The following table provides information regarding the total compensation earned by our named executive officers for fiscal years 2023 and 2022.
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| · · · · · Non-Equity · · |
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| · · · · · · · · · · Incentive · · · · |
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| · · · · · · Stock · · Option · · Plan · · All Other · · |
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| Name and · · · · · · Awards · · Awards · · Compensation · · Compensation · · |
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| Principal Position | Year | Salary($) | | ($)(1) | | ($)(2)(3) | | ($)(4) | | ($)(5) | Total ($) |
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| Daniel Paterson (6) | 2023 | 544,800 | | 1,044,000 | | 1,685,267 | | 330,000 | | 22,790 | 3,626,857 |
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| President and Chief Executive Officer | 2022 | 470,000 | | — | | — | | 206,687 | | 21,290 | 697,977 |
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| Daniel Calkins | 2023 | 257,529 | | — | | 220,731 | | 126,000 | | 18,304 | 622,564 |
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| Chief Financial Officer | 2022 | 221,731 | | 30,601 | | 34,279 | | 72,900 | | 16,036 | 375,547 |
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| Brian M. Stuglik (7) | 2023 | 389,400 | | — | | 1,126,484 | | 421,850 | | 83,392 | 2,021,126 |
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| Former Chief Executive Officer | 2022 | 624,000 | | — | | — | | 356,733 | | 49,290 | 1,030,023 |
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| (1) | The amounts shown in this column represent the dollar amount of the aggregate grant date fair value of time-based and performance-based restricted stock unit awards granted during the year determined in accordance with FASB ASC Topic 718. The aggregate grant date fair value of time-based and performance-based restricted stock units was determined by multiplying the closing price of our common stock on the date of grant by the number of restricted stock units. The grant date fair value of performance-based restricted stock units granted to Mr. Paterson, assuming all applicable milestones are achieved, is $522,000. |
| (2) | The amounts shown in these columns include awards granted in the first quarter of 2023 in respect of service for 2022. Due to the insufficient available shares under the 2021 Plan, we have not yet granted equity awards to our executive officers for 2023 service. |
| (3) | The amounts shown in this column represent the aggregate grant date fair value of option awards granted during the year computed in accordance with the provisions of FASB ASC Topic 718. For information regarding assumptions underlying the value of option awards, see Note 8 to our financial statements and the discussion under Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Critical Accounting Policies—Stock-Based Compensation,” of our 2023 Annual Report on Form 10-K. |
| (4) | The amounts shown for non-equity incentive plan compensation represent annual bonus amounts earned for the fiscal years ended December 31, 2023 and 2022, as applicable to the named executive officer. Bonus amounts earned for 2023 for Mr. Paterson and Mr. Calkins were paid in 2024. The bonus amount earned for 2023 for Mr. Stuglik was paid in August 2023 following his retirement. All bonus amounts earned for 2022 were paid in 2023. |
| (5) | The amounts shown represent: for Mr. Paterson, 401(k) plan employer contributions ($19,800 for 2023 and $18,300 for 2022), health savings account (“HSA”) contributions and life insurance premiums paid by the Company; for Mr. Calkins, 401(k) plan employer contributions ($15,452 for 2023 and $13,304 for 2022), HSA contributions and life insurance premiums paid by the Company; and for Mr. Stuglik for 2023, 401(k) plan employer contributions ($19,800), HSA contributions, life insurance premiums paid by the Company, a perquisite allowance ($17,500), cash retainers paid to Mr. Stuglik for his service on the Board of Directors and as Chair of the Commercialization Committee following his retirement on July 31, 2023 ($27,083) and consulting fees for services from August 1, 2023 to December 31, 2023 ($18,400), and for 2022, 401(k) plan employer contributions ($18,300), HSA contributions, life insurance premiums paid by the Company and a perquisite allowance ($30,000). HSA contributions and payment of life insurance premiums are broad-based benefits provided to all of our salaried employees on the same basis and do not discriminate in favor of the executive officers, and are included here consistent with prior disclosure. |
| (6) | Mr. Paterson was appointed as the Company’s Chief Executive Officer on August 1, 2023, following Mr. Stuglik’s retirement from the Company. |
| (7) | Mr. Stuglik retired as Chief Executive Officer of the Company, effective July 31, 2023. Mr. Stuglik is a member of the Board of Directors and the Chair of the Commercialization Committee. Amounts shown here include compensation Mr. Stuglik earned as a member of the Board of Directors and the Chair of the Commercialization Committee following his retirement. |
