SOLIGENIX, INC.
For the period ended Dec 31, 2025. Filed Mar 31, 2026.
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FY2025 · Filed Mar 31, 2026
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Item 11. Executive Compensation
In 2024, in furtherance of our compensation philosophy and objectives, the Compensation Committee engaged Setren & Associates, Inc. (“S&A”), an outside executive compensation consulting firm determined to be independent by the Compensation Committee, to conduct a review of, and recommend changes to, our compensation program for our most highly compensated executive officers. A representative of S&A attended Compensation Committee meetings at the invitation of the Compensation Committee Chairman and was also in direct contact with the Compensation Committee and company management from time to time. S&A provided the Compensation Committee with assistance and advice in the
review of our salary structure, annual and equity incentive awards and other related executive pay issues. In addition, S&A provided advice regarding marketplace trends and best practices relating to competitive pay levels.
S&A did not provide any services to us other than its services as the Compensation Committee’s independent compensation consultant, and S&A did not receive any fees or compensation from us other than the fee it received as the independent compensation consultant. The Compensation Committee confirmed that S&A’s work for the Compensation Committee did not create any conflicts of interest.
Summary Compensation
The following table contains information concerning the compensation paid during each of the two years ended December 31, 2025 and 2024, respectively to our Chief Executive Officer and each of the three other most highly compensated executive officers (collectively, the “Named Executive Officers”).
Summary Compensation
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|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| · · · · · · · · · · · · Option · · All Other · · · | |||||||||||||||||||
| Name · · Position · · Year · · Salary · · Bonus · · Awards · · Compensation · · Total | |||||||||||||||||||
| Christopher J. Schaber (1) | CEO & | 2025 | | $559,164 | | $203,536 | | $290,420 | | $36,212 | | $1,089,332 | |||||||
| | President | 2024 | | $540,255 | | $108,051 | | $148,950 | | $35,370 | | $832,627 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| Jonathan Guarino (2) | CFO & | 2025 | | $263,718 | | $71,046 | | $145,210 | | $36,212 | | $516,186 | |||||||
| | Senior VP | 2024 | | $254,800 | | $42,806 | | $66,200 | | $35,370 | | $399,177 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| Oreola Donini (3) | CSO & | 2025 | | $322,920 | | $89,505 | | $145,210 | | $4,344 | | $561,979 | |||||||
| | Senior VP | 2024 | | $312,000 | | $49,453 | | $66,200 | | $4,452 | | $432,105 | |||||||
| | | | | | | | | | | | | | | | | | | | |
| Richard C. Straube (4) | CMO & | 2025 | | $168,962 | | $— | | $14,521 | | $— | | $183,483 | |||||||
| | Senior VP | 2024 | | $197,039 | | $31,921 | | $39,720 | | $— | | $268,680 | |||||||
| (1) | Dr. Schaber deferred the payment of his 2025 bonus of $203,536 until January 15, 2026. Option awards figure includes the value of common stock option awards at grant date as calculated under FASB ASC 718. Other compensation represents health insurance costs paid by us. |
| (2) | Mr. Guarino deferred the payment of his 2025 bonus of $71,046 until January 15, 2026. Option awards figure includes the value of common stock option awards at grant date as calculated under FASB ASC 718. Other compensation represents health insurance costs paid by us. |
| (3) | Dr. Donini deferred the payment of her 2025 bonus of $89,505 until January 15, 2026. Option awards figure includes the value of common stock option awards at grant date as calculated under FASB ASC 718. Other compensation represents health insurance costs paid by us. |
| (4) | In August 2025, Dr. Straube retired from his employment as Chief Medical Officer and Senior Vice President and entered into a one-year consulting agreement to serve as our Consulting Chief Medical Officer. Option awards figure includes the value of common stock option awards at grant date as calculated under FASB ASC 718. |
Employment and Severance Agreements
Christopher J. Schaber, PhD
In August 2006, we entered into a three-year employment agreement with Christopher J. Schaber, PhD. Dr. Schaber’s employment agreement automatically renews every three years, unless otherwise terminated, and last was automatically renewed in December 2025 for an additional term of three years. Upon termination without “Just Cause” as defined by this agreement, we would pay Dr. Schaber twelve months of severance; a pro-rata bonus calculated using the average of his prior two year’s annual bonuses, if any, and the number of months that he was employed during the year in which his employment was terminated; plus any accrued vacation; and we would provide health insurance and life insurance benefits for Dr. Schaber and his dependents. However, in the case of termination without “Just Cause” within one year following a
change in control or the sale or other disposition of all or substantially all of our assets, Dr. Schaber will be entitled 18 months of severance and health insurance and life insurance benefits for him and his dependents. No unvested options shall vest beyond the termination date. Upon a change in control of the company due to merger or acquisition, all of Dr. Schaber’s options shall become fully vested, and be exercisable for a period of five years after such change in control (unless they would have expired sooner pursuant to their terms). In the event of his death during the term of the agreement, all of his unvested options shall immediately vest and remain exercisable for the remainder of their term and become the property of Dr. Schaber’s immediate family.
