CURIS INC
For the period ended May 20, 2025. Filed Apr 10, 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.
May 20, 2025 · Filed Apr 10, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
SCHEDULE 14A
(Rule 14a-101)
INFORMATION REQUIRED IN PROXY STATEMENT
SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934 (Amendment No. )
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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 under Rule 14a-12 |
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Payment of Filing Fee (Check the appropriate box):
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☐ 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.
NOTICE OF ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD MAY 20, 2025
NOTICE IS HEREBY GIVEN that the annual meeting of stockholders of Curis, Inc. will be held exclusively online via the Internet as a virtual web conference at www.virtualshareholdermeeting.com/CRIS2025 on May 20, 2025 at 10:00 a.m. Eastern Time for the purpose of considering and voting upon the following matters:
To elect two Class II directors for a term of three years;
To approve an advisory vote on executive compensation;
To ratify the appointment of PricewaterhouseCoopers LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025;
To approve Amendment No. 1 to the Fifth Amended and Restated 2010 Stock Incentive Plan to reserve up to an additional 1,255,000 shares of common stock for issuance under the plan;
To adopt and approve an amendment to our Restated Certificate of Incorporation, as amended, to increase the number of authorized shares of our capital stock from 39,171,875 to 73,343,750 and the number of authorized shares of our common stock from 34,171,875 to 68,343,750;
To approve, in accordance with Nasdaq Listing Rule 5635(d), the issuance of up to 8,316,882 shares of our common stock upon the exercise of certain warrants issued on March 31, 2025 in a private placement; and
To transact any other business that may properly come before the meeting or any adjournment thereof.
The board of directors has fixed the close of business on March 24, 2025 as the record date for the determination of stockholders entitled to notice of and to vote at the meeting and at any adjournments thereof. This year’s annual meeting will be conducted as a virtual meeting of stockholders, which will be held exclusively online via the Internet as a virtual web conference. You will be able to attend the annual meeting online, vote your shares online during the annual meeting and submit your questions online during the annual meeting by visiting www.virtualshareholdermeeting.com/CRIS2025. There will not be a physical meeting location and you will not be able to attend the annual meeting in person. Your vote is very important to us. Whether or not you plan to attend the annual meeting online, it is important for your shares to be represented and voted.
Instead of mailing a printed copy of our proxy materials to all of our stockholders, we provide access to these materials to many of our stockholders via the Internet, in accordance with rules adopted by the Securities and Exchange Commission. If you received only a Notice of Internet Availability of Proxy Materials, or Notice, by mail or e-mail, you will not receive a paper copy of the proxy materials unless you request one. Instead, the Notice will provide you with instructions on how to access and view the proxy materials on the Internet. The Notice will also instruct you as to how you may access your proxy card to vote over the Internet or by telephone. If you received a Notice by mail or e-mail and would like to receive a paper copy of our proxy materials, free of charge, please follow the instructions included in the Notice.
The Notice is being mailed to our stockholders on or about April 10, 2025 and sent by e-mail to our stockholders who have opted for such means of delivery on or about April 10, 2025.
Please promptly submit your proxy over the Internet, by phone or by mail. You may revoke your proxy at any time before the annual meeting by following the procedures described in the proxy statement. Further information about how to attend the annual meeting online, vote your shares online during the annual meeting and submit your questions online during the annual meeting is included in the accompanying proxy statement.
All stockholders are cordially invited to attend the annual meeting.
By Order of the Board of Directors,
James E. Dentzer
President and Chief Executive Officer
Lexington, Massachusetts
April 10, 2025
WHETHER OR NOT YOU PLAN TO ATTEND THE ANNUAL MEETING ONLINE, WE URGE YOU TO SUBMIT YOUR PROXY TO VOTE YOUR SHARES BY SUBMITTING YOUR PROXY OVER THE INTERNET, OR BY TELEPHONE, OR BY COMPLETING, DATING, SIGNING, AND RETURNING THE ENCLOSED PROXY CARD IN THE ACCOMPANYING ENVELOPE. NO POSTAGE NEED BE AFFIXED IF THE PROXY CARD IS MAILED IN THE UNITED STATES.
