BriaCell Therapeutics Corp
For the period ended Jul 31, 2024. Filed Oct 29, 2024.
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FY2024 · Filed Oct 29, 2024
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Item 11. Executive Compensation
Summary Compensation Table
The following table presents the compensation awarded to, earned by or paid to each of our named executive officers for the years ended July 31, 2024 and July 31, 2023.
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Stock Awards ($)(1) | Option Awards ($)(1) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| William V. Williams, MD, FRCP | 2023 | 736,555(2) | 48,750 | 430,209 | - | 1,215,514 | |
| President and Chief Executive Officer | 2024 | 734,419 | - | 342,651 | - | 1,077,070 | |
| Gadi Levin, CA, MBA | 2023 | 285,715 | 18,750 | - | 86,970 | - | 391,435 |
| Chief Financial Officer and Corporate Secretary | 2024 | 443,000 | - | 77,730 | 520,730 | ||
| Giuseppe Del Priore, MD, MPH | 2023 | 466,927 | 25,578 | - | 456,396 | - | 948,901 |
| Chief Medical Officer | 2024 | 540,329 | - | 240,516 | - | 780,844 | |
| Miguel A. Lopez-Lago, PhD | 2023 | 282,247 | 16,650 | - | 69,547 | - | 368,444 |
| Chief Scientific Officer | 2024 | 357,745 | - | 35,863 | 393,608 |
| (1) | This column represents the grant date fair value of the award in accordance with stock-based compensation rules under Accounting Standards Codification Topic 718. For a more detailed discussion of the valuation model and assumptions used to calculate the fair value of each option award, refer to Note 2 of the financial statements included in this annual report. |
| (2) | Dr. Williams has indicated his willingness to receive a portion (approximately $281,250) of his compensation in shares of the Company, subject to applicable Nasdaq rules. The Company anticipates that these shares/RSU’s will be issued in November 2024 |
Outstanding Equity Awards at Fiscal Year-End
The following table provides information regarding option and RSU awards held by each of our named executive officers that were outstanding as of July 31, 2024.
| Option Awards · Stock Awards | ||||||
|---|---|---|---|---|---|---|
| Name | Number of Securities Underlying Unexercised Options (#) Exercisable | Number of Securities Underlying Unexercised Options (#) Unexercisable | Option Exercise Price ($) | Option Expiration Date | Number of shares or units of stock that have not vested (#) | Market value of shares or units of stock that have not vested ($) |
| William V. Williams, MD, FRCP | 200,000 | - | 4.24 | 03/29/26 | - | - |
| 22,300 | - | 8.47 | 01/13/27 | - | - | |
| 101,800 | - | 6.14 | 08/02/27 | - | - | |
| 25,000 | 15,000 | 6.03 | 06/20/28 | 15,000 | - | |
| - | 0.00 | 08/02/27 | - | |||
| Gadi Levin, CA, MBA | 75,000 | - | 4.24 | 03/29/26 | - | |
| 20,000 | - | 4.71 | 05/20/27 | - | - | |
| 20,300 | - | 6.14 | 08/02/27 | - | - | |
| Giuseppe Del Priore, MD, MPH | 150,000 | - | 7.51 | 02/16/27 | - | - |
| 10,000 | - | 6.14 | 08/02/27 | - | - | |
| Miguel A. Lopez-Lago, PhD | 15,000 | - | 8.47 | 01/13/27 | - | - |
| 10,000 | - | 6.14 | 08/02/27 | - | - | |
| (1) | Restricted Share Units |
Non-Employee Director Compensation
The following table presents the total compensation for each person who served as a non-employee member of our Board and received compensation for such service during the fiscal year ended July 31, 2024. Other than as set forth in the table and described more fully below, we did not pay any compensation, make any equity awards or non-equity awards to, or pay any other compensation to any of the non-employee members of our Board in 2024.
