix.zhtml?c=254349&p=irol-govhighlights.

The Board of Directors has determined that each member of the Audit Committee meets the applicable Nasdaq rules and regulations regarding “independence” and each member is free of any relationship that would impair his or her individual exercise of independent judgment with regard to the Company.

In addition, the Board of Directors reviews the Nasdaq listing standards definition of independence for Audit Committee members on an annual basis and has determined that all members of the Company’s Audit Committee are independent (as independence is currently defined in Rule 5605(c)(2)(A)(i) of the Nasdaq listing standards and Rule 10A-3 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)).

The Board of Directors has also determined that Dr. Dietz qualifies as an “audit committee financial expert,” as defined in applicable SEC rules. The Board made a qualitative assessment of Dr. Dietz’s level of knowledge and experience based on a number of factors, including the scope of his experience and nature of his employment in the corporate finance sector.

The Audit Committee was established by the Board in accordance with Section 3(a)(58)(A) of the Exchange Act, to oversee the Company’s corporate accounting and financial reporting processes and audits of its financial statements. For this purpose, the Audit Committee performs several functions. The primary functions of the Audit Committee include:

evaluating the performance, independence and qualifications of our independent auditors and determining whether to retain our existing independent auditors or engage new independent auditors;

reviewing and approving the engagement of our independent auditors to perform audit services and any permissible non-audit services;

monitoring the rotation of partners of our independent auditors on our engagement team as required by law;

prior to engagement of any independent auditor, and at least annually thereafter, reviewing relationships that may reasonably be thought to bear on their independence, and assessing and otherwise taking the appropriate action to oversee the independence of our independent auditor;

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reviewing our annual and quarterly financial statements and reports, including the disclosures contained under the caption “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” and discussing the statements and reports with our independent auditors and management;

reviewing with our independent auditors critical audit matters addressed in the audit of the Company’s financial statements and the relevant financial statement accounts and disclosures that relate to such matters;

reviewing with our independent auditors and management significant issues that arise regarding accounting principles and financial statement presentation and matters concerning the scope, adequacy and effectiveness of our financial controls;

reviewing with management and our auditors any earnings announcements and other public announcements regarding material developments;

establishing procedures for the receipt, retention and treatment of complaints received by us regarding financial controls, accounting or auditing matters and other matters;

preparing the report that the SEC requires in our annual Proxy Statement;

reviewing and providing oversight of any related-person transactions in accordance with our related-person transaction policy

reviewing and monitoring compliance with legal and regulatory responsibilities, including our code of business conduct and ethics, and overseeing cybersecurity risk management;

reviewing our major financial risk exposures, including the guidelines and policies to govern the process by which risk assessment and risk management is implemented;

reviewing on a periodic basis our investment policy; and

reviewing and evaluating on an annual basis the performance of the Audit Committee, including compliance of the Audit Committee with its charter.

Report of the Audit Committee of the Board of Directors1

The Audit Committee has reviewed and discussed the audited financial statements as of and for the fiscal year ended December 31, 2021 with management of2022, which includes the Company. The Audit Committee has discussed with the independent registered public accounting firm the matters required to be discussed by PCAOB Auditing Standard 1301, Communications with Audit Committees. The Audit Committee has also received the written disclosures and written communications from the independent registered public accounting firm required by applicable requirements of the PCAOB regarding the independent accountants’ communications with the audit committee concerning independence and has discussed with the independent registered public accounting firm the accounting firm’s independence. Based on the foregoing, the Audit Committee recommended to the Board of Directors that the audited financial statements, be included inis available at https://www.eigerbio.com/ under the Company’s“Investors” tab and by selecting “SEC Filings.” Our Annual Report on Form 10-K for the fiscal year ended December 31, 2021.

Thomas Dietz

Jeffrey Glenn

Christine Murray

Kim Sablich

1

The material in this report is not “soliciting material,” is not deemed “filed” with the SEC and is not to be incorporated by reference in any filing of Eiger under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof and irrespective of any general incorporation language in any such filing.

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Compensation Committee

The Compensation Committee2022 is composed of four directors: Dr. Loh (Chair), Dr. Dietz, Dr. Glenn and Mr. Sachdev. The Compensation Committee met eight times during the fiscal year. The Board has adopted a written Compensation Committee charter that isalso available to stockholders on the Company’s website at http://ir.eigerbio.com/phoenix.zhtml?c=254349&p=irol-govhighlights.

Our Board of Directors has determined that each member of the Compensation Committee is independent under Nasdaq listing standards and the rules and regulations of the SEC and is a “non-employee director” as defined in Rule 16b-3 promulgated under the Exchange Act.

The functions of the Compensation Committee include:

SEC’s website.

determining the compensation and other terms of employment of our chief executive officer and our other executive officers and reviewing and approving corporate performance goals and objectives relevant to such compensation;

Other Matters

reviewing and recommending to the full Board of Directors the compensation of our directors;

evaluating and administering our equity incentive plans, compensation plans, including pension and profit-sharing plans and deferred compensation plans, and other similar plans and programs advisable for us, as well as reviewing and recommending to our Board of Directors the adoption, modification or termination of our plans and programs;

establishing policies with respect to equity compensation arrangements;

to the extent required by applicable SEC rules, reviewing with management our disclosures under the caption “Compensation Discussion and Analysis,” when and as required by applicable rules and regulations of the SEC, and recommending to the full Board its inclusion in our periodic reports to be filed with the SEC; and

conducting an annual assessment of the performance of the Compensation Committee and its members and the adequacy of its charter.

Compensation Committee Processes and Procedures

The Compensation Committee meets as often as its members deem necessary or appropriate. The agenda for each meeting is usually developed by the Chair of the Compensation Committee, in consultation with the Company’s Chief Executive Officer. The Compensation Committee meets regularly in executive session. However, from time to time, various members of management and other employees as well as outside advisors or consultants may be invited by the Compensation Committee to make presentations, to provide financial or other background information or advice or to otherwise participate in Compensation Committee meetings. The Chief Executive Officer may not participate in, or be present during, any deliberations or determinations of the Compensation Committee regarding his compensation or individual performance objectives. The charter of the Compensation Committee grants the Compensation Committee full access to all books, records, facilities and personnel of the Company. In addition, under the charter, the Compensation Committee has the authority to obtain, at the expense of the Company, advice and assistance from compensation consultants and internal and external legal, accounting or other advisors and other external resources that the Compensation Committee considers necessary or appropriate in the performance of its duties. The Compensation Committee has direct responsibility for the oversight of the work of any consultants or advisers engaged for the purpose of advising the Committee. In particular, the Compensation Committee has the sole authority to retain, in its sole discretion, compensation consultants to assist in its evaluation of executive and director compensation, including the authority to approve the consultant’s reasonable fees and other retention terms. Under the charter, the Compensation Committee may select, or receive advice from, a compensation consultant, legal counsel or other adviser to the compensation committee, other than in-house legal counsel and certain other types of advisers, only after taking into consideration six factors, prescribed by the SEC and Nasdaq, that bear upon the adviser’s independence.

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During the past fiscal year, we retained Aon Consulting Services, Inc. (“Radford”), a national executive compensation consulting firm, because of its reputation and previous experience advising similarly situated companies. We requested that Radford conduct a review of our compensation structure and policies and review our executive compensation structure. Radford supported the Compensation Committee in the areas of executive and equity compensation and Board of Director compensation, as well as an assessment of the Company’s various incentive plans, both cash and equity. Radford also provides support in addressing executive new hires on a case-by-case basis.