Under the employment agreement, as amended, Dr. Schaber will receive 200,000 shares of common stock immediately prior to the completion of a transaction or series or a combination of related transactions negotiated by our Board of Directors whereby, directly or indirectly, a majority of our capital stock or a majority of our assets are transferred from us and/or our stockholders to a third party.
Under the employment agreement, we paid Dr. Schaber a base salary of $540,255 for 2024 and $559,164 for 2025. On December 11, 2025, the Compensation Committee approved an increase in salary for Dr. Schaber to $578,735 for 2026.
Oreola Donini, PhD
In July 2013, we entered into a one-year employment agreement with Oreola Donini, PhD, our Chief Scientific Officer and Senior Vice President. Pursuant to the agreement, as amended, we pay Dr. Donini a base salary and a targeted annual bonus of 30% of base salary. Dr. Donini’s employment agreement automatically renews each year, unless otherwise terminated, and has automatically renewed each year since execution. Upon termination without “Just Cause”, as defined in Dr. Donini’s employment agreement, we would pay Dr. Donini three months of severance, accrued bonuses and vacation, and health insurance benefits. No unvested options vest beyond the termination date. Under the employment agreement, we paid Dr. Donini a base salary of $312,000 for 2024 and $322,920 for 2025. On December 11, 2025, the Compensation Committee approved an increase in salary for Dr. Donini to $340,680 for 2026.
Richard C. Straube, MD
In December 2014, we entered into a one-year employment agreement with Richard C. Straube, MD, our Chief Medical Officer and Senior Vice President. Pursuant to the agreement, we paid Dr. Straube a base salary and a targeted annual bonus of 30% of base salary. Pursuant to an amendment to the employment agreement, which became effective as of April 1, 2019, Dr. Straube was required to devote at least 20 hours per week to the performance of his duties. The amended employment agreement automatically renewed each year, until terminated. Under the employment agreement, we paid Dr. Straube a base salary of $197,039 for 2024 and $203,935 for 2025, prorated through the date of termination.
On August 11, 2025, Dr. Straube retired from his employment as Chief Medical Officer and Senior Vice President effective August 12, 2025. Also on August 11, 2025, we entered into a one-year consulting agreement with Dr. Straube (the “Consulting Agreement”), pursuant to which Dr. Straube serves as our Consulting Chief Medical Officer effective August 16, 2025.
The Consulting Agreement provides that Dr. Straube will be an independent contractor and will receive an hourly consulting fee of $1,000 per hour for up to ten hours per month of consulting work. The term of the Consulting Agreement may be extended by successive periods of three months by mutual agreement between us and Dr. Straube.
Jonathan Guarino, CPA, CGMA
On September 9, 2019, we entered into a one-year employment agreement with Jonathan Guarino, CPA, CGMA, our Senior Vice President and Chief Financial Officer. Pursuant to the agreement, we pay Mr. Guarino a base salary and a targeted annual bonus of 30% of base salary. Mr. Guarino’s employment agreement automatically renews each year, unless otherwise terminated. Upon termination without “Just Cause”, as defined in Mr. Guarino’s employment agreement, we would pay Mr. Guarino three months of severance, accrued salary, bonuses and vacation, and health insurance benefits. No unvested options vest beyond the termination date. Under the employment agreement, we paid Mr. Guarino a base salary of $254,800 for 2024 and $263,718 for 2025. On December 11, 2025, the Compensation Committee approved an increase in salary for Mr. Guarino to $295,364 for 2026.
