SEC Form DEF 14A filed by Protalix BioTherapeutics Inc. (DE)
SECURITIES AND EXCHANGE COMMISSION
Sr. Vice President and Chief Financial Officer
TO BE HELD ON JUNE 27, 2024
| | | | BY ORDER OF THE BOARD OF DIRECTORS | |
| | | |
|
|
|
Carmiel, Israel
April 29, 2024 |
| |
Eyal Rubin
Sr. Vice President and Chief Financial Officer and Corporate Secretary |
|
2 University Plaza, Suite 100
Hackensack, NJ 07601
201-696-9345
2024 ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON JUNE 27, 2024
200 Broadacres Drive, 3rd Floor
Bloomfield, NJ 07003
+1 (855) 200-7892 (toll free in the United States)
[email protected]
Name and Address of Beneficial Owner
|
| |
Amount and Nature of
Beneficial Ownership |
| |
Percentage of
Class (%) |
| ||||||
Board of Directors and Executive Officers | | | | | | | | | | | | | |
Eliot Richard Forster, Ph.D.(1)
|
| | | | 21,428 | | | | | | * | | |
Dror Bashan(2)
|
| | | | 2,770,059 | | | | | | 3.8 | | |
Amos Bar Shalev(3)
|
| | | | 72,322 | | | | | | * | | |
Shmuel “Muli” Ben Zvi, Ph.D.(4)
|
| | | | 32,154 | | | | | | * | | |
Pol F. Boudes, M.D.(5)
|
| | | | 72,194 | | | | | | * | | |
Gwen A. Melincoff(6)
|
| | | | 72,154 | | | | | | * | | |
Aharon Schwartz, Ph.D.(7)
|
| | | | 246,154 | | | | | | * | | |
Yaron Naos(8)
|
| | | | 536,039 | | | | | | * | | |
Eyal Rubin(9)
|
| | | | 803,125 | | | | | | 1.1 | | |
All executive officers and directors as a group (9 persons)(10)
|
| | | | 4,625,629 | | | | | | 6.3 | | |
5% Holders | | | | | | | | | | | | | |
Alfred Akirov(11)
|
| | | | 4,517,192 | | | | | | 6.0 | | |
Highbridge Capital Management LLC(12)
|
| | | | 8,137,181 | | | | | | 9.9 | | |
HIR Investments Ltd.(13)
|
| | | | 6,724,845 | | | | | | 8.9 | | |
Name
|
| |
Age
|
| |
Position
|
|
Eliot Richard Forster, Ph.D. | | |
58
|
| | Chairman of the Board | |
Dror Bashan | | |
57
|
| | President and Chief Executive Officer, Director | |
Amos Bar Shalev | | |
71
|
| | Director | |
Shmuel “Muli” Ben Zvi, Ph.D. | | |
64
|
| | Director | |
Pol F. Boudes, M.D. | | |
67
|
| | Director | |
Gwen A. Melincoff | | |
72
|
| | Director | |
Aharon Schwartz, Ph.D. | | |
81
|
| | Director | |
Committee
|
| |
Chairman
|
| |
Membership
|
|
Audit and Finance Committee | | | Shmuel “Muli” Ben Zvi, Ph.D. | | |
Shmuel “Muli” Ben Zvi, Ph.D.,
Amos Bar Shalev and Aharon Schwartz, Ph.D. |
|
Compensation Committee | | | Amos Bar Shalev | | |
Amos Bar Shalev,
Shmuel “Muli” Ben Zvi, Ph.D. and Aharon Schwartz, Ph.D. |
|
Committee
|
| |
Chairman
|
| |
Membership
|
|
Nominating Committee | | | Amos Bar Shalev | | |
Amos Bar Shalev,
Eliot Richard Forster, Ph.D. and Aharon Schwartz, Ph.D. |
|
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Award(s) ($) |
| |
All Other
Compensation |
| |
Total ($)
|
| |||||||||
Zeev Bronfeld(1)
|
| | | | | | | | | | (49,216) | | | | | | | | | (49,216) | | |
Eliot Richard Forster, Ph.D.(2)
|
| | | | 20,806 | | | | | | 27,182 | | | | | | | | | 47,988 | | |
Name
|
| |
Fees Earned or
Paid in Cash ($) |
| |
Option
Award(s) ($) |
| |
All Other
Compensation |
| |
Total ($)
|
| ||||||||||||
Amos Bar Shalev
|
| | | | 41,250 | | | | | | 38,660 | | | | | | | | | | | | 79,910 | | |
Shmuel “Muli” Ben Zvi, Ph.D.