| Name | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | All Other Compensation ($) | Total ($) |
|---|---|---|---|---|---|
| Jamieson Bondarenko, CFA, CMT | 204,786 | - | 459,321 | - | 664,106 |
| Vaughn C. Embro-Pantalony, MBA, FCPA, FCMA, CDIR, ACC | 84,016 | - | 91,864 | - | 175,880 |
| Marc Lustig, MSC, MBA | 66,060 | - | 91,864 | - | 157,924 |
| Martin E. Schmieg | 75,000 | - | 91,864 | - | 166,864 |
| Rebecca Taub, MD | 50,004 | - | 91,864 | - | 141,868 |
| Jane A. Gross, PhD | 54,996 | - | 91,864 | - | 146,860 |
Employment Agreements
Dr. Williams V. Williams
On August 31, 2021, we entered into a compensation package with Dr. Williams, our Chief Executive Officer (the “2021 Compensation Package”). Pursuant to the 2021 Compensation Package, Mr. Williams receives $550,000 annually and may earn an equity incentive bonus compensation, which may include a direct stock award of up to $125,000 based upon a performance review as of December 31, 2021 (the “Performance Review”). In addition, the 2021 Compensation Package provides for an option award to purchase up to $250,000 in common shares of the Company, in connection with the Performance Review, which vests over a four year period and provides for an aggregate cash, stock and option award of up to $950,000.
On June 21, 2022, we entered into a compensation package with Dr. Williams (the “2022 Compensation Package”). Pursuant to the 2022 Compensation Package, Mr. Williams receives $650,000 annually and an annual bonus of $150,000. In addition, the 2022 Compensation Package provides for a performance stock option award of $250,000 and a total cash, bonus and option award of up to $1,050,000. On May 1, 2023, Dr. Williams’ annual salary was increased to $675,000 per annum.
Giuseppe Del Priore
On February 14, 2022, we entered into an employment agreement with Dr. Giuseppe Del Priore, our Chief Medical Officer (the “Del Priore Employment Agreement”). The Del Priore Employment Agreement provides for a full-time position, $350,000 annual salary and standard employee benefit plan participation. In addition, Mr. Del Priore was granted an option to purchase 150,000 of the Company’s common shares. The Del Priore Employment Agreement provides that Mr. Del Priore is eligible for an annual bonus in either cash or options to purchase common shares of the Company based on the successful completion of certain corporate milestones selected by our Chief Executive Officer and reviewed in the sole discretion of our Board or a compensation committee. On May 1, 2023, Dr. Giuseppe Del Priore’s annual salary was increased to $460,000 per annum.
Gadi Levin
On March 2, 2022, we entered into an executive employment agreement with Gadi Levin, our Chief Financial Officer (the “Levin Employment Agreement”), effective January 1, 2022. The Levin Employment Agreement provides for a part-time position (80%), $350,000 annual salary (“Base Salary”) and standard employee benefit plan participation. Our Board approved a annual discretionary bonus of (i) up to 30% of Mr. Levin’s yearly salary; and (ii) $100,000 in stock options, which vest over a four year period per calendar year. In addition, Mr. Levin was granted 20,000 options in accordance with the terms of the Company’s stock option plan. During August 2022, Mr. Levin’s Base Salary was increased to $250,000, retroactively to January 1, 2022. On May 1, 2023, Mr. Levin’s Base Salary was increased to $350,000 per annum.
Miguel Lopez-Lago
On May 26, 2022, we entered into an employment agreement with Miguel Lopez-Lago, our Chief Scientific Officer (the “Lopez-Lago Employment Agreement”). The Lopez-Lago Employment Agreement provides for $210,000 annually for Mr. Lopez-Lago’s duties as our Chief Scientist Officer. On May 1, 2023, Mr. Lopez-Lago’s annual salary was increased to $325,000 per annum.
Equity Compensation Plan Information
The following table summarizes the total number of outstanding awards and shares available for other future issuances of options under all of our equity compensation plans as of July 31, 2024. All of the outstanding awards listed below were granted under our stock option plan.
| Plan Category | Number of Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights | Number of Shares Remaining Available for Future Issuance Under the Equity Compensation Plan (Excluding Shares in First Column) |
|---|---|---|---|
| Equity compensation plans approved by shareholders | 12,752,637 | $5.12 | 611,299 |
| Equity compensation plans not approved by shareholders | - | - | - |
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