The Compensation Committee is expected to make most of the significant adjustments to annual compensation, determine bonus and equity awards and establish new performance objectives at one or more meetings held during the first quarter of the year. However, the Compensation Committee may also consider matters related to individual compensation, such as compensation for new executive hires, as well as high-level strategic issues, such as the efficacy of the Company’s compensation strategy, potential modifications to that strategy and new trends, plans or approaches to compensation, at various meetings throughout the year. Generally, the Compensation Committee’s process comprises two related elements: the determination of compensation levels and the establishment of performance objectives for the current year. For executives other than the Chief Executive Officer, the Compensation Committee solicits and considers evaluations and recommendations submitted to the Committee by the Chief Executive Officer. In the case of the Chief Executive Officer, the evaluation of his performance is conducted by the Board of Directors, which determines any adjustments to his compensation as well as awards to be granted. For all executives and directors as part of its deliberations, the Compensation Committee may review and consider, as appropriate, materials such as financial reports and projections, operational data, tax and accounting information, tally sheets that set forth the total compensation that may become payable to executives in various hypothetical scenarios, executive and director stock ownership information, company stock performance data, analyses of historical executive compensation levels and current Company-wide compensation levels and recommendations of the Compensation Committee’s compensation consultant, including analyses of executive and director compensation paid at other companies identified by the consultant.

Compensation Committee Interlocks and Insider Participation

None of the members of the compensation committee is currently or has been at any time one of our officers or employees. None of our executive officers currently serves, or has served during the last year, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving as a member of our Board of Directors or Compensation Committee.

Nominating and Governance Committee

The Nominating and Governance Committee of the Board of Directors is responsible for identifying, reviewing and evaluating candidates to serve as directors of the Company (consistent with criteria approved by the Board), reviewing and evaluating incumbent directors, selecting or recommending to the Board for selection candidates for election to the Board of Directors, making recommendations to the Board regarding the membership of the committees of the Board, assessing the performance of the Board and developing a set of corporate governance principles for the Company.

The Nominating and Governance Committee is composed of four directors: Mr. Sachdev (Chair), Dr. Dietz, Dr. Loh and Ms. Murray. All members of the Nominating and Governance Committee are independent (as independence is currently defined in Rule 5605(a)(2) of the Nasdaq listing standards). The Nominating and Governance Committee met seven times during the fiscal year. The Board has adopted a written Nominating and Governance Committee charter that is available to stockholders on the Company’s website at http://ir.eigerbio.com/phoenix.zhtml?c=254349&p=irol-govhighlights.

The Nominating and Governance Committee believes that candidates for director should have certain minimum qualifications, including the ability to read and understand basic financial statements and having the highest

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personal integrity and ethics. The Nominating and Governance Committee also intends to consider such factors as possessing relevant expertise upon which to be able to offer advice and guidance to management, having sufficient time to devote to the affairs of the Company, demonstrated excellence in his or her field, having the ability to exercise sound business judgment and having the commitment to rigorously represent the long-term interests of the Company’s stockholders. However, the Nominating and Governance Committee retains the right to modify these qualifications from time to time. Candidates for director nominees are reviewed in the context of the current composition of the Board, the operating requirements of the Company and the long-term interests of stockholders. In conducting this assessment, the Nominating and Governance Committee typically considers diversity, age, skills and such other factors as it deems appropriate, given the current needs of the Board and the Company, to maintain a balance of knowledge, experience and capability. In the case of incumbent directors whose terms of office are set to expire, the Nominating and Governance Committee reviews these directors’ overall service to the Company during their terms, including the number of meetings attended, level of participation, quality of performance and any other relationships and transactions that might impair the directors’ independence. In the case of new director candidates, the Nominating and Governance Committee also determines whether the nominee is independent for Nasdaq purposes, which determination is based upon applicable Nasdaq listing standards, applicable SEC rules and regulations and the advice of counsel, if necessary. The Nominating and Governance Committee then uses its network of contacts to compile a list of potential candidates, but may also engage, if it deems appropriate, a professional search firm. The Nominating and Governance Committee conducts any appropriate and necessary inquiries into the backgrounds and qualifications of possible candidates after considering the function and needs of the Board. The Nominating and Governance Committee meets to discuss and consider the candidates’ qualifications and then selects a nominee by majority vote which we expect will typically be recommended to the full Board.

The Nominating and Governance Committee will consider director candidates recommended by stockholders. The Nominating and Governance Committee does not intend to alter the manner in which it evaluates candidates, including the minimum criteria set forth above, based on whether or not the candidate was recommended by a stockholder. Stockholders who wish to recommend individuals for consideration by the Nominating and Governance Committee to become nominees for election to the Board may do so by delivering a written recommendation to the Nominating and Governance Committee at the following address: c/o Corporate Secretary, Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., CA 94306, 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 first anniversary of the preceding year’s annual meeting. Submissions must include the name and address of the Company stockholder on whose behalf the submission is made; the number of Company shares that are owned beneficially by such stockholder as of the date of the submission; the full name of the proposed candidate; a description of the proposed candidate’s business experience for at least the previous five years; complete biographical information for the proposed candidate; and a description of the proposed candidate’s qualifications as a director. Any such submission must be accompanied by the written consent of the proposed nominee to be named as a nominee and to serve as a director if elected. In addition to satisfying the foregoing requirements, to comply with the universal proxy rules (once effective), stockholders who intend to solicit proxies in support of director nominees other than management’s nominees must provide notice that sets forth the information required by Rule 14a-19 under the Exchange Act no later than April 17, 2023.

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BOARD DIVERSITY

Eiger is committed to diversity across our organization, including with respect to identifying and evaluating director candidates. Our Nominating and Governance Committee places significant emphasis on diversity and actively considers whether nominees further the Company’s goal of achieving a mix of Board members that represents a diversity of backgrounds, talents, skills and expertise. The current composition of our Board reflects the importance of diversity to the Company. The table below provides information regarding certain diversity attributes of our Board members and nominees as of April 28, 2022, with categories as set forth by Nasdaq Listing Rule 5605(f).

CoryApelianMurrayLohGlennSachdevDietzSablich
Identity

Gender

MaleMaleFemaleMaleMaleMaleMaleFemale

Race/Ethnicity

WhiteWhiteWhiteAsianWhiteAsianWhiteWhite

LGBTQ+

NoNoNoNoNoNoNoNo

STOCKHOLDER COMMUNICATIONS WITH THE BOARD OF DIRECTORS

Historically, the Company has not provided a formal process related to stockholder communications with the Board. Nevertheless, every effort has been made to ensure that the views of stockholders are heard by the Board or individual directors, as applicable, and that appropriate responses are provided to stockholders in a timely manner. Stockholders can communicate with the Board by email at info@eigerbio.com or by mail at Board of Directors, c/o Corporate Secretary, Eiger BioPharmaceuticals, Inc., 2155 Park Boulevard, Palo Alto, California 94306. The Company believes its responsiveness to stockholder communications to the Board has been excellent. The Nominating and Governance Committee may from time to time give full consideration to the adoption of a formal process for stockholder communications with the Board and, if adopted, publish it promptly and post it to the Company’s website.

CODE OF ETHICS

We have adopted a written Code of Business Conduct and Ethics that applies to our directors, officers and employees, including our principal executive officer, principal financial officer, principal accounting officer or controller and persons performing similar functions. A current copy of the code is posted on the Corporate Governance section of our website, which is located at http://ir.eigerbio.com/phoenix.zhtml?c=254349&p=irol-govhighlights. If we make any substantive amendments to, or grant any waivers from, the Code of Business Conduct and Ethics for any officer or director, we will disclose the nature of such amendment or waiver on our website or in a current report on Form 8-K.

DIRECTOR RESIGNATION POLICY

We have adopted a Director Resignation Policy pursuant to which any nominee for director is required to submit an offer of resignation for consideration by the Nominating and Governance Committee if such nominee for director (in an uncontested election) receives a greater number of “Withhold” votes from his or her election than votes “For” such election. In such case, the Nominating and Governance Committee will then consider all relevant facts and circumstances and recommend to the Board the action to be taken with respect to such offer of resignation. The Board will then act on the Nominating and Governance Committee’s recommendation. Promptly following the Board’s decision, we would disclose that decision and an explanation of such decision in a filing with the SEC or a press release.

ANTI-HEDGING POLICY

Our insider trading policy prohibits our board of directors, executive officers, employees and consultants, as well as family members or others subject to the influence or control of these individuals, from engaging in the trading of derivative securities, short sales, transactions in put or call options, hedging transactions, pledges, holding equity securities in margin accounts or other inherently speculative transactions relating to our equity securities.