TABLE OF CONTENTS
| INFORMATION ABOUT THE ANNUAL MEETING AND VOTING | 1 |
|---|---|
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | 8 |
| PROPOSAL 1 — ELECTION OF DIRECTORS | 11 |
| Directors and Nominees for Director | 11 |
| Board Recommendation | 14 |
| CORPORATE GOVERNANCE | 14 |
| Corporate Governance Guidelines | 14 |
| Our Environmental, Social, and Governance Commitment | 14 |
| Human Capital | 15 |
| Determination of Independence | 15 |
| Board Meetings and Attendance | 16 |
| Board Leadership Structure | 16 |
| Board’s Role in Risk Oversight | 17 |
| Board Committees | 17 |
| Executive Officer and Director Compensation Processes | 19 |
| Risks Arising from Compensation Policies and Practices | 19 |
| Director Nomination Process | 20 |
| Communicating with the Board of Directors | 20 |
| Code of Business Conduct and Ethics | 20 |
| Insider Trading Policy | 21 |
| Policies and Procedures for Related Person Transactions | 21 |
| Audit Committee Report | 23 |
| Independent Registered Public Accounting Firm’s Fees and Other Matters | 24 |
| EXECUTIVE AND DIRECTOR COMPENSATION | 25 |
| Executive Compensation | 25 |
| Summary Compensation Table | 25 |
| Outstanding Equity Awards at Fiscal Year-End | 30 |
| Stock Ownership Guidelines | 31 |
| Hedging Policy | 31 |
| Tax and Accounting Considerations | 31 |
| Employment Agreements | 31 |
| Indemnification of Executive Officers | 32 |
| Potential Payments Upon Termination or Change in Control | 33 |
| Pay Versus Performance | 34 |
| Director Compensation | 36 |
| Indemnification of Directors | 38 |
| Securities Authorized for Issuance Under Equity Compensation Plans | 38 |
| Compensation Committee Interlocks and Insider Participation | 39 |
| PROPOSAL 2 — ADVISORY VOTE ON EXECUTIVE COMPENSATION | 39 |
|---|---|
| Board Recommendation | 40 |
| PROPOSAL 3 — RATIFICATION OF THE APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 40 |
| Board Recommendation | 40 |
| PROPOSAL 4 — APPROVAL OF AMENDMENT NO. 1 TO THE FIFTH AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN | 40 |
| Why We Are Requesting Stockholder Approval | 40 |
| Highlights of the Fifth Amended and Restated 2010 Plan, as amended by Amendment No. 1 | 42 |
| Reasons Why Stockholders Should Approve Amendment No. 1 | 43 |
| 2025 Contingent Option Awards | 44 |
| Information Regarding Overhang and Dilution | 45 |
| Summary of the Fifth Amended and Restated 2010 Plan, as amended by Amendment No. 1 | 47 |
| Federal Income Tax Consequences | 57 |
| Board Recommendation | 58 |
| PROPOSAL 5 — ADOPTION AND APPROVAL OF AN AMENDMENT TO OUR RESTATED CERTIFICATE OF INCORPORATION, AS AMENDED, TO INCREASE THE NUMBER OF AUTHORIZED SHARES OF OUR COMMON STOCK | 59 |
| Reasons for the Proposed Amendment | 59 |
| Possible Effects of the Proposed Amendment | 60 |
| Board Recommendation | 61 |
| PROPOSAL 6 — APPROVAL, IN ACCORDANCE WITH NASDAQ LISTING RULE 5635(d), OF THE ISSUANCE OF UP TO 8,316,882 SHARES OF OUR COMMON STOCK UPON THE EXERCISE OF CERTAIN WARRANTS ISSUED ON MARCH 31, 2025 IN A PRIVATE PLACEMENT | 61 |
| Stockholder Approval Requirement | 61 |
| Description of the Warrants | 62 |
| Potential Consequences if the Warrant Exercise Proposal is Not Approved | 63 |
| Potential Adverse Effects of the Approval of the Warrant Exercise Proposal | 63 |
| Board Recommendation | 64 |
| OTHER MATTERS | 64 |
| Stockholder Proposals for 2026 Annual Meeting | 64 |
| Solicitation of Proxies | 64 |
| Householding of Annual Meeting Materials | 64 |
| APPENDICES | |
| Appendix A - Fifth Amended and Restated 2010 Stock Incentive Plan and Amendment No. 1 | A-1 |
| Appendix B - Certificate of Amendment of Restated Certificate of Incorporation to Increase the Number of Authorized Shares of Our Common Stock | B-1 |
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