Company: PGEN
Filing Date: 2025-04-28
Form Type: 10-K/A
Source: 0001356090-25-000011
Chunk: 19

Company: PRECIGEN, INC.
Filing Date: 2025-04-28
Form: 10-K/A
Chunk 19
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 prepared by management and employs the business experience of the individual members of the Compensation Committee. The Compensation Committee also utilizes the assistance of an independent compensation consultant, as described below under “— The Compensation Review Process.”

As part of the goal setting process for the 2024 short-term incentive awards, the Compensation Committee approved a focused set of goals that included the continued development of PRGN-2012 (including submission of a Biologics License Application, or BLA, as well as certain objectives related to the Company’s commercial capabilities), which were weighted at 70%, and continuation of other clinical programs, as well as attainment of certain financial goals, which were weighted at 10%. In addition, each executive officer’s individual performance was weighted at 20%, other than the Chief Executive Officer who did not have an individual performance goal. The Chief Executive Officer's goals were the same as the other executive officers, absent the individual performance goal, which were weighted at 80% for the continued development of PRGN-2012 and 20% for the continuation of clinical programs as well as certain financial goals. The Committee assessed the performance of the executive officers in April 2025 against the 2024 goals and also performed a holistic review of Company and individual performance in 2024, and made bonus determinations based on such assessment and review, as described in “Annual Short Term Incentive Awards” below.

In addition, in August 2024, the Compensation Committee approved the grant of performance-based stock units (“PSUs”) to certain employees, including certain named executive officers, with the goal of incentivizing and retaining these individuals through certain important upcoming Company milestones. The Compensation Committee believes that the incorporation of the PSUs as a component of long-term equity incentive compensation provided to the executive officers will enhance the alignment of executive compensation with long-term shareholder value creation, because the vesting of the PSUs is conditioned upon the Company's achievement of certain key operational milestones critical to its growth and success. Accordingly, as described in more detail under "Performance-Based Awards" below, each PSU award will vest on two specific regulatory developments, 50% upon the BLA filing and 50% upon the BLA approval by the Food and Drug Administration (“FDA”). These regulatory actions are critical to the success of the Company and the Compensation Committee believes it is important to incentivize and retain these employees through these milestones.

For 2024, after taking into account the overall position of the Company and with a focus on retention, cash preservation, and the desire to enhance