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PROPOSAL 2

ADVISORY VOTE ON EXECUTIVE COMPENSATION

Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, or the Dodd-Frank Act, and Section 14A of the Exchange Act, the Company’s stockholders are entitled to vote to approve, on an advisory basis, the compensation of the Company’s named executive officers as disclosed in this Proxy Statement in accordance with SEC rules.

This vote is not intended to address any specific item of compensation, but rather the overall compensation of the Company’s named executive officers. The compensation of the Company’s named executive officers subject to the vote is disclosed in the compensation tables and the related narrative disclosure contained in this Proxy Statement. The Company believes that its compensation policies and decisions are designed to meet two objectives: (i) to attract and retain talented and skilled executives by paying for performance and (ii) to align the compensation of our executives with the interests of our stockholders through a mix of short-term and long-term compensation. Compensation of the Company’s named executive officers is designed to enable the Company to attract and retain talented and experienced executives to lead the Company successfully in a competitive environment.

Accordingly, the Board is asking the stockholders to indicate their support for the compensation of the Company’s named executive officers as described in this Proxy Statement by casting a non-binding advisory vote “FOR” the following resolution:

“RESOLVED, that the compensation paid to the Company’s named executive officers, as disclosed pursuant to Item 402 of Regulation S-K, including the compensation tables and narrative discussion that accompanies the compensation tables, is hereby APPROVED.”

Because the vote is advisory, it is not binding on the Board or the Company. Nevertheless, the views expressed by the stockholders, whether through this vote or otherwise, are important to the Board and the Compensation Committee, and accordingly the Board and the Compensation Committee intend to consider the results of this vote in making determinations in the future regarding executive compensation arrangements.

Advisory approval of this proposal requires the vote of the holders of a majority of the shares present virtually or represented by proxy and entitled to vote on the matter at the Annual Meeting. Unless the Board decides to modify its policy regarding the frequency of soliciting advisory votes on the compensation of the Company’s named executives, the next scheduled say-on-pay vote will be at the 2023 Annual Meeting of Stockholders.

THE BOARD OF DIRECTORS RECOMMENDS

A VOTE IN FAVOR OF PROPOSAL 2.

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PROPOSAL 3

RATIFICATION OF SELECTION OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

The Audit Committee of the Board of Directors has selected KPMG LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2022 and has further directed that management submit the selection of its independent registered public accounting firm for ratification by the stockholders at the Annual Meeting. KPMG LLP served as the independent registered public accounting firm of Private Eiger, the accounting acquirer in the Merger and has audited Private Eiger’s financial statements beginning with the year ended December 31, 2015. Representatives of KPMG LLP are expected to be present at the Annual Meeting. They will have an opportunity to make a statement if they so desire and will be available to respond to appropriate questions.

Neither the Company’s Bylaws nor other governing documents or law require stockholder ratification of the selection of KPMG LLP as the Company’s independent registered public accounting firm. However, the Audit Committee of the Board is submitting the selection of KPMG LLP to the stockholders for ratification as a matter of good corporate practice. If the stockholders fail to ratify the selection, the Audit Committee of the Board will reconsider whether to retain KPMG LLP or another firm. Even if the selection is ratified, the Audit Committee of the Board in its discretion may direct the appointment of different independent auditors at any time during the year if they determine that such a change would be in the best interests of the Company and its stockholders.

The affirmative vote of the holders of a majority of the shares present virtually or represented by proxy and entitled to vote on the matter at the Annual Meeting will be required to ratify the selection of KPMG LLP.

PRINCIPAL ACCOUNTANT FEES AND SERVICES

Current Independent Registered Public Accounting Firm Fees

The following table sets forth the fees for professional services rendered by KPMG LLP, the Company’s independent registered public accounting firm, in connection with the audits of our annual financial statements for the years ended December 31, 2021 and 2020 and for other services rendered by KPMG LLP during those periods.

   Fiscal Year Ended 
   December 31,
2021
   December 31,
2020
 

Audit Fees(1)

  $1,068,324   $1,012,577 

Audit-related Fees(2)

   —      —   

Tax Fees

   —      —   

All Other Fees

   —      —   
  

 

 

   

 

 

 

Total Fees

  $1,068,324   $1,012,577 

(1)

Audit Fees consist of fees for professional services rendered in connection with the audit of our annual consolidated financial statements, including audited financial statements presented in our Annual Report on Form 10-K filed with the SEC, review of our quarterly financial statements presented in our quarterly reports on Form 10-Q, and services that are normally provided by our independent registered public accounting firm in connection with statutory and regulatory filings or engagements for those fiscal years.

(2)

Audit-related fees consist of fees for assurance and related services reasonably related to the performance of the audit or review of financial statements and that are not reported under the Audit Fees category.

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PRE-APPROVAL POLICIES AND PROCEDURES

The Audit Committee has adopted a policy and procedures for the pre-approval of audit and non-audit services rendered by the Company’s independent registered public accounting firm, KPMG LLP. The policy generally pre-approves specified services in the defined categories of audit services, audit-related services and tax services up to specified amounts. Pre-approval may also be given as part of the Audit Committee’s approval of the scope of the engagement of the independent auditor or on an individual, explicit, case-by-case basis before the independent auditor is engaged to provide each service. The pre-approval of services may be delegated to one or more of the Audit Committee’s members, but the decision must be reported to the full Audit Committee at its next scheduled meeting.

The Audit Committee has determined that the rendering of services other than audit services by KPMG LLP is compatible with maintaining the principal accountant’s independence.

THE BOARD OF DIRECTORS RECOMMENDS

A VOTE IN FAVOR OF PROPOSAL 3.

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EXECUTIVE OFFICERS

The following table sets forth certain information with respect to our executive officers as of April 19, 2022. Biographical information with regard to Mr. Cory is presented under “Nominees for Election to Class I for a Three-Year Term Expiring at the 2025 Annual Meeting” in this Proxy Statement.

Name

Age

Position(s)

David Cory

58President, Chief Executive Officer and Director

Sriram Ryali

41Chief Financial Officer

Eldon Mayer

60Executive Vice President and Chief Commercial Officer

Erik Atkisson

50General Counsel, Corporate Secretary and Chief Compliance Officer

Sriram Ryali. Sriram Ryali has served as our Chief Financial Officer since December 2018. Prior to joining Eiger, Mr. Ryali was Vice President, Finance from 2017 to 2018, and Senior Director, Finance from 2015 to 2017 at Aimmune Therapeutics, Inc. Before joining Aimmune, Mr. Ryali was Senior Director, Financial Planning & Analysis at Jazz Pharmaceuticals, plc. in 2015, and held a series of different finance-related positions of increasing responsibility at Onyx Pharmaceuticals, Inc. and Amgen, Inc. from 2004 to 2015. Mr. Ryali earned a B.A. degree from the University of California, Los Angeles with a double-major in Economics and Microbiology, Immunology, and Molecular Genetics, and an M.B.A. from the UCLA Anderson School of Management.

Eldon C. Mayer, III. Eldon Mayer has served as our Executive Vice President and Chief Commercial Officer since January 2020. Mr. Mayer previously served as a member of our Board from January 2018 until he joined us as Chief Commercial Officer. From October 2016 to January 2020, Mr. Mayer served as Executive Vice President and Chief Commercial Officer of Rigel Pharmaceuticals, Inc. From July 2008 to June 2015, Mr. Mayer served in various roles leading the commercial strategy functions at Questcor Pharmaceuticals, Inc., a specialty biopharmaceutical company focused on serious, ultra-rare diseases, which was acquired by Mallinckrodt LLC. Mr. Mayer also serves as a member of the Board of Directors for the National Community Oncology Dispensing Association. Mr. Mayer holds a B.S. in Finance from Fairleigh Dickinson University and an M.B.A. in Marketing from Syracuse University.

