Company: IMNN
Filing Date: 2025-06-09
Form Type: DEF 14A
Source: 0001641172-25-014324
Chunk: 37

Company: Imunon, Inc.
Filing Date: 2025-06-09
Form: DEF 14A
Chunk 37
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 termination of Dr. Le Goff in 2024 and cash payments made in connection therewith and (ii) the hiring of Dr. Le Goff as President and Chief Executive Officer and the transition of Mr. Tardugno from those roles to the role of Executive Chairman during 2022 and cash payments made in connection therewith. Notwithstanding those payments, a substantial amount of Dr. Lindborg’s compensation was in the form of stock option awards that vest in four equal installments, with one-fourth of the grant vesting each on the first, second, third and fourth anniversary of the date of grant. A substantial amount of Mr. Tardugno’s compensation was in the form of stock option awards that vest one-half immediately and one-fourth on each of the first and second anniversary of the date of grant. A substantial amount of Dr. Le Goff’s compensation was in the form of stock option awards that vest in three equal installments, with one-third of the grant vesting each on the first, second and third anniversary of the date of grant. As the trading price of our common stock fluctuates so does the value of the stock options and, accordingly, the amount of the compensation actually paid to the PEO.

The amount of compensation actually paid to the Other NEOs is aligned with our TSR over the three years presented in the table. A significant portion of the compensation actually paid to the Other NEOs is composed of stock option awards which vest either (i) in three installments, commencing one-third immediately and one-third on each of the first and second anniversary of the date of grant or (iii) one-half immediately and one-fourth on each of the first and second anniversary of the date of grant.

Compensation Actually Paid and Net Income

The amount of compensation actually paid to Dr. Lindborg, Mr. Tardugno and Dr. Le Goff in 2024, Dr. Le Goff in 2023, and Mr. Tardugno and Dr. Le Goff in 2022 and to the Other NEOs is not aligned with our net income over the three years presented in the table. As a clinical stage biotechnology company, we have incurred substantial operating losses, principally from expenses associated with the Company’s research and development programs, clinical trials conducted in connection with the Company’s drug candidates, and applications and submissions to the U.S. Food and Drug Administration. We have substantial future capital requirements to continue our research and development activities and advance our drug candidates