Company: DARE
Filing Date: 2025-04-24
Form Type: DEF 14A
Source: 0001401914-25-000014
Chunk: 33

Company: Dare Bioscience, Inc.
Filing Date: 2025-04-24
Form: DEF 14A
Chunk 33
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62,499 shares of common stock and to Ms. Haring-Layton a stock option to purchase 24,166 shares of common stock (in each case,

2025 Proxy Statement | Page 23

after giving effect to the 1-for-12 reverse split of our common stock effected in July 2024). Other terms of such stock options are discussed in the footnotes to the table under the section entitled, "Outstanding Equity Awards at Fiscal Year-End," below. Stock options are a key tool in our pay-for-performance philosophy and align the interests of our employees, including our named executive officers, with our stockholders’ interests. Stock options are inherently performance-based, and automatically link executive pay to stockholder return, as the value realized, if any, by the recipient from a stock option depends upon, and is directly proportionate to, the appreciation in our stock price. In preparation for making 2024 executive officer compensation decisions, the Compensation Committee evaluated the appropriate form of long-term incentive compensation and determined to continue to exclusively use stock options as the primary incentive for long-term compensation in part because of the foregoing reasons . The number of shares subject to the stock option granted to Ms. Johnson in 2024 was the same number of shares subject to the stock option granted to her in 2023, and the number of shares subject to the stock option granted to Ms. Haring-Layton in 2024 was the same number of shares subject to the stock option granted to our chief financial officer in 2023. The stock option grants in 2023 were consistent with Aon's recommendations to the Compensation Committee and intended to align the equity compensation component of our executive officer compensation program with the 50th percentile of the 2023 peer group based on a percent of company approach. Based on information Aon provided to the Compensation Committee that companies similarly situated to us were granting larger size equity awards in 2024 due to declining stock prices across the sector, the size of the stock option grants in 2024 were believed to be at or below the 50th percentile of the 2024 peer group based on a percent of company approach.

Annual Performance-Based Incentive Compensation . We have a performance-based incentive compensation plan that provides annual incentive compensation opportunities for all eligible employees, including our named executive officers. The performance-based incentive compensation plan provides for cash payments based upon the achievement of performance goals related to financial and operational metrics (the “performance goals”), which may include, among others: developmental, clinical or