Erik Atkisson. Erik Atkisson has served as our General Counsel, Corporate Secretary and Chief Compliance Officer since August 2021. Mr. Atkisson was Chief Compliance Officer, Legal Counsel and Privacy Officer at Cytokinetics, Inc. from August 2019 to August 2021. Previously, Mr. Atkisson was Deputy General Counsel and Compliance Counsel at Nevro, Corp. from August 2018 to March 2019, Senior Director, Commercial, Healthcare and Employment Law at Impax Laboratories, Inc. from February 2014 to August 2018 and Senior Counsel at BioMarin Pharmaceutical Inc. from September 2010 to February 2014. Mr. Atkisson worked in the San Francisco Office of Reed Smith LLP where his practice focused on life sciences. Mr. Atkisson earned an A.B. from Harvard University, an M.Sc. from University of Edinburgh and a J.D. from Georgetown University Law Center.

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SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT

The following table sets forth certain information regarding the ownership of the Company’s common stock as of March 15, 2022 by: (i) each of our directors and named executive officers; (ii) all executive officers and directors of the Company as a group; and (iii) all those known by the Company to be beneficial owners of more than five percent of its common stock.

Beneficial ownership is determined according to the rules of the SEC and generally means that a person has beneficial ownership of a security if he, she or it possesses sole or shared voting or investment power of that security, including options and warrants that are currently exercisable or exercisable within 60 days of March 15, 2022, or issuable upon settlement of restricted stock units within 60 days of March 15, 2022. Except as indicated by the footnotes below, we believe, based on the information furnished to us, that the persons named in the table below have sole voting and investment power with respect to all shares of common stock shown that they beneficially own, subject to community property laws where applicable. Common stock subject to stock options currently exercisable or exercisable within 60 days of March 15, 2022, or issuable upon settlement of restricted stock units within 60 days of March 15, 2022, is deemed to be outstanding for computing the percentage ownership of the person holding these options and the percentage ownership of any group of which the holder is a member but is not deemed outstanding for computing the percentage of any other person.

Our calculation of the percentage of beneficial ownership is based on 34,739,370 shares of our common stock outstanding on March 15, 2022. Unless otherwise indicated, the address of each beneficial owner listed in the table below is c/o Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., Palo Alto, CA 94306.

   Beneficial Ownership(1) 
   Number of
Shares
  Percent of Total 

5% Stockholders:

   

Entities affiliated with Ameriprise Financial, Inc.(2)

45 Ameriprise Financial Center

Minneapolis, MN 55474

   7,048,834   20.3

Entities affiliated with 683 Capital Management, LLC(3)

3 Columbus Circle, Suite 2205

New York, NY 10019

   3,300,000   9.5

Entities affiliated with BlackRock, Inc.(4)

55 East 52nd Street

New York, NY 10055

   2,472,964   7.1

Moshe Arkin(5)

6 Ha’Choshlim St., Building C, 6th Floor

Herzliya Pituach 46724

Israel

   1,826,226   5.3

Named Executive Officers and Directors:

   

David Cory(6)

   1,171,832   3.4

Sriram Ryali(7)

   174,627 

Eldon Mayer(8)

   200,148 

Erik Atkisson

   —   

David Apelian, M.D., Ph.D.(9)

   327,176 

Christine Murray, M.S., R.A.C.(10)

   65,000 

Evan Loh, M.D.(11)

   75,000 

Jeffrey Glenn, M.D., Ph.D.(12)

   337,879   1.0

Amit Sachdev, J.D.(13)

   55,000 

Thomas Dietz, Ph.D.(14)

   165,500 

Kim Sablich, M.B.A.(15)

   8,333 

All executive officers and directors as a group (11 persons)(16)

   2,580,495   7.4

22


*

Less than one percent.

(1)

This table is based upon information supplied by officers, directors and certain principal stockholders, Forms 4 and Schedules 13D and 13G filed with the SEC.

(2)

The indicated ownership is based solely on a Schedule 13D filed with the SEC by the reporting person on January 21, 2022. The Schedule 13D provides information as of December 31, 2021 and, consequently, the beneficial ownership of the reporting person may have changed between December 31, 2021 and March 15, 2022. According to the Schedule 13D filing, of the 7,048,834 shares of Eiger common stock reported as beneficially owned by Ameriprise Financial, Inc. (“Ameriprise”) as of December 31, 2021, Ameriprise did not have sole voting power with respect to any shares, had shared voting power with respect to 6,788,350 shares, did not have sole dispositive power with respect to any shares, and had shared dispositive power with respect to 7,048,834 shares of Eiger common stock. According to the Schedule 13D filing, Ameriprise, as the parent company of Columbia Management Investment Advisers, LLC (“Columbia”) may be deemed to have, but disclaims, beneficial ownership of the shares reported by Columbia in the Schedule 13D filing. Accordingly, the shares reported as beneficially owned by Ameriprise include those shares separately reported as beneficially owned by Columbia.

(3)

The indicated ownership is based solely on a Schedule 13G/A filed with the SEC by the reporting person on February 14, 2022. The Schedule 13G/A provides information as of December 31, 2021 and, consequently, the beneficial ownership of the reporting person may have changed between December 31, 2021 and March 15, 2022. 683 Capital Management, LLC (“683 CM LLC”), as the investment manager of 683 Capital Partners, LP (“683 CP LP”), may be deemed to have beneficially owned 3,300,000 shares beneficially owned by 683 CP LP. Ari Zweiman, as the Managing Member of 683 CM LLC, may be deemed to have beneficially owned the 3,300,000 shares beneficially owned by 683 CM LLC.

(4)

The indicated ownership is based solely on a Schedule 13G/A filed with the SEC by the reporting person on February 3, 2022. The Schedule 13G/A provides information as of December 31, 2021 and, consequently, the beneficial ownership of the reporting person may have changed between December 31, 2021 and March 15, 2022. BlackRock, Inc. has sole voting power with respect to 2,436,348 shares and sole dispositive power with respect to 2,472,964 shares.

(5)

The indicated ownership is based solely on a Schedule 13G filed with the SEC by the reporting person on March 8, 2022. The Schedule 13G provides information as of December 31, 2021 and, consequently, the beneficial ownership of the reporting person may have changed between December 31, 2021 and March 15, 2022. Moshe Arkin has sole voting power with respect to 1,826,226 shares and sole dispositive power with respect to 1,826,226 shares.

(6)

Includes 90,850 shares owned directly by Mr. Cory and 1,073,782 shares that Mr. Cory has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options. Additionally includes 7,200 shares held by Eiccose, LLC. As a managing member of Eiccose, LLC, Mr. Cory shares voting and dispositive power over the shares held by Eiccose, LLC and may be deemed to beneficially own such shares. The address for Eiccose, LLC is 1115 Lafayette Street, Santa Clara, CA 95050.

(7)

Includes 6,733 shares owned directly by Mr. Ryali and 167,894 shares that Mr. Ryali has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options.

(8)

Includes 42,492 shares owned directly Mr. Mayer and 157,656 shares that Mr. Mayer has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(9)

Includes 10,000 shares owned directly by Dr. Apelian and 317,176 shares that Dr. Apelian has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(10)

Includes 10,000 shares owned directly by Dr. Loh and 65,000 shares that Dr. Loh has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(11)

Includes 76,355 shares owned directly by Dr. Glenn, 5,460 shares owned by immediate family members of Dr. Glenn, 105,000 shares that Dr. Glenn has the right to acquire from the Company within 60 days of

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March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units and 151,064 shares held by Eiger Group International, Inc. Dr. Glenn is the Chief Executive Officer of Eiger Group International, Inc. Dr. Glenn has sole power to vote and sole power to dispose of shares directly owned by Eiger Group International, Inc. The address for Eiger Group International, Inc. is 2061 Webster Street, Palo Alto, CA 94301.
(12)

Includes 37,500 shares directly owned by Dr. Dietz and 128,000 shares that Dr. Dietz has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(13)

Includes 10,000 shares directly owned by Ms. Murray and 55,000 shares that Ms. Murray has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(14)

Includes 10,000 shares directly owned by Mr. Sachdev and 45,000 shares that Mr. Sachdev has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options or issuable upon settlement of restricted stock units.