|
| | | | 41,250 | | | | | | 33,455 | | | | | | | | | | | | 74,705 | | |
Pol F. Boudes, M.D.(3)
|
| | | | 41,250 | | | | | | 38,660 | | | | | | 35,475 | | | | | | 115,385 | | |
Gwen A. Melincoff
|
| | | | 41,250 | | | | | | 38,660 | | | | | | | | | | | | 79,910 | | |
Aharon Schwartz, Ph.D.
|
| | | | 41,250 | | | | | | 38,660 | | | | | | | | | | | | 79,910 | | |
Name
|
| |
Age
|
| |
Position
|
|
Dror Bashan | | |
57
|
| | President and Chief Executive Officer | |
Eyal Rubin | | |
48
|
| | Sr. Vice President, Chief Financial Officer, Treasurer and Secretary | |
Yaron Naos | | |
60
|
| | Sr. Vice President, Operations | |
Name and Principal Position
|
| |
Year
|
| |
Salary
($) |
| |
Bonus
($) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(1) |
| |
All Other
Compensation ($)(2) |
| |
Total
($) |
| |||||||||||||||||||||
Dror Bashan
|
| | | | 2023 | | | | | | 356,929 | | | | | | 892,328 | | | | | | 1,061,558 | | | | | | 246,560 | | | | | | 127,566 | | | | | | 2,684,941 | | |
President and Chief Executive Officer
|
| | | | 2022 | | | | | | 359,972 | | | | | | — | | | | | | 817,576 | | | | | | 177,564 | | | | | | 113,184 | | | | | | 1,468,296 | | |
Eyal Rubin
|
| | | | 2023 | | | | | | 287,692 | | | | | | 302,507 | | | | | | 227,331 | | | | | | 114,925 | | | | | | 96,580 | | | | | | 1,029,035 | | |
Senior Vice President and Chief Financial Officer
|
| | | | 2022 | | | | | | 312,515 | | | | | | 397,678 | | | | | | 168,667 | | | | | | 75,889 | | | | | | 103,532 | | | | | | 1,058,281 | | |
Yaron Naos
|
| | | | 2023 | | | | | | 216,504 | | | | | | 212,367 | | | | | | 129,081 | | | | | | 133,469 | | | | | | 84,948 | | | | | | 776,369 | | |
Senior Vice President, Operations
|
| | | | 2022 | | | | | | 239,201 | | | | | | 81,176 | | | | | | | | | | | | 123,310 | | | | | | 89,578 | | | | | | 533,265 | | |
| | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Number
of Securities Underlying Unexercised Options Exercisable (#) |
| |
Number
of Securities Underlying Unexercised Options Unexercisable (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number
of shares or units of stock that have not vested (#) |
| |
Market value
of shares or units of stock that have not vested ($) |
| ||||||||||||||||||
Dror Bashan
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 608,986 | | | | | | 1,083,996 | | |
| | | 160,000 | | | | | | — | | | | | | 4.69 | | | | | | 6/30/2029 | | | | | | | | | | | | | | | ||
| | | 234,375 | | | | | | 515,625 | | | | | | 1.03 | | | | | | 9/7/2032 | | | | | | | | | | | | | | | ||
Eyal Rubin
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 226,007 | | | | | | 402,293 | | |
| | | 80,000 | | | | | | — | | | | | | 2.00 | | | | | | 9/22/2029 | | | | | | | | | | | | | | | ||
| | | 109,375 | | | | | | 240,625 | | | | | | 1.03 | | | | | | 9/7/2032 | | | | | | | | | | | | | | | ||
Yaron Naos
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 171,732 | | | | | | 305,683 | | |
| | | 5,000 | | | | | | — | | | | | | 17.20 | | | | | | 3/23/2025 | | | | | | | | | | | | | | | ||
