Company: PHAT
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0000950170-25-057326
Chunk: 29

Company: Phathom Pharmaceuticals, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 29
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,000. Non-employee directors serving as the chairs of the audit, compensation and nominating and corporate governance committees receive additional annual retainers of $20,000, $15,000 and $10,000, respectively. Non-employee directors serving as members of the audit, compensation and nominating and corporate governance committees receive additional annual retainers of $10,000, $7,500 and $5,000, respectively. Additionally, the non-executive chairman of the board receives an additional annual retainer of $40,000.

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Pursuant to our non-employee director compensation program in effect until May 23, 2024, non-employee directors received initial grants of 18,000 restricted stock units, or RSUs, and options to purchase 30,000 shares of our common stock upon election to the board of directors. One-third of the RSUs and options subject to the initial grants vest on the first anniversary of the grant date and the remainder vest in quarterly installments over the following 24 months thereafter. Additionally, pursuant to our non-employee director compensation program in effect until May 23, 2024, non-employee directors also received annual grants of 9,000 RSUs and options to purchase 15,000 shares of our common stock, vesting on the first to occur of (1) the first anniversary of the grant date or (2) the next occurring annual meeting of our stockholders, in each case, subject to the non-employee director continuing in service on our board of directors through such vesting date.

In May 2024, our compensation committee reviewed the foregoing comparable company data in connection with its recommendation to our board of directors of an increase to the size of the annual and initial equity grants, as recommended by Pay Governance based on the market analysis of peer group practices. Based on the analysis reviewed by the compensation committee in May 2024, the company’s total annual compensation for directors was positioned at between the 25th and 50th percentiles of the peer group on a dollar value basis, with cash compensation generally competitive with market practices and equity grant value below the market median based on the peer group. Based upon their review, Pay Governance recommended, and the compensation committee and our board of directors approved, increases to the equity awards to be granted under our director compensation program to bring the initial and annual award grants, and total director compensation, generally in line with comparable company data on a dollar value basis as reviewed