(15)

Includes 8,333 shares that Ms. Sablich has the right to acquire from the Company within 60 days of March 15, 2022 pursuant to the exercise of stock options.

(16)

Includes only current directors and executive officers serving in such capacity on the date of the table. Consists of the shares, stock options and/or restricted stock units held by Mr. Cory, Mr. Ryali, Mr. Mayer, Mr. Atkisson, Dr. Apelian, Dr. Loh, Dr. Glenn, Ms. Murray, Dr. Dietz, Mr. Sachdev and Ms. Sablich.

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EXECUTIVE COMPENSATION

The following is a discussion of the compensation arrangements of our named executive officers. As a “smaller reporting company,” we are not required to include a Compensation Discussion and Analysis section and have elected to comply with the scaled disclosure requirements applicable to “smaller reporting companies.”

OVERVIEW

This section provides a discussion of the compensation paid or awarded to the Company’s named executive officers for the year ended December 31, 2021, which consist of any person who served as Eiger’s principal executive officer during any part of 2021 and Eiger’s two other most highly compensated executive officers at December 31, 2021. For 2021, our named executive officers were:

David A. Cory, Eiger’s President and Chief Executive Officer;

Sriram Ryali, Eiger’s Chief Financial Officer; and

Eldon Mayer, Eiger’s Executive Vice President and Chief Commercial Officer.

2021 SUMMARY COMPENSATION TABLE

The following 2021 Summary Compensation Table and narrative disclosure sets forth information regarding the compensation of our named executive officers for the years ended December 31, 2021 and, to the extent required by SEC disclosure rules, December 31, 2020.

Name and Principal Position

 Year  Salary
($)
  Bonus
($)
  Stock
Awards

($)(1)
  Option
Awards
($)(2)
  Non-Equity
Incentive Plan
Compensation
($)(3)
  All Other
Compensation
($)(4)
  Total
($)
 

David A. Cory

  2021   610,171    469,530   2,011,338   395,966   17,015   3,504,020 

President and Chief

Executive Officer

  2020   590,584   —      829,564   393,360   16,671   1,830,179 

Sriram Ryali

  2021   448,062    162,338   1,225,090   202,100   12,775   2,050,365 

Chief Financial Officer

  2020   381,550   —      234,442   173,272   12,296   801,559 

Eldon Mayer

  2021   399,263    118,631   535,449   172,731   4,191   1,230,265 

Executive Vice President

and Chief Commercial

Officer

  2020   385,569   100,000   92,700   1,199,520   169,256   2,328   1,949,373 

(1)

The amounts in this column reflect the aggregate grant date fair value of restricted stock units awarded during the year, computed at the grant date in accordance with the Financial Accounting Standard Board Accounting Standards Codification Topic 718 (“ASC 718”), based on our closing stock price on the date of grant. These amounts do not reflect the actual economic value that may be realized by the named executive officer upon the vesting of the restricted stock units or the sale of the common stock underlying such restricted stock units.

(2)

In accordance with SEC rules, this column reflects the aggregate grant date fair value of the option awards granted during the applicable year computed in accordance with ASC 718. Assumptions used in the calculation of these amounts are included in Note 10 to our audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2020. These amounts do not reflect the actual economic value that may be realized by the named executive officer upon the vesting of the stock options, the exercise of the stock options or the sale of the common stock underlying such stock options.

(3)

In addition to base salaries, the Company’s named executive officers are eligible to receive annual performance-based cash bonuses. Cash bonuses are awarded for the achievement of defined, Board-

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approved strategic goals that the Company sets at the beginning of each year. The goals reflect key clinical, regulatory, financial and operational corporate objectives, and their attainment is determined by the Board. For more information, see below under “Employment, Severance and Change in Control Agreements—Offer Letter Agreements with Named Executive Officers.”
(4)

Amount shown includes 401(k) matching contributions paid on behalf of the named executive officers. For more information, see below under “—Perquisites, Health, Welfare and Retirement Benefits.”

2021 OUTSTANDING EQUITY AWARDS AT FISCAL YEAR-END

The following table presents the outstanding equity awards held by the Company’s named executive officers as of December 31, 2021.

  Option Awards  Stock Awards       

Name

 Grant
Date
  Vesting
Commencement
Date
  Number of
Securities
Underlying
Unexercised
Options

(#)
Exercisable
  Number of
Securities
Underlying
Unexercised
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
($)(1)
  Equity
Incentive
Plan
Awards:
Number
of
Unearned
Shares,
Units or
Other
Rights
That
Have Not
Vested
(#)
  Equity
Incentive
Plan
Awards:
Market
or Payout
Value of
Unearned
Shares,
Units or
Other
Rights
That
Have Not
Vested
($)
 

David A. Cory

  9/24/2013   9/24/2013   17,504   —     1.38   9/24/2023   —     —     
  9/22/2015   9/22/2015   74,393   —     2.06   9/22/2025   —     —     
  8/29/2016   8/29/2016   285,991   —     15.89   8/29/2026   —     —     
  3/9/2017   3/9/2017   133,000   —     11.75   3/9/2027   —     —     
  3/14/2018   3/14/2018(2)   178,125   11,875   9.50   3/14/2028   —     —     
  3/21/2019   3/21/2019(2)   137,500   62,500   14.31   3/20/2029   —     —     
  3/12/2020   3/12/2020(2)   100,625   129,375   5.60   3/11/2030   —     —     
  3/12/2021   3/12/2021(2)   52,687   228,313   9.99   3/11/2031   —     —     
  3/12/2021   3/12/2021(5)   —     —     —     —     47,000   243,930   
  7/29/2021   7/29/2021(4)   6,770   41,980   815   7/28/2031     
  7/29/2021   7/29/2021(7)   —     —     —     —       30,000   155,700 

Sriram Ryali

  1/3/2019   12/17/2018(3)   67,500   22,500   10.46   1/2/2029     
  3/12/2020   3/12/2020(2)   28,437   36,563   5.60   3/11/2030     
  3/12/2021   3/12/2021(2)   18,281   79,219   9.99   3/11/2031     
  3/12/2021   3/12/2021(3)   —     4,608   8.49   3/11/2031     
  3/12/2021   3/12/2021(5)   —     —     —     —     16,250   84,338   
  5/10/2021   5/10/2021(3)   12,687   69,705   8.49   5/09/2031     
  7/29/2021   7/29/2021(4)   4,166   25,834   8.15   7/28/2031     
  7/29/2021   7/29/2021(7)   —     —     —     —       30,000   155,700 

Eldon Mayer

  1/5/2018   1/5/2018   25,000    13.70   1/5/2028   —      
  3/14/2018   3/14/2018   10,000    9.50   3/14/2028     
  3/21/2019   3/21/2019   10,000    14.31   3/20/2029     
  1/31/2020   1/6/2020(3)   71,875   78,125   12.36   1/30/2030     
  1/31/2020   1/6/2020(6)       3,750   19,463   
  3/12/2021   3/12/2021(2)   13,359   57,891   9.99   3/11/2031     
  3/12/2021   3/12/2021(5)       11,875   61,631   
  7/29/2021   7/29/2021(4)   2,430   15,070   8.15   7/28/2031     
  7/29/2021   7/29/2021(7)         30,000   155,700 

(1)

Amounts reflect the value of restricted stock units, each with respect to one share of our common stock, as of December 31, 2021.

(2)

The option vests in 48 equal monthly installments measured from the vesting commencement date.

(3)

Twenty-five percent of the shares subject to the option vest on the first anniversary of the vesting commencement date and the remainder vests in 36 equal monthly installments thereafter.

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(4)

The option vests in 36 equal monthly installments measured from the vesting commencement date.

(5)

The underlying restricted stock units will vest in three equal annual installments.

(6)

Fifty percent of the shares underlying restricted stock units vest after one year of service and fifty percent of the shares underlying restricted stock units vest after two years of service.

(7)

Performance based shares that vest upon hitting target metrics.

