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DEF 14A Filing
Semler Scientific (SMLR) DEF 14ADefinitive proxy
Filed: 23 Aug 24, 7:00am
| | Important Notice Regarding the Availability of Proxy Materials for the Stockholders’ Meeting to Be Held on October 4, 2024 at 9:00 a.m. Pacific Daylight Time virtually at a unique link received after registering at http://www.viewproxy.com/Semler/2024/htype.asp | | |
| | The proxy statement and annual report to stockholders are available at http://www.viewproxy.com/Semler/2024 | | |
| | You are cordially invited to attend the annual meeting. Whether or not you expect to attend the annual meeting virtually, please complete, date, sign and return the enclosed proxy, or vote over the telephone or the internet as instructed in these materials, as promptly as possible in order to ensure your representation at the annual meeting. A return envelope (which is postage prepaid if mailed in the United States) has been provided for your convenience. Even if you have voted by proxy, you may still vote during the meeting if you attend the virtual meeting. Please note, however, that if your shares are held of record by 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. | | |
| | Internet proxy voting may be provided to allow you to vote your shares online, with procedures designed to ensure the authenticity and correctness of your proxy vote instructions. However, please be aware that you must bear any costs associated with your internet access, such as usage charges from internet access providers and telephone companies. | | |
| Proposal Number | | | Proposal Description | | | Vote Required for Approval | | | Effect of Abstentions | | | Effect of Broker Non- Votes | | | ||
| 1 | | | Election of two Class III directors | | | Nominee receiving the most “For” votes | | | None | | | None | | | | |
| 2 | | | Advisory vote on executive compensation | | | Majority of votes cast “For” | | | None | | | None | | | | |
| 3 | | | Approval of 2024 Plan | | | Majority of votes cast “For” | | | None | | | None | | | | |
| 4 | | | Ratification of BDO USA, P.C. as Independent Registered Public Accounting Firm for Fiscal 2024 | | | Majority of votes cast “For” | | | None | | | None | | | | |
NAME | | | AGE | | | PRINCIPAL OCCUPATION/ POSITION HELD WITH THE COMPANY | |
Douglas Murphy-Chutorian, M.D. | | | 70 | | | Chief Executive Officer | |
Daniel S. Messina | | | 68 | | | Director | |
NAME | | | AGE | | | PRINCIPAL OCCUPATION/ POSITION HELD WITH THE COMPANY, CLASS | |
William H.C. Chang | | | 68 | | | Class I director | |
Eric Semler | | | 59 | | | Class II director | |
| | Board Diversity Matrix (As of August 23, 2024) | | | ||||||||||||||||
| | Total Number of Directors: | | | | | | | | | | | | | | | | | | |
| | | | | | Female | | | | Male | | | | Non-Binary | | | | Did Not Disclose Gender | | |
| | Part I: Gender Identity | | | | | | | | | | | | | | | | | | |
| | Directors | | | | | | | | 4 | | | | | | | | | | |
| | Part II: Demographic Background | | | | | | | | | | | | | | | | | | |
| | African American or Black | | | | | | | | | | | | | | | | | | |
| | Alaskan Native or Native American | | | | | | | | | | | | | | | | | | |
| | Asian | | | | | | | | 1 | | | | | | | | | | |
| | Hispanic or Latinx | | | | | | | | | | | | | | | | | | |
| | Native Hawaiian or Pacific Islander | | | | | | | | | | | | | | | | | | |
| | White | | | | | | | | 3 | | | | | | | | | | |
| | Two or More Races or Ethnicities | | | | | | | | | | | | | | | | | | |
| | LGBTQ+ | | | | | | | | | | | | | | | | | | |
| | Did Not Disclose Demographic Background | | | | | | | | | | | | | | | | | | |
Name | | | Audit | | | Compensation | | | Nominating and Corporate Governance | | |||||||||
William H.C. Chang | | | | | X | | | | | | X | | | | | | X | | |
Daniel S. Messina | | | | | X | | | | | | | | | | | | X | | |
Douglas Murphy-Chutorian, M.D. | | | | | | | | | | | | | | | | | | | |
Eric Semler | | | | | X | | | | | | X | | | | | | X | | |