| | | 60,000 | | | | | | — | | | | | | 5.60 | | | | | | 9/13/2028 | | | | | | | | | | | | | | | ||
| | | 99,658 | | | | | | 22,998 | | | | | | 3.59 | | | | | | 8/11/2030 | | | | | | | | | | | | | | | ||
| | | 106,250 | | | | | | 233,750 | | | | | | 1.03 | | | | | | 9/7/2032 | | | | | | | | | | | | | | |
Year
|
| |
Summary
Compensation Table Total for Mr. Bashan(1) |
| |
Compensation
Actually paid to Mr. Bashan(2) |
| |
Average
Summary Compensation Table Total for Non-CEO NEOs(3) |
| |
Average
Compensation Actually Paid to Non-CEO NEOs(4) |
| |
Value of Initial
Fixed $100 Investment Based On Total Stockholder Return(5) |
| |
Net Income(6)
|
| ||||||||||||||||||
2023
|
| | | $ | 2,684,941 | | | | | $ | 3,186,324 | | | | | $ | 902,702 | | | | | $ | 1,094,613 | | | | | | 129.93 | | | | | $ | 8,312,000 | | |
2022
|
| | | $ | 1,468,296 | | | | | $ | 1,899,221 | | | | | $ | 795,773 | | | | | $ | 1,056,338 | | | | | | 37.74 | | | | | $ | (14,927,000) | | |
2021
|
| | | $ | 1,157,699 | | | | | $ | (627,211) | | | | | $ | 671,056 | | | | | $ | 1,961 | | | | | | 22.87 | | | | | $ | (27,582,000) | | |
Year
|
| |
Summary
Compensation Table Total for Mr. Bashan |
| |
Less: Summary
Compensation Table Reported Value of Equity Awards(a) |
| |
Plus: Equity
Award Adjustments(b) |
| |
Equals:
Compensation Actually paid to Mr. Bashan |
| ||||||||||||
2023
|
| | | $ | 2,684,941 | | | | | $ | 1,308,118 | | | | | $ | 1,809,501 | | | | | $ | 3,186,324 | | |
2022
|
| | | $ | 1,468,296 | | | | | $ | 995,140 | | | | | $ | 1,426,065 | | | | | $ | 1,899,221 | | |
2021
|
| | | $ | 1,157,699 | | | | | $ | 667,595 | | | | | $ | (1,117,315) | | | | | $ | (627,211) | | |
Year
|
| |
Year End Fair
Value of Unvested Equity Awards Granted in the Covered Year |
| |
Year over Year
Change in fair Value of Outstanding and Unvested Equity Awards Granted in prior Years |
| |
Year End
Fair Value of Vested Equity Awards Granted in the Covered Year |
| |
Year over Year
Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |
| |
Fair Value
at the End of the Prior Year of Equity Awards that Failed to meet Vesting Conditions in the Year |
| |
Value of
Dividend Equivalents Accrued or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value |
| |
Total Equity
Award Adjustments |
| |||||||||||||||||||||
2023
|
| | | $ | 934,501 | | | | | $ | 210,735 | | | | | $ | 505,750 | | | | | $ | 158,515 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,809,501 | | |
2022
|
| | | $ | 717,652 | | | | | $ | 110,664 | | | | | $ | 566,768 | | | | | $ | 30,981 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,426,065 | | |
2021
|
| | | $ | — | | | | | $ | (981,931) | | | | | $ | — | | | | | $ | (135,384) | | | | | $ | — | | | | | $ | — | | | | | $ | (1,117,315) | | |
Year
|
| |
Average
Reported Summary Compensation Table Total for Other NEOs |
| |
Less: Summary
Compensation Table Average Reported Value of Equity Awards |
| |
Plus: Average
Equity Award Adjustments(a) |
| |
Equals: Average
Compensation Actually Paid to Other NEOs |
| ||||||||||||
2023
|
