Inogen Inc
For the period ended Mar 27, 2025. Filed Mar 27, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Mar 27, 2025 · Filed Mar 27, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
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
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
Inogen, Inc.
(Name of Registrant as Specified In Its Charter)
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
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
Dear Stockholder:
I am pleased to invite you to attend the Annual Meeting of Stockholders of Inogen, Inc. (“Inogen”), which will be held on May 14, 2025 at 10:00 a.m. Pacific Time as a virtual meeting. The Annual Meeting of Stockholders (together with any postponements, adjournments or continuations thereof, the “Annual Meeting”) will be held in a virtual meeting format only. You will be able to attend the meeting, vote and submit your questions via the Internet atwww.virtualshareholdermeeting.com/INGN2025. You will not be able to attend the virtual Annual Meeting physically in person.
At the Annual Meeting, we will ask you to consider the following proposals:
To elect three Class II directors from the nominees described in this proxy statement;
To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year ending December 31, 2025;
To approve, on an advisory and non-binding basis, the compensation of our named executive officers as described in this proxy statement;
To approve the Inogen, Inc. Amended and Restated 2023 Equity Incentive Plan; and
To transact such other business as may properly come before the Annual Meeting or any adjournments or postponements thereof.
Our Board of Directors has fixed the close of business on March 17, 2025 as the record date for the Annual Meeting. Only stockholders of record on March 17, 2025 are entitled to notice of and to vote at the Annual Meeting. Further information regarding voting rights and the matters to be voted upon is presented in the accompanying proxy statement.
We are pleased to be furnishing proxy materials to stockholders primarily over the Internet for our Annual Meeting. Consequently, most stockholders will not receive paper copies of our proxy materials. We will instead send to our stockholders a Notice of Internet Availability of Proxy Materials. We believe that this process expedites stockholders’ receipt of proxy materials, lowers the costs of our Annual Meeting, and conserves natural resources.
On or about March 27, 2025, we expect to mail to our stockholders a Notice of Internet Availability of Proxy Materials containing instructions on how to access our proxy statement for our Annual Meeting and our 2024 annual report to stockholders (“Annual Report”). The Notice of Internet Availability of Proxy Materials also includes instructions on how you can vote using the Internet and how you can request and receive, free of charge, a printed copy of our proxy materials. Our proxy statement and our Annual Report can be accessed directly at the following Internet address: http://www.proxyvote.com by entering the control number located on your proxy card. All stockholders who do not receive a Notice of Internet Availability of Proxy Materials will receive a paper copy of the proxy materials by mail.
YOUR VOTE IS IMPORTANT. Whether or not you plan to attend the virtual Annual Meeting of Stockholders, we urge you to submit your vote via the Internet, telephone or mail.
On behalf of the Board of Directors, I would like to express our appreciation for your interest in Inogen.
Sincerely,
Kevin R.M. Smith
Chief Executive Officer and President
The Notice of Internet Availability of Proxy Materials is first being mailed to our stockholders on or about March 27, 2025. The proxy materials are first being posted onhttp://www.proxyvote.com on or about March 27, 2025.
INOGEN, INC.