EMPLOYMENT, SEVERANCE AND CHANGE IN CONTROL AGREEMENTS

Offer Letter Agreements with Named Executive Officers

We have offer letter agreements with each of our named executive officers. The agreements generally provide for at-will employment and set forth the executive officer’s initial base salary, annual performance bonus opportunity, initial equity grant amount and eligibility for employee benefits. The key terms of the offer letters are described below.

Eiger entered into an amended and restated offer letter agreement with Mr. Cory in November 2019. The agreement is for an unspecified term and entitles Mr. Cory to an initial annual base salary of $570,000. The agreement also provides that he will be eligible to receive a bonus targeted at 50% of base salary based upon his performance and the attainment of company objectives. Effective March 2020, Mr. Cory’s target bonus is 60% of his base salary. Pursuant to the terms of the agreement, Mr. Cory is subject to certain confidentiality obligations and is obligated to sign and comply with an agreement relating to proprietary information and inventions.

Eiger entered into an amended and restated offer letter agreement with Mr. Ryali in November 2019. The agreement is for an unspecified term and entitles Mr. Ryali to an initial annual base salary of $335,000. The agreement also provides that he will be eligible to receive a bonus targeted at 35% of base salary based upon his performance and the attainment of company objectives. Effective March 2020, Mr. Ryali’s target bonus is 40% of his base salary. Pursuant to the terms of the agreement, Mr. Ryali is subject to certain confidentiality obligations and is obligated to sign and comply with an agreement relating to proprietary information and inventions.

Eiger entered into an offer letter agreement with Mr. Mayer in December 2019. The agreement is for an unspecified term and entitles Mr. Mayer to an initial annual base salary of $390,000. The agreement also provides that he is eligible to receive a bonus targeted at 35% of base salary based upon his performance and the attainment of company objectives. Pursuant to the terms of the agreement, Mr. Mayer is subject to certain confidentiality obligations and is obligated to sign and comply with an agreement relating to proprietary information and inventions.

Potential Payments upon Termination of Employment or Change in Control with our Named Executive Officers

Pursuant to the terms of his amended and restated offer letter agreement, upon termination of his employment without cause or resignation for good reason, Mr. Cory will receive 18 months of base salary and company-subsidized COBRA coverage, as well as pro rata target bonus, 50% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions. Upon termination of Mr. Cory’s employment without cause or resignation for good reason in connection with a change in control, Mr. Cory will receive 24 months of base salary and company-subsidized COBRA coverage, as well as pro rata target bonus, 100% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions.

Pursuant to the terms of his amended and restated offer letter agreement, upon termination of his employment without cause or resignation for good reason, Mr. Ryali will receive 12 months of base salary and company-

27


subsidized COBRA coverage, as well as pro rata target bonus, 50% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions. Upon termination of Mr. Ryali’s employment without cause or resignation for good reason in connection with a change in control, Mr. Ryali will receive 18 months of base salary and company-subsidized COBRA coverage, as well as pro rata target bonus, 100% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions.

Pursuant to the terms of his offer letter agreement, upon termination of his employment without cause or resignation for good reason, Mr. Mayer will receive 12 months of base salary and company-subsidized COBRA coverage, as well as pro rata target bonus, 50% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions. Upon termination of Mr. Mayer’s employment without cause or resignation for good reason in connection with a change in control, Mr. Mayer will receive 18 months of base salary and company-subsidized COBRA coverage, as well as pro rata target bonus, 100% acceleration of the vesting of his unvested equity awards held as of such time and the deemed target achievement of any outstanding equity that is subject to performance-based vesting conditions.

Perquisites, Health, Welfare and Retirement Benefits

Eiger’s named executive officers are eligible to participate in Eiger’s employee benefit plans and programs, including medical and dental benefits, flexible spending accounts, long-term care benefits and short- and long-term disability and life insurance, to the same extent as its other full-time employees, subject to the terms and eligibility requirements of those plans.

Eiger maintains a tax-qualified retirement plan that provides eligible U.S. employees with an opportunity to save for retirement on a tax advantaged basis. Eligible employees may defer eligible compensation subject to applicable annual Code limits. The 401(k) plan permits participants to make both pre-tax and certain after-tax (Roth) deferral contributions. These contributions are allocated to each participant’s individual account and are then invested in selected investment alternatives according to the participant’s directions. Employees are immediately and fully vested in their contributions. Currently, Eiger makes matching contributions to the 401(k) plan in the amount of up to 4% of each eligible U.S. employee’s annual salary, subject to applicable annual Code limits. The 401(k) plan is intended to be qualified under Section 401(a) of the Code with the 401(k) plan’s related trust intended to be exempt under Section 501(a) of the Code. As a tax qualified retirement plan, contributions to the 401(k) plan and earnings on those contributions are not taxable to the employees until distributed from the 401(k) plan.

Although Eiger does not have a formal policy with respect to the grant of equity incentive awards to its executive officers or any formal equity ownership guidelines applicable to them, Eiger believes that equity grants provide its executives with a strong link to Eiger’s long-term performance, create an ownership culture and help to align the interests of Eiger’s executives and its stockholders. In addition, Eiger believes that equity grants with a time-based vesting feature promote executive retention because this feature incentivizes executive officers to remain in Eiger’s employment during the vesting period. In 2021, Eiger granted Mr. Cory an option to purchase 329,750 shares of its common stock, Mr. Ryali an option to purchase 214,500 shares of its common stock and Mr. Mayer an option to purchase 88,750 shares of its common stock. Additionally, in 2021 Eiger granted Mr. Cory 47,000 restricted stock unit awards and 30,000 performance-based restricted stock unit awards, Mr. Ryali 16,250 restricted stock unit awards and 30,000 performance-based restricted stock unit awards and Mr. Mayer 11,875 restricted stock unit awards and 30,000 performance-based restricted stock unit awards.

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EQUITY COMPENSATION PLAN INFORMATION

The following table provides certain information with respect to all of the Company’s equity compensation plans in effect as of December 31, 2021:

Plan Category

  Number of
Securities to be Issued
Upon Exercise of
Outstanding Options and RSUs(a)
   Weighted-Average
Exercise Price of
Outstanding Options(b)
   Number of Securities
Remaining for Issuance
under Equity
Compensation Plans
excluding securities
reflected in column (a))(c)
 

Equity compensation plans approved by stockholders(1)

   5,705,185   $10.37    702,645 

Equity compensation plans not approved by stockholders

   180,000   $6.68    625,000 

Total

   5,885,185   $10.24    1,327,645 

(1)

Includes securities issuable under our 2009 Equity Incentive Plan (the “2009 Plan”), our Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”), our 2021 Inducement Plan (the “2021 Plan”) and our 2013 Employee Stock Purchase Plan (the “ESPP”). The 2013 Plan provides that on the first day of each fiscal year, ending on (and including) January 1, 2026, the number of shares authorized for issuance under the 2013 Plan is automatically increased by a number equal to: (a) 5% of the total number of shares of capital stock outstanding on the last day of the preceding fiscal year; or (b) such lesser number of shares of common stock as is determined by the Board for the applicable year. The 2021 Plan has a maximum award granted for eligible persons of 850,000 shares. The ESPP provides that on January 1st of each year, ending on (and including) January 1, 2026, the number of shares authorized for issuance under the ESPP is automatically increased by a number equal to the lesser of: (a) 1% of the total number of shares of capital stock outstanding on December 31st of the preceding calendar year; (b) 165,000 shares; or (c) such lesser number of shares of common stock as is determined by the Board for the applicable year.

2021 NON-EMPLOYEE DIRECTOR COMPENSATION

The following table shows for the fiscal year ended December 31, 2021 certain information with respect to the compensation of all non-employee directors of the Company:

Name

  Fees Earned
or Paid in
Cash ($)
   Stock Awards ($)(1)   Option Awards ($)(2)   Total ($) 

David Apelian, M.D., Ph.D.

   40,000    49,950    59,540    149,490 

Thomas Dietz, Ph.D.

   152,500    49,950    119,080    321,530 

Jeffrey Glenn, M.D., Ph.D.

   57,500    49,950    59,540    166,990 

Evan Loh, M.D.

