Company: PGEN
Filing Date: 2025-04-28
Form Type: 10-K/A
Source: 0001356090-25-000011
Chunk: 27

Company: PRECIGEN, INC.
Filing Date: 2025-04-28
Form: 10-K/A
Chunk 27
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 success.

The PSUs vest in two equal 50% installments based upon the achievement of two specified operational milestones related to the regulatory status of our lead product candidate, PRGN-2012. Specifically, 50% vest upon the Company's good faith submission to the U.S. FDA of a complete BLA related to PRGN-2012, and 50% vest upon the approval of the BLA by the FDA (each, a “Milestone”), in each case during the performance period from the grant date through December 31, 2026. Each Milestone was selected because of its strategic importance for our company and the need to incentivize and retain key employees through these Milestones. The Milestones may be achieved (and the PSUs earned) at any time during the performance period, and the PSUs will vest and be settled in shares of the Company's common stock at such time as the Compensation Committee certifies that an applicable performance milestone has been achieved, subject generally to the executive's continued employment through the applicable achievement date. Any PSUs for which a performance milestone has not been achieved by December 31, 2026 will be cancelled and forfeited.

The following table summarizes the PSUs granted to our named executive officers in August 2024 (except for Mr. Perez who did not receive such an award):

| Name                |     | Grant Date Fair Value of PSUs ($)(1) |         |     | Milestone-Based PSUs Granted (#) |           |
|:--------------------|:----|:-------------------------------------|--------:|:----|:---------------------------------|----------:|
| Dr. Helen Sabzevari |     | $                                    | 932,250 |     |                                  | 1,650,000 |
| Harry Thomasian Jr. |     | $                                    | 141,250 |     |                                  |   250,000 |
| Donald P. Lehr      |     | $                                    |  61,020 |     |                                  |   108,000 |
| Rutul R. Shah       |     | $                                    | 141,250 |     |                                  |   250,000 |
| Phil Tennant        |     | $                                    |  28,250 |     |                                  |    50,000 |

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1. The grant date fair value is based on the grant date closing price per share of 1.13 on August 28, 2024.

In January 2025, the first Mile