Equity Award Grant Practices and Timing Disclosure
As part of our commitment to transparency and sound corporate governance, we disclose below our policies and practices related to the grant of equity awards in proximity to the release of material nonpublic information.
Policies and Practices on the Timing of Equity Awards
Our Board of Directors and Compensation Committee oversee the granting of equity awards, including stock options, to our executives. The timing of such awards is determined in accordance with the following policies and practices:
| ● | Pre-Determined Grant Schedule: We generally grant equity awards on a predetermined schedule, typically in connection with our annual compensation cycle or as part of an executive's new hire or promotion package. |
| ● | Consideration of Material Nonpublic Information: The Board and Compensation Committee consider whether material nonpublic information may be available when granting equity awards. We do not grant options with the intent to take advantage of anticipated movements in stock price due to the release of such information. |
| ● | Disclosure Timing: The Company does not intentionally time the disclosure of material nonpublic information for the purpose of affecting the value of executive compensation. |
Equity Awards Granted in Close Proximity to Material Nonpublic Information Disclosure
During the last fiscal year, the Company did not grant any stock options to named executive officers during the period beginning four business days before and ending one business day after the filing of a periodic report on Form 10-Q or Form 10-K, or the filing or furnishing of a Form 8-K disclosing material nonpublic information (excluding Form 8-K disclosures of material new option award grants under Item 5.02(e)).
As no such grants occurred during the relevant period, no further disclosure or tabular presentation is necessary.
Outstanding Equity Awards at Fiscal Year-End
The following table contains information concerning unexercised options, stock that has not vested, and equity incentive plan awards for the Named Executive Officers outstanding at December 31, 2025. We have never issued Stock Appreciation Rights.
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|---|---|---|---|---|---|---|---|---|---|---|---|
| | | | | | | Equity | | | | | |
| | | | | | | Incentive Plan | | | | | |
| | | | | | | Awards: | | | | | |
| | | | | | | Number of | | | | | |
| | | | | | | Securities | | | | | |
| · · Number of Securities · · Underlying · · Option · · | |||||||||||
| · · Underlying Unexercised · · Unexercised · · Exercise · · Option | |||||||||||
| · · Options (#) · · Unearned · · Price · · Expiration | |||||||||||
| Name · · Exercisable · · Unexercisable · · Options (#) · · ($) · · Date | |||||||||||
| Christopher J. Schaber | 250 | — | — | | $482.40 | 12/06/2027 | |||||
| | 250 | — | — | | $232.80 | 12/12/2028 | |||||
| | 250 | — | — | | $230.40 | 01/01/2029 | |||||
| | 250 | — | — | | $297.60 | 12/11/2029 | |||||
| | 250 | — | — | | $348.00 | 01/01/2030 | |||||
| | | 250 | | — | | — | | $561.60 | | 12/09/2030 | |
| | | 250 | | — | | — | | $307.20 | | 01/03/2031 | |
| | 250 | — | — | | $187.20 | 12/08/2031 | |||||
| | 52 | — | — | | $165.60 | 01/02/2032 | |||||
| | | 197 | | — | | — | | $165.60 | | 01/02/2032 | |
| | | 583 | | — | | — | | $129.60 | | 12/07/2032 | |
| | | 7,032 | | 2,343 | | 2,343 | | $10.72 | | 12/07/2033 | |
| | | 22,502 | | 22,498 | | 22,498 | | $3.31 | | 12/10/2034 | |
| | | 50,000 | | 150,000 | | 150,000 | | $1.63 | | 12/10/2035 | |
| | | | | | | | | | | | |
| Jonathan Guarino | 166 | — | — | | $232.80 | 09/08/2029 | |||||
