Company: LCTX
Filing Date: 2025-04-29
Form Type: DEF 14A
Source: 0000950170-25-060090
Chunk: 31

Company: Lineage Cell Therapeutics, Inc.
Filing Date: 2025-04-29
Form: DEF 14A
Chunk 31
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 Form 10-K for the fiscal year ended December 31, 2024 for details as to the assumptions used to determine grant date fair value of the awards. (2) The amounts in this column for 2024 represent performance bonuses earned for 2024 and paid in 2025 under our annual performance-based incentive plan discussed under the heading “Elements of Compensation—Annual Performance Bonuses.” (3) The amounts in this column for 2024 represent 401(k) plan company-matching contributions.

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Narrative to Summary Compensation Table

Employment Agreements and Termination of Employment & Change in Control Arrangements

Mr. Culley, Ms. Howe and Mr. Samuel

In September 2022, we entered into amended and restated employment agreements with each of Messrs. Culley and Samuel, and in October 2022, we entered into an employment agreement with Ms. Howe. Such agreements were approved by our Board, upon the recommendation of its Compensation Committee.

The terms of the employment agreements for each executive are substantially the same other than with respect to annual salary amount, annual bonus target percentage, and potential benefits in connection with termination of employment.

The following is a brief description of certain terms of the employment agreements, as amended in March 2024.

Each executive receives an annual salary (which for 2024 was $665,100 for Mr. Culley, $431,600 for Ms. Howe, and $431,200 for Mr. Samuel). The annual salary may be increased from time to time by our Board or its Compensation Committee in their sole discretion.

Each executive is eligible for an annual bonus targeted at a percentage of their then annual salary (which for 2024 was 60% for Mr. Culley and 40% for each of Ms. Howe and Mr. Samuel). The annual bonus target percentage may be increased from time to time by our Board or its Compensation Committee in their sole discretion. The amount of an executive’s annual bonus, if any, is subject to the approval of our Board or its Compensation Committee in their sole discretion.

Each executive may be eligible to participate in certain retirement, pension, life, health, accident and disability insurance, equity incentive plan or other similar employee benefit plans we may adopt for our executive officers or other employees.

Each executive receives paid time off and will be reimbursed for reasonably incurred travel and business expenses, in each case, in accordance with our company policies.

Each executive’s employment is “at