   60,000    49,950    59,540    169,490 

Christine Murray, M.S., R.A.C.

   55,000    49,950    59,540    164,490 

Kim Sablich, M.B.A(3)

   32,582      130,043    162,625 

Amit K. Sachdev, J.D.

   57,500    49,950    59,540    166,990 

(1)

The amounts in this column reflect the aggregate grant date fair value of restricted stock units awarded during the year, computed at the grant date in accordance with ASC 718, based on our closing stock price on the date of grant. These amounts do not reflect the actual economic value that may be realized by the non-employee director upon the vesting of the restricted stock units or the sale of the common stock underlying such restricted stock units. As of December 31, 2021, each of our non-employee directors had 5,000 unvested restricted stock units.

(2)

Amounts listed represent the aggregate grant date fair value of option awards granted during 2021 computed in accordance with ASC 718. Assumptions used in the calculation of these amounts are included in Note 10 to our audited financial statements included in our Annual Report on Form 10-K for the year ended

29


December 31, 2021. These amounts do not reflect the actual economic value that may be realized by the non-employee director upon vesting of the stock options, the exercise of the stock options, or the sale of the common stock underlying such stock options. As of December 31, 2021, the aggregate number of shares outstanding under all options to purchase our common stock held by our non-employee directors were: Dr. Dietz: 128,000; Dr. Glenn: 105,000; Dr. Loh: 65,000; Ms. Murray: 55,000; Mr. Sachdev: 45,000; Dr. Apelian: 342,500 and Ms. Sablich: 25,000.
(3)

Ms. Sablich joined our Board of Directors, effective April 23, 2021, and her fees were pro-rated to reflect her period of service during 2021.

The Company’s compensation policy for non-employee directors is set forth as follows:

an annual cash retainer of $40,000;

an additional annual cash retainer of $80,000 for service as Chair of the Company’s Board of Directors;

an additional annual cash retainer of $10,000, $7,500 and $5,000 for service on the Company’s Audit Committee, Compensation Committee and Nominating and Governance Committee, respectively;

an additional annual cash retainer of $20,000, $15,000 and $10,000 for service as Chair of the Audit Committee, Compensation Committee and Nominating and Governance Committee, respectively;

an automatic annual option grant to purchase 10,000 shares of the Company’s common stock for each non-employee director serving on the Board of Directors and 20,000 for the Chair of the Board, in each case vesting monthly over the twelve-months from the date of grant, subject to the director’s continued service with the Company;

an annual grant of 5,000 restricted stock units for each non-employee director serving on the Board of Directors; and

upon first joining the Company’s Board of Directors, an automatic initial grant of an option to purchase 25,000 shares of the Company’s common stock that vests monthly over a three-year period following the grant date subject to the director’s continued service with the Company.

In March 2022, the Board of Directors approved certain changes to the Company’s compensation policy for non-employee directors for 2022. Under the revised policy, the annual cash retainer for all non-employee directors was increased to $45,000. The additional annual cash retainer for service as Chair of the Company’s Board of Directors was increased to $85,000. The annual cash retainer for the chair of the Audit Committee was increased to $22,500. The annual cash retainer for the chair of the Compensation Committee was increased to $17,000. The annual cash retainer for the chair of the Nominating and Governance Committee was increased to $12,500. The annual cash retainer for service on the Audit Committee was increased to $12,000. The annual cash retainer for service Compensation Committee was increased to $10,000. The annual cash retainer for service on the Nominating and Governance Committee was increased to $7,500. The automatic annual option grant to purchase shares of the Company’s common stock for each non-employee director serving on the Board of Directors was increased to 12,000 and 24,000 for the Chair of the Board. The annual grant of restricted stock units for each non-employee director serving on the Board of Directors was increased to 6,000. The initial grant upon first joining the Company’s Board of Directors of an option to purchase shares of the Company’s common stock was increased to 30,000.

Each of the option grants described above vest and become exercisable subject to the director’s continuous service with the Company, provided that each option vests in full upon a change of control, as defined under the Company’s 2013 Plan. In addition, the post-termination exercise period for each of the option grants described above will be three years from the date of termination of service, if such termination of service is other than for cause subject to the ten-year term of each option. The options are granted under the Company’s 2013 Plan.

30


Each of the restricted stock unit grants described above vest and become exercisable subject to the director’s continuous service with the Company, provided that each option vests in full upon a change of control, as defined under the Company’s 2013 Plan. In addition, the post-termination exercise period for each of the restricted stock unit grants described above will be three years from the date of termination of service, if such termination of service is other than for cause subject to the ten-year term of each option. The options are granted under the Company’s 2013 Plan.

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TRANSACTIONS WITH RELATED PERSONS

RELATED-PERSON TRANSACTIONS POLICY AND PROCEDURES

We have adopted a written Related-Person Transactions Policy that sets forth our policies and procedures regarding the identification, review, consideration and oversight of “related-person transactions.” For purposes of our policy only, a “related-person transaction” is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which we and any “related person” are participants involving an amount that exceeds $120,000.

Transactions involving compensation for services provided to us as an employee, consultant or director are not considered related-person transactions under this policy. A related person is any executive officer, director or a holder of more than 5% of our common stock, including any of their immediate family members and any entity owned or controlled by such persons.

Under the policy, where a transaction has been identified as a related-person transaction, management must present information regarding the proposed related-person transaction to our Audit Committee (or, where review by our Audit Committee would be inappropriate, to another independent body of our Board of Directors) for review. The presentation must include a description of, among other things, the material facts, the direct and indirect interests of the related persons, the benefits of the transaction to us and whether any alternative transactions are available. To identify related-person transactions in advance, we rely on information supplied by our executive officers, directors and certain significant stockholders. In considering related-person transactions, our Audit Committee or another independent body of our Board of Directors takes into account the relevant available facts and circumstances including, but not limited to:

the risks, costs and benefits to us;

the impact on a director’s independence in the event the related person is a director, immediate family member of a director or an entity with which a director is affiliated;

the terms of the transaction;

the availability of other sources for comparable services or products; and

the terms available to or from, as the case may be, unrelated third parties or to or from our employees generally.

In the event a director has an interest in the proposed transaction, the director must recuse himself or herself from the deliberations and approval.

CERTAIN RELATIONSHIPS AND RELATED-PERSON TRANSACTIONS

The following is a summary of transactions since January 1, 2018 in which we have participated where the amount involved exceeded or will exceed the lesser of 1% of our total assets or $120,000 and in which any of our directors, executive officers or holders of more than 5% of our capital stock or any members of their immediate family had or will have a direct or indirect material interest, other than compensation arrangements which are described under “Executive Compensation” and “Director Compensation.”

Indemnification Agreements

We have entered into indemnity agreements with our directors and officers that provide, among other things, that we will indemnify such officer or director, under the circumstances and to the extent provided for therein, for all reasonable expenses and liabilities incurred with any action or proceeding brought against them by reason of the fact that they are serving in such capacity, and otherwise to the fullest extent permitted under Delaware law and our Bylaws.

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HOUSEHOLDING OF PROXY MATERIALS

The SEC has adopted rules that permit companies and intermediaries (e.g., brokers) to satisfy the delivery requirements for Annual Meeting materials with respect to two or more stockholders sharing the same address by delivering a single set of Annual Meeting materials addressed to those stockholders. This process, which is commonly referred to as “householding,” potentially means extra convenience for stockholders and cost savings for companies.

This year, a number of brokers with account holders who are Eiger stockholders will be “householding” the Company’s proxy materials. A single set of Annual Meeting materials will be delivered to multiple stockholders sharing an address unless contrary instructions have been received from the affected stockholders. Once you have received notice from your broker that they will be “householding” communications to your address, “householding” will continue until you are notified otherwise or until you revoke your consent. If, at any time, you no longer wish to participate in “householding” and would prefer to receive a separate set of Annual Meeting materials, or if you currently receive multiple copies of the Annual Meeting materials at your address and would like to request “householding” of Annual Meeting materials, please notify your broker or Eiger. Direct your written request to Corporate Secretary, Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., Palo Alto, CA 94306 or contact Mr. Atkisson at 650-272-6138.