859 Ward Drive, Suite 200, Goleta, California 93111
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
To Be Held Virtually on May 14, 2025 at 10:00 a.m. Pacific Time
| Time and Date | Wednesday, May 14, 2025 at 10:00 a.m. Pacific Time. | |
|---|---|---|
| Place | The Annual Meeting will be held as a virtual meeting via live webcast on the Internet. Because the meeting is completely virtual and being conducted via the Internet, stockholders will not be able to attend the meeting in person. You will be able to attend the meeting, vote and submit your questions on the day of the meeting via the Internet at www.virtualshareholdermeeting.com/INGN2025. If you have difficulty accessing the virtual meeting during the check-in or meeting time, a technical assistance phone number will be made available on the virtual meeting registration page 15 minutes prior to the start time of the meeting. | |
| Items of Business | | To elect three Class II directors from the nominees described in the proxy statement (Proposal No. 1); |
| | To ratify the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for fiscal year ending December 31, 2025 (Proposal No. 2); | |
| | To approve, on an advisory and non-binding basis, the compensation of our named executive officers as described in this proxy statement (Proposal No. 3); | |
| | To approve the Amended and Restated 2023 Equity Incentive Plan (Proposal No. 4); and | |
| | To transact other business that may properly come before the Annual Meeting, or any adjournments or postponements thereof. | |
| Record Date | March 17, 2025 (the “Record Date”). Only stockholders of record at the close of business on the Record Date are entitled to receive notice of, and to vote at, the Annual Meeting. | |
| Notice of Internet Availability of Proxy Materials | On or about March 27, 2025, we expect to mail to our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access our proxy statement for our annual meeting and our annual report to stockholders (“Annual Report”). This Notice provides instructions on how to vote online or by telephone and includes instructions on how to receive a paper copy of proxy materials by mail. The proxy statement and our Annual Report can be accessed directly at the following Internet address: http://www.proxyvote.com by entering the control number located on your proxy card. | |
| Voting | IMPORTANTYour vote is very important. Whether or not you plan to attend the Annual Meeting, we encourage you to read the proxy statement and submit your proxy or voting instructions as soon as possible. For specific instructions on how to vote your shares, please refer to the instructions in the section entitled “Questions and Answers About the Annual Meeting” beginning on page 1 of the proxy statement. |
Important Notice Regarding the Availability of Proxy Materials for the virtual Annual Meeting to Be Held on May 14, 2025. The notice of annual meeting, proxy statement, proxy card, and Annual Report are available by visiting http://www.proxyvote.com. All you have to do is enter the control number located on your proxy card.
By order of the Board of Directors,
Kevin P. Smith
General Counsel and Executive Vice President, Business Development
The Notice of Internet Availability of Proxy Materials is first being mailed to our stockholders on or about March 27, 2025. The proxy materials are first being posted onhttp://www.proxyvote.com on or about March 27, 2025.
TABLE OF CONTENTS
| Page | |
|---|---|
| QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING | 1 |
| BOARD OF DIRECTORS AND CORPORATE GOVERNANCE | 9 |
| Nominees for Director | 9 |
| Continuing Directors | 10 |
| Director Independence | 12 |
| Board Leadership Structure | 12 |
| Board Diversity | 12 |
| Board Meetings and Committees | 13 |
| Audit Committee | 13 |
| Compensation Committee | 14 |
| Compliance Committee | 14 |
| Nominating and Governance Committee | 15 |
| Compensation Committee Interlocks and Insider Participation | 15 |
| Identifying and Evaluating Nominees for Director | 16 |
| Stockholder Recommendations for Nominations to the Board | 16 |
| Stockholder Engagement Concerns | 17 |
| Communications with the Board | 17 |
| Corporate Governance Principles and Code of Ethics and Conduct | 18 |
| Risk Management | 18 |
| Director Compensation | 18 |
| 2024 Director Compensation Table | 20 |
| PROPOSAL NO. 1 ELECTION OF DIRECTORS | 21 |