Total Meetings in 2023 | | | | | 6 | | | | | | 2 | | | | | | 2 | | |
Plan Category | | | Number of Securities to be Issued Upon Exercise of Outstanding Options, Warrants and Rights (#) | | | Weighted Average Exercise Price of Outstanding Options, Warrants and Rights ($)(1) | | | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column (a)) (#) | | |||||||||
| | | (a) | | | (b) | | | (c) | | |||||||||
Equity Compensation Plans Approved by Securityholders: | | | | | | | | | | | | | | | | | | | |
2014 Stock Incentive Plan(2) | | | | | 1,011,785 | | | | | $ | 3.84 | | | | | | 1,813,175 | | |
2007 Key Person Stock Option Plan | | | | | 10,000 | | | | | $ | 3.85 | | | | | | — | | |
Total | | | | | 1,021,785 | | | | | $ | 3.84 | | | | | | 1,813,175 | | |
| | | Year Ended December 31, | | |||||||||
Fee Type | | | 2023 | | | 2022 | | ||||||
Audit Fees | | | | $ | 473,070 | | | | | $ | 463,380 | | |
Audit-Related Fees | | | | | 22,000 | | | | | | 22,393 | | |
Total Fees | | | | $ | 495,070 | | | | | $ | 485,773 | | |
Name and Address of Beneficial Owner | | | Number of Shares Beneficially Owned | | | Percentage of Shares Beneficially Owned | | ||||||
Named Executive Officers, Directors and >5% holders: | | | | | | | | | | | | | |
William H.C. Chang(1) | | | | | 891,119 | | | | | | 12.7% | | |
Eric Semler(2) | | | | | 653,612 | | | | | | 9.3% | | |
Daniel S. Messina(3) | | | | | 15,592 | | | | | | * | | |
Douglas Murphy-Chutorian(4) | | | | | 784,571 | | | | | | 10.1% | | |
Renae Cormier(5) | | | | | 4,670 | | | | | | * | | |
Andrew B. Weinstein | | | | | — | | | | | | — | | |
Wayne T. Pan | | | | | 3,776 | | | | | | * | | |
All directors and executive officers as a group (5 persons) | | | | | 2,349,564 | | | | | | 30.2% | | |
Name | | | Age | | | Position(s) | |
Douglas Murphy-Chutorian, M.D. | | | 70 | | | chief executive officer and director | |
Renae Cormier | | | 52 | | | chief financial officer | |
Name and Principal Position | | | Fiscal Year | | | Salary ($)(1) | | | Bonus ($) | | | Option Award(s) ($)(2) | | | Stock Awards ($)(3) | | | Non-Equity Incentive Plan Compensation ($)(4) | | | All Other Compensation ($)(5) | | | Total ($) | | ||||||||||||||||||
Douglas Murphy-Chutorian, M.D.,(6) Director and chief executive officer | | | | | 2023 | | | | $488,508 | | | | $ | — | | | | | $ | — | | | | — | | | | $ | 400,000 | | | | | $ | 40,389 | | | | | $ | 928,897 | | |
| | | 2022 | | | | $450,000 | | | | $ | — | | | | | $ | — | | | | — | | | | $ | 400,000 | | | | | $ | 20,459 | | | | | $ | 870,459 | | | ||
Renae Cormier(7) Chief financial officer | | | | | 2023 | | | | $273,724 | | | | $ | 72,000 | | | | | $ | 95,200 | | | | $55,000 | | | | $ | — | | | | | $ | 28,987 | | | | | $ | 524,911 | | |
| | | 2022 | | | | — | | | | | — | | | | | | — | | | | — | | | | | — | | | | | | — | | | | | | — | | | ||
Andrew B. Weinstein(8) Former senior vice president, finance and accounting | | | | | 2023 | | | | $311,537 | | | | $ | 36,000 | | | | | | — | | | | — | | | | | — | | | | | $ | 84,372 | | | | | $ | 431,909 | | |
| | | 2022 | | | | $353,750 | | | | $ | 72,000 | | | | | | — | | | | — | | | | | — | | | | | $ | 29,491 | | | | | $ | 455,241 | | | ||
Wayne T. Pan, M.D. Ph.D.(9) Former director and former chief executive officer | | | | | 2023 | | | | $37,500 | | | | | — | | | | | | — | | | | $100,000 | | | | | — | | | | | $ | 31,601 | | | | | $ | 169,101 | | |
| | | 2022 | | | | — | | | | | — | | | | | | — | | | | — | | | | | — | | | | | | — | | | | | | — | | |
Name | | | Number of Securities Underlying Unexercised Options (#) Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | ||||||||||||
Douglas Murphy-Chutorian(1) | | | | | 71,000 | | | | | | 0 | | | | | $ | 2.10 | | | | | | 11/08/2024 | | |
Douglas Murphy-Chutorian(1) | | | | | 75,000 | | | | | | 0 | | | | | $ | 1.96 | | | | | | 12/31/2024 | | |
Douglas Murphy-Chutorian(1) | | | | | 180,000 | | | | | | 0 | | | | | $ | 3.44 | | | | | | 07/20/2025 | | |
Douglas Murphy-Chutorian(1) | | | | | 60,000 | | | | | | 0 | | | | | $ | 2.56 | | | | | | 12/31/2025 | | |
