FibroBiologics, Inc.
For the period ended Dec 31, 2024. Filed Mar 31, 2025.
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FY2024 · Filed Mar 31, 2025
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Item 9B. Other Information
| Item 9B. | Other Information |
|---|
| (a) | Executive Compensation |
|---|---|
| On March 26, 2025, our board of directors, or the Board, upon the recommendation of the Compensation Committee of the Board, approved: |
| 1. | new annual base salaries, effective January 1, 2025, of $617,500 for Pete O’Heeron, the Company’s Chief Executive Officer, $425,000 for Hamid Khoja, Ph.D., the Company’s Chief Scientific Officer, and $425,000 for Ruben A. Garcia, the Company’s General Counsel; |
| 2. | new target amounts as a percentage of base salary for annual non-equity incentive compensation of 55% for Mr. O’Heeron, 40% for Dr. Khoja, and 40% for Mr. Garcia; and |
| 3. | pursuant to the Company’s 2022 Stock Plan, options to purchase 453,000 shares of common stock for Mr. O’Heeron, and options to purchase 189,000 shares of common stock for each of Dr. Khoja and Mr. Garcia. |
The options are exercisable at an exercise price of $1.04 per share. One fourth (1/4th) of the option shares shall vest on March 26, 2026, and the remaining balance of the option shares shall vest in thirty-six (36) equal consecutive monthly installments thereafter until fully vested so long as the grantee remains in continuous service through such applicable vesting periods.
The Nasdaq Stock Market
On March 27, 2025, we submitted to Nasdaq an application to transfer the listing of our common stock from the Nasdaq Global Market to the Nasdaq Capital Market. This transfer will allow us to satisfy less stringent financial and liquidity requirements and have a lower level of market capitalization in order to maintain our listing. Nasdaq approved our application and our common stock will be transferred to the Nasdaq Capital Market at the opening of business on April 1, 2025.
| (b) | Director and Officer Trading Plans and Arrangements |
None of our directors or “officers,” as defined in Rule 16a-1(f) under the Securities Exchange Act of 1934, adopted orterminated a Rule 10b5-1 trading plan or arrangement or a non-Rule 10b5-1 trading plan or arrangement, as defined in Item 408(c) of Regulation S-K, during the fiscal quarter covered by this report.
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