Company: DARE
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001401914-25-000014
Chunk: 34

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 34
---
 regulatory milestones; business development and financing milestones; and strategic transactions. Performance goals are established for each performance period (which is generally from January 1 to December 31 of each year) by our Board upon the recommendation of the Compensation Committee or by the Compensation Committee. Each performance goal generally has a "target" (100% achievement of such goal) and may also have a "minimum" hurdle and/or a "maximum" amount. In addition, our Board or the Compensation Committee may adjust the amounts payable under the performance-based incentive compensation plan based on achievement of individual performance goals and/or may award participants compensation (including, without limitation, discretionary bonuses) under the performance-based incentive compensation plan based upon such other terms and conditions as our Board or the Compensation Committee may in their discretion determine. Each participant will have a target incentive compensation opportunity set for each performance period. A portion of the target incentive compensation for one or more participants may be based on achievement of individual performance goals. The achievement of the performance goals will be assessed as of the end of the applicable performance period and after such period has ended; however, if any performance goal is based on financial metrics reported in our periodic reports for any particular period, the achievement of such performance goal will be determined after the applicable periodic report has been published, provided that incentive compensation earned at any time in a fiscal year must be paid no later than 74 days after the last day of such fiscal year.

The incentive compensation opportunity for our employees, including our named executive officers, for 2024 (the "2024 performance period") was based on our achievement of three performance goals established in January 2024. Two of the goals related to the achievement of clinical milestones related to product candidates (the "operational goals") and one related to securing capital to advance the development of our product candidates (the "financial goal").

The incentive compensation amount for each employee, if any, is determined by multiplying the percentage determined to have been achieved for all the performance goals by the applicable employee’s target incentive compensation amount. The 2024 target incentive compensation amounts for Ms. Johnson and Ms. Haring-Layton were 70% and 40%, respectively, of their respective 2024 annual base salaries. Ms. Walters-Hoffert’s employment with us ended in January 2024 and she was not eligible to participate in the incentive compensation plan for the 2024 performance period.

In January 2025, our Board considered the level of achievement of the performance goals established for the 2024 performance period. After