Douglas Murphy-Chutorian(1) | | | | | 125,000 | | | | | | 0 | | | | | $ | 2.23 | | | | | | 02/17/2026 | | |
Douglas Murphy-Chutorian(1) | | | | | 125,000 | | | | | | 0 | | | | | $ | 1.72 | | | | | | 01/19/2027 | | |
Douglas Murphy-Chutorian(1) | | | | | 125,000 | | | | | | 0 | | | | | $ | 8.00 | | | | | | 12/31/2027 | | |
Renae Cormier | | | | | 1,979 | | | | | | 3,021 | | | | | $ | 30.48 | | | | | | 05/16/2032 | | |
Renae Cormier | | | | | — | | | | | | 5,000 | | | | | $ | 25.47 | | | | | | 07/09/2033 | | |
Year | | | Summary Compensation Table Total for Douglas Murphy- Chutorian, M.D. ($)(3) | | | Summary Compensation Table Total for Dr. Wayne T. Pan ($)(3) | | | Compensation Actually Paid to Douglas Murphy- Chutorian, M.D. ($)(4) | | | Compensation Actually Paid to Dr. Wayne T. Pan ($)(4) | | | Average Summary Compensation Table Total for Non- PEO NEOs ($)(5) | | | Average Compensation Actually Paid to Non -PEO NEOs ($)(6) | | | Value of Initial Fixed $100 Investment Based on Total Shareholder Return ($)(7) | | | Net Income (Thousands) ($)(8) | | ||||||||||||||||||||||||
(a) | | | (b) | | | (c) | | | (d) | | | (e) | | | (f) | | | (g) | | | (h) | | | (i) | | ||||||||||||||||||||||||
2023(1) | | | | $ | 928,897 | | | | | $ | 169,101 | | | | | $ | 928,897 | | | | | $ | 169,101 | | | | | $ | 478,410 | | | | | $ | 512,990 | | | | | $ | 47 | | | | | $ | 20,583 | | |
2022(2) | | | | $ | 870,459 | | | | | | | | | | | $ | 870,459 | | | | | | | | | | | $ | 372,266 | | | | | $ | 372,266 | | | | | $ | 35 | | | | | $ | 14,325 | | |
2021(2) | | | | $ | 871,395 | | | | | | | | | | | $ | 871,395 | | | | | | | | | | | $ | 366,765 | | | | | $ | 366,765 | | | | | $ | 97 | | | | | $ | 17,222 | | |
| | | Fiscal Year 2023 | | | Fiscal Year 2023 | | ||||||
| | | Douglas Murphy-Chutorian | | | Dr. Wayne T. Pan | | ||||||
Summary Compensation Table Total Compensation | | | | $ | 928,897 | | | | | $ | 169,101 | | |
Deduct: Amount reported under the ‘stock awards’ and ‘Option awards’ columns of the table | | | | | — | | | | | | (100,000) | | |
Add: Fair value of awards granted in 2023 unvested as of 12/31/2023 | | | | | — | | | | | | — | | |
Add/(Deduct): Change in fair value of awards granted in prior years unvested as of 12/31/2023 | | | | | — | | | | | | — | | |
Add: Fair value at the vesting of awards granted and vested in 2023 | | | | | | | | | | | 100,000 | | |
Add/(Deduct): Change in fair value of awards granted in prior years that vested during 2023 as of 12/31/2023 | | | | | — | | | | | | — | | |
Total adjusted compensation actually paid | | | | $ | 928,897 | | | | | $ | 169,101 | | |
| | | Fiscal Year 2023 | | |||
Summary Compensation Table Total Compensation | | | | $ | 478,410 | | |
Deduct: Amount reported under the ‘stock awards’ and ‘Option awards’ columns of the table | | | | | (75,100) | | |
Add: Fair value of awards granted in 2023 unvested as of 12/31/2023 | | | | | 72,975 | | |
Add/(Deduct): Change in fair value of awards granted in prior years unvested as of 12/31/2023 | | | | | 10,392 | | |
Add: Fair value at the vesting of awards granted and vested in 2023 | | | | | 27,500 | | |
Add/(Deduct): Change in fair value of awards granted in prior years that vested during 2023 as of 12/31/2023 | | | | | (1,187) | | |
Total adjusted compensation actually paid | | | | $ | 512,990 | | |
Name | | | Fees Earned or Paid in Cash ($)(1) | | | Stock Awards ($)(2) | | | Total ($) | | ||||||
Daniel S. Messina(3) | | | | $ | 66,350 | | | | | $ | 150,000 | | | | $216,350 | |
Eric Semler(4) | | | | $ | 56,696 | | | | | | — | | | | $56,696 | |
William H.C. Chang(4) | | | | $ | 29,684 | | | | | | — | | | | $29,684 | |
Arthur “Abbie” Leibowitz, M.D., F.A.A.P.(5) | | | | $ | 64,301 | | | | | $ | 100,000 | | | | $164,301 | |
Cindy Moon(5) | | | | $ | 29,625 | | | | | $ | 100,000 | | | | $129,625 | |
| August 23, 2024 | | | By Order of the Board of Directors | |
| | | | /s/ Renae Cormier Renae Cormier Corporate Secretary | |