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OTHER MATTERS

The Board of Directors knowsknow of no other matters that will be presented for consideration at the Annualour Special Meeting. If any other matters are properly broughtcome before our Special Meeting upon which a vote properly may be taken, shares represented by all proxies received by us on the meeting, it is the intention of the persons named in the accompanying proxy to vote on such matterscard will be voted with respect thereto as permitted and in accordance with their best judgment.

By Order of the Board of Directors

LOGO

General Counsel, Corporate Secretary and
Chief Compliance Officer

April 28, 2022

A copythe judgment of the Company’s Annual Reportproxy holders.

BY ORDER OF THE BOARD OF DIRECTORS

/s/ James Vollins
James Vollins
General Counsel, Chief Compliance Officer and Corporate Secretary

Date: December 11, 2023
16

TABLE OF CONTENTS

EXHIBIT A
FORM OF AMENDMENT
TO
AMENDED AND RESTATED CERTIFICATE OF INCORPORATION
OF
EIGER BIOPHARMACEUTICALS, INC.
Eiger BioPharmaceuticals, Inc. (the “Corporation”), a corporation organized and existing under and by virtue of the General Corporation Law of the State of Delaware, hereby certifies as follows:
FIRST: The original Certificate of Incorporation of the Corporation was filed with the Secretary of State of the State of Delaware on Form 10-K for the fiscal year ended December 31, 2021 is available on our websiteFebruary 24, 2012, under the “Investors” section. Additionally, we will provide a copyname Celladon Corporation.
SECOND: The Amendment of our Annual Report on Form 10-K without charge upon written request to: Chief Financial Officer, Eiger BioPharmaceuticals, Inc., 2155 Park Blvd., Palo Alto, CA 94306.

34


LOGO

EIGER BIOPHARMACEUTICALS, INC.
2155 PARK BOULEVARD
PALO ALTO, CA 94306
VOTE BY INTERNET
Before The Meeting - Go to www.proxyvote.com or scan the QR Barcode above
UseAmended and Restated Certificate of Incorporation of the Internet to transmit your voting instructions and for electronic delivery of information
up until 11:59 p.m. Eastern Time the day before the cut-off date or meeting date. Have your
proxy card in hand when you access the web site and follow the instructions to obtain your
records and to create an electronic voting instruction form.
During The Meeting - Go to www.virtualshareholdermeeting.com/EIGR2022
You may attend the meeting via the Internet and vote during the meeting. Have the information
that is printedCorporation in the box markedform set forth in the following resolution has been duly adopted in accordance with the provisions of Sections 228 and 242 of the General Corporation Law of the State of Delaware by the arrow availabledirectors and followstockholders of the instructions.
VOTE BY PHONE - 1-800-690-6903
UseCorporation:

RESOLVED: Article IV.D of the of the Restated Certificate of Incorporation is hereby deleted and amended and restated in its entirety as follows:
D. Upon the filing and effectiveness of this Certificate of Amendment of Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, each [•]1 ([•]) shares of common stock either issued and outstanding or held by the Corporation in treasury stock immediately prior to the Effective Time shall, automatically and without any touch-tone telephoneaction on the part of the respective holders thereof, be combined and converted into one (1) share of common stock (the “Reverse Stock Split”).
No fractional interest in a share of Common Stock shall be deliverable upon the Reverse Stock Split. All shares of Common Stock (including fractions thereof) issuable upon the Reverse Split held by a holder prior to transmit your voting instructions up until
11:59 p.m. Eastern Time the day beforeReverse Split shall be aggregated for purposes of determining whether the cut-off date or meeting date. Have your proxy
card in hand when you call and then follow the instructions.
VOTE BY MAIL
Mark, sign and date your proxy card and return itReverse Split would result in the postage-paid envelope we
have provided or return itissuance of any fractional share. Any fractional share resulting from such aggregation upon the Reverse Split shall be rounded down to Vote Processing, c/o Broadridge, 51 Mercedes Way,
Edgewood, NY 11717.
TO VOTE, MARK BLOCKS BELOW IN BLUE OR BLACK INK AS FOLLOWS:
D81194-P68780
KEEP THIS PORTION FOR YOUR RECORDS
THIS PROXY CARD IS VALID ONLY WHEN SIGNED AND DATED. DETACH AND RETURN THIS PORTION ONLY
Nominees:
01) David Cory
02) David Apelian
03) Christine Murray
The Boardthe nearest whole number. Each holder who would otherwise be entitled to a fraction of Directors recommends you vote FOR proposals 2 and 3:
4. Any other business properly brought beforea share of Common Stock upon the 2022 Annual Meeting.
3. RatificationReverse Split (after aggregating all fractions of a share to which such stockholder would otherwise be entitled) shall, in lieu thereof, be entitled to receive a cash payment in an amount equal to the fraction to which the stockholder would otherwise be entitled multiplied by the closing price of the Audit Committee’s selection of KPMG LLPCorporation’s Common Stock as reported on The Nasdaq Global Market on the Company’s independent registered public accounting firm forlast trading day prior to the year ending
December 31, 2022; and
2. Approval, on an advisory basis,effective date of the compensation of the Company’s named executive officers;
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.
1. Election of David Cory, David Apelian and Christine Murray
as Class I Directors of the Company, as recommended
for nomination by the Nominating and Governance
Committee and approved by the Board,split. The Corporation shall not be obliged to hold office
until the 2025 Annual Meeting of Stockholders and until
his or her successor is duly elected and qualified, or until
his or her earlier death, resignation or removal;
EIGER BIOPHARMACEUTICALS, INC.
The Board of Directors recommends you vote FOR the following nominees:
To withhold authority to vote for any individual
nominee(s), mark “For All Except” and write the
number(s) of the nominee(s) on the line below.
for all withhold all for all except for againts abstain Signature [PLEASE SIGN WITHIN BOX] SCAN TO VIEW MATERIALS & VOTE


LOGO Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting:

The Notice and Proxy Statement and Form 10-K are available at www.proxyvote.com.
EIGER BIOPHARMACEUTICALS, INC.
Annual Meeting of Stockholders
June 16, 2022 10:00 AM, PDT
This proxy is solicited by the Board of Directors
The stockholder(s) hereby appoint(s) David A. Cory and Erik Atkisson, or either of them, as proxies, each with the power to appoint his substitute, and hereby authorize(s) them to represent and to vote, as designated on the reverse side of this ballot, all ofissue certificates evidencing the shares of Common Stock outstanding as a result of EIGER BIOPHARMACEUTICALS, INC.,the Reverse Split unless and until the certificates evidencing the shares held by a holder prior to the Reverse Split are either delivered to the Corporation or its transfer agent, or the holder notifies the Corporation or its transfer agent that such certificates have been lost, stolen or destroyed and executes an agreement satisfactory to the stockholder(s)
is/are entitledCorporation to vote atindemnify the Annual Meeting of Stockholders to be held at 10:00 AM, PDT on June 16, 2022, virtually at
www.virtualshareholdermeeting.com/EIGR2022 andCorporation from any adjournment or postponement thereof.
This proxy, when properly executed, will be votedloss incurred by it in the manner directed herein. If noconnection with such direction is made, this proxy will be votedcertificates.

THIRD: The foregoing amendment has been duly adopted in accordance with the Boardprovisions of Directors’ recommendations.
ContinuedSections 228 and to242 of the General Corporation Law of the State of Delaware by the directors and stockholders of the Corporation.
FOURTH: The Certificate of Amendment of the Amended and Restated Certificate of Incorporation so adopted reads in full as set forth above and is hereby incorporated herein by this reference. All other provisions of the Amended and Restated Certificate of Incorporation remain in full force and effect.
FIFTH: The foregoing amendment shall be signedeffective as of 11:59 p.m., Eastern Time, on reverse side D81195-P68780[DATE], 202[3][4].
* * * * *
(1)
The reverse stock split shall be at a ratio of not less than 1:10 and not more than 1:35, inclusive.
A-1