| Nominees | 21 |
| Vote Required | 21 |
| PROPOSAL NO. 2 RATIFICATION OF APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 22 |
| Fees Paid to the Independent Registered Public Accounting Firm | 22 |
| Auditor Independence | 23 |
| Audit Committee Policy on Pre-Approval of Audit and Permissible Non-Audit Services of Independent Registered Public Accounting Firm | 23 |
| Vote Required | 23 |
| PROPOSAL NO. 3 ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION | 24 |
| Vote Required | 24 |
| PROPOSAL NO. 4 APPROVAL OF THE AMENDED AND RESTATED 2023 EQUITY INCENTIVE PLAN | 25 |
| Background and Reasons for the Approval | 25 |
| Summary of Proposed Amendments | 25 |
| Determination of Requested Increase in Share Reserve | 25 |
| Highlights of the Amended and Restated 2023 Equity Incentive Plan | 26 |
| Considerations of the Board of Directors in Making its Recommendation | 27 |
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| Summary of the Amended and Restated 2023 Equity Incentive Plan | 28 |
|---|---|
| Federal Tax Aspects | 34 |
| Number of Awards Granted to Employees, Consultants, and Directors | 36 |
| Vote Required | 37 |
| Summary | 37 |
| AUDIT COMMITTEE REPORT | 38 |
| EXECUTIVE OFFICERS | 39 |
| EXECUTIVE COMPENSATION | 40 |
| Compensation Discussion and Analysis | 40 |
| 2024 Management Changes | 40 |
| Executive Summary | 40 |
| Executive Compensation Philosophy and Program Design | 44 |
| Governance of Executive Compensation Program | 46 |
| Executive Compensation Elements | 48 |
| Other Compensation Policies and Practices | 54 |
| Accounting Considerations | 55 |
|---|---|
| Compensation Committee Report | 55 |
| Compensation Risk Assessment | 56 |
| 2024 Summary Compensation Table | 56 |
| Grants of Plan-Based Awards in 2024 | 57 |
| Outstanding Equity Awards at 2024 Fiscal Year-End | 59 |
| Option Exercises and Stock Awards Vesting During Fiscal 2024 | 60 |
| Potential Payments Upon Termination or Upon Change in Control | 60 |
| CEO Pay Ratio Disclosure | 62 |
| Pay Versus Performance Information | 63 |
| Equity Compensation Plan Information | 66 |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 67 |
| RELATED PERSON TRANSACTIONS | 69 |
| OTHER MATTERS | 70 |
| Section 16(a) Beneficial Ownership Reporting Compliance | 70 |
| Available Information | 70 |
| Availability of Amended and Restated Bylaws | 70 |
| Company Website | 70 |
| PROPOSALS OF STOCKHOLDERS FOR 2026 ANNUAL MEETING | 71 |
| APPENDIX A - UNAUDITED RECONCILIATION FROM GAAP TO NON-GAAP | 73 |
| APPENDIX B - AMENDED AND RESTATED 2023 EQUITY INCENTIVE PLAN | 74 |
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INOGEN, INC.
859 Ward Drive, Suite 200
Goleta, California 93111
PROXY STATEMENT
FOR 2025 ANNUAL MEETING OF STOCKHOLDERS
To Be Held Virtually on May 14, 2025 at 10:00 a.m. Pacific Time
This proxy statement and the accompanying form of proxy are furnished in connection with the solicitation of proxies by our Board of Directors (the “Board”) of Inogen, Inc. (“Inogen” or the “Company”) for use at our 2025 Annual Meeting of Stockholders, and any postponements, adjournments or continuations thereof (the “Annual Meeting”). The Annual Meeting will be held virtually via live webcast on the Internet at www.virtualshareholdermeeting.com/INGN2025 on Wednesday, May 14, 2025 at 10:00 a.m. Pacific Time in a virtual meeting format only. You will not be able to attend the Annual Meeting physically in person. The live webcast of the Annual Meeting can be accessed by stockholders on the day of the meeting at www.virtualshareholdermeeting.com/INGN2025. If you have difficulty accessing the virtual meeting during the check-in or meeting time, a technical assistance phone number will be made available on the virtual meeting registration page 15 minutes prior to the start time of the meeting. On or about March 27, 2025, we expect to mail to our stockholders a Notice of Internet Availability of Proxy Materials (the “Notice”) containing instructions on how to access our proxy statement for our Annual Meeting and our annual report to stockholders (“Annual Report”). Information contained on, or that can be accessed through, our website is not intended to be incorporated by reference into this proxy statement and references to our website address in this proxy statement are inactive textual references only.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.