| | | $ | 902,702 | | | | | $ | 302,403 | | | | | $ | 494,314 | | | | | $ | 1,094,613 | | |
2022
|
| | | $ | 795,773 | | | | | $ | 183,933 | | | | | $ | 444,498 | | | | | $ | 1,056,338 | | |
2021
|
| | | $ | 671,056 | | | | | $ | 266,777 | | | | | $ | (402,318) | | | | | $ | 1,961 | | |
Year
|
| |
Average
Year End Fair Value of Unvested Equity Awards Granted in the Covered Year |
| |
Year over
Year Average Change in fair Value of Outstanding and Unvested Equity Awards Granted in prior Years |
| |
Average
Year End Fair Value of Vested Equity Awards Granted in the Covered Year |
| |
Year over
Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year |
| |
Fair Value at
the End of the Prior Year of Equity Awards that Failed to meet Vesting Conditions in the Year |
| |
Average
Value of Dividend Equivalents Accrued or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value |
| |
Total Average
Equity Award Adjustments |
| |||||||||||||||||||||
2023
|
| | | $ | 317,561 | | | | | $ | 89,197 | | | | | $ | 22,868 | | | | | $ | 64,688 | | | | | $ | — | | | | | $ | — | | | | | $ | 494,314 | | |
2022
|
| | | $ | 330,120 | | | | | $ | 36,648 | | | | | $ | 67,913 | | | | | $ | 9,817 | | | | | $ | — | | | | | $ | — | | | | | $ | 444,498 | | |
2021
|
| | | $ | — | | | | | $ | (352,159) | | | | | $ | — | | | | | $ | (50,159) | | | | | $ | — | | | | | $ | — | | | | | $ | (402,318) | | |
Amos Bar Shalev
Aharon Schwartz, Ph.D.
2006 STOCK INCENTIVE PLAN, AS AMENDED, TO INCREASE THE NUMBER OF
AUTHORIZED SHARES OF COMMON STOCK RESERVED FOR ISSUANCE UNDER THE PLAN
AND TO AMEND CERTAIN OTHER TERMS OF THE PLAN
| | |
A
|
| |
B
|
| |
C
|
| |||||||||
Plan Category
|
| |
Number of Securities
to be Issued Upon Exercise of Outstanding Options |
| |
Weighted Average
Exercise Price of Outstanding Options |
| |
Number of Securities Remaining
Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in Column A) |
| |||||||||
Equity Compensation Plans Approved
by Stockholders |
| | | | 6,965,601 | | | | | $ | 2.13 | | | | | | 633,409 | | |
Equity Compensation Plans Not Approved by Stockholders
|
| | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 6,965,601 | | | | | $ | 2.13 | | | | | | 633,409 | | |
|
New Plan Benefits
Protalix BioTherapeutics, Inc. 2006 Stock Incentive Plan, amended |
| ||||||
|
Name and Position
|
| |
Dollar Value ($)
|
| |
Number of Units
|
|
| Eyal Rubin, Sr. VP & CFO | | | | | | Annual Grant of Restricted Stock for $100,000 | |
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
| | |
Year Ended December 31,
|
| |||||||||
| | |
2023
|
| |
2022
|
| ||||||
Audit Fees
|
| | | $ | 220,750 | | | | | $ | 254,750 | | |
Audit Related Fees
|
| | | | — | | | | | | — | | |
Tax Fees
|
| | | $ | 39,440 | | | | | $ | 71,000 | | |
All Other Fees
|
| | | | — | | | | | | — | | |
200 Broadacres Drive, 3rd Floor
Bloomfield, NJ 07003
+1 (855) 200-7892 (toll free in the United States)
[email protected]
Sr. Vice President and Chief Financial Officer and
Corporate Secretary
April 29, 2024
AMENDED AND RESTATED 2006 STOCK INCENTIVE PLAN, AS AMENDED
(June 27, 2024June 28, 2023)