| | 41 | — | — | | $297.60 | 12/11/2029 | |||||
| | 166 | — | — | | $561.60 | 12/09/2030 | |||||
| | | 208 | | — | | — | | $187.20 | | 12/08/2031 | |
| | | 333 | | — | | — | | $129.60 | | 12/07/2032 | |
| | | 4,223 | | 1,402 | | 1,402 | | $10.72 | | 12/07/2033 | |
| | | 10,000 | | 10,000 | | 10,000 | | $3.31 | | 12/10/2034 | |
| | | 25,000 | | 75,000 | | 75,000 | | $1.63 | | 12/10/2035 | |
| | | | | | | | | | | | |
| Oreola Donini | 83 | — | — | | $640.80 | 03/30/2027 | |||||
| | 145 | — | — | | $482.40 | 12/06/2027 | |||||
| | 166 | — | — | | $232.80 | 12/12/2028 | |||||
| | 250 | — | — | | $297.60 | 12/11/2029 | |||||
| | 291 | — | — | | $561.60 | 12/09/2030 | |||||
| | 291 | — | — | | $187.20 | 12/08/2031 | |||||
| | | 333 | | — | | — | | $129.60 | | 12/07/2032 | |
| | | 4,223 | | 1,402 | | 1,402 | | $10.72 | | 12/07/2033 | |
| | | 10,000 | | 10,000 | | 10,000 | | $3.31 | | 12/10/2034 | |
| | | 25,000 | | 75,000 | | 75,000 | | $1.63 | | 12/10/2035 | |
| | | | | | | | | | | | |
| Richard C. Straube | 83 | — | — | | $640.80 | 03/30/2027 | |||||
| | 145 | — | — | | $482.40 | 12/06/2027 | |||||
| | 166 | — | — | | $232.80 | 12/12/2028 | |||||
| | 125 | — | — | | $297.60 | 12/11/2029 | |||||
| | 166 | — | — | | $561.60 | 12/09/2030 | |||||
| | 166 | — | — | | $187.20 | 12/08/2031 | |||||
| | | 333 | | — | | — | | $129.60 | | 12/07/2032 | |
| | | 3,516 | 1,171 | 1,171 | | $10.72 | 12/07/2033 | ||||
| | | 6,000 | | 6,000 | | 6,000 | | $3.31 | | 12/10/2034 | |
| | 2,500 | | 7500 | | 7,500 | | $1.63 | | 12/10/2035 | ||
Compensation of Directors
The following table contains information concerning the compensation of the non-employee directors during the year ended December 31, 2025.
| · · · · · · · · · | ||||||
|---|---|---|---|---|---|---|
| · · Fees Earned · · · · · · | ||||||
| · · Paid in Cash · · Option · · · | ||||||
| Name | | (1) | | Awards (2) | | Total |
| Gregg A. Lapointe | | $55,000 | | $30,000 | | $85,000 |
| Diane L. Parks | | $47,500 | | $30,000 | | $77,500 |
| Robert J. Rubin | | $57,500 | | $30,000 | | $87,500 |
| Jerome B. Zeldis | | $50,000 | | $30,000 | | $80,000 |
| (1) | Directors who are compensated as full-time employees receive no additional compensation for service on our Board of Directors. Each independent director who is not a full-time employee is paid $35,000 annually, on a prorated basis, for their service on our Board of Directors, the chairman of our Audit Committee is paid $15,000 annually, on a prorated basis, and the chairmen of our Compensation and Nominating Committees is paid $10,000 annually, on a prorated basis. Additionally, Audit Committee members are paid $7,500 annually and Compensation and Nominating Committee members are paid $5,000 annually. This compensation is paid quarterly. The cash portion of the annual compensation payable to non-employee members of the Board has been increased from $35,000 to $40,000, effective as of January 1, 2026. |
| (2) | We maintain a stock option grant program pursuant to the nonqualified stock option plan, whereby members of our Board of Directors or its committees who are not full-time employees receive an initial grant of fully vested options to purchase 15,000 shares of common stock. Upon re-election to the Board, each Board member will receive stock options with a value of $30,000, calculated using the closing price of the common stock on the trading day prior to the date of the annual meeting of our stockholders, which vest at the rate of 25% per quarter, commencing with the first quarter after each annual meeting of stockholders. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.