Results
Fibrobiologics Inc.
01/24/2025 | Press release | Distributed by Public on 01/24/2025 15:05
Management Change/Compensation (Form 8-K)
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On January 10, 2025, FibroBiologics, Inc. (the "Company") filed a Registration Statement on Form S-1 (File No. 333-284077) with the Securities and Exchange Commission (the "Registration Statement"). Pursuant to Instruction 1 to Item 402(c)(2)(iii) and (iv) of Regulation S-K, the Summary Compensation Table included in the Registration Statement noted that the Compensation Committee (the "Compensation Committee") of the Board of Directors of the Company had not yet determined annual incentive bonuses for its 2024 fiscal year for the Company's principal executive officer and two other most highly compensated executive officers for fiscal 2024 (the "Named Executive Officers"), and that the Company would provide an updated Summary Compensation Table following such determination.
On January 23, 2025, the Compensation Committee and the Board approved fiscal 2024 annual incentive bonuses for the Named Executive Officers. In accordance with Item 5.02(f) of Form 8-K, set forth below is an updated Summary Compensation Table, which includes fiscal 2024 annual incentive bonuses and total compensation figures for the Company's fiscal year ended December 31, 2024. The Compensation Committee and the Board also approved a bonus of $75,000 for Mr. Robert E. Hoffman, the Company's Interim Chief Financial Officer.
2024 Summary Compensation Table
The following table represents information regarding the total compensation awarded to, earned by or paid to our named executive officers during the fiscal years ended December 31, 2023 and 2024:
| Name and Principal Position | Year | Salary ($) | Bonus ($) | Option Awards ($)(2) | Non-Equity Incentive Plan Compensation ($)(3) | All Other Compensation ($)(4) | Total ($) | |||||||||||||||||||||
| Pete O'Heeron | 2024 | 600,000 | - | 788,452 | 390,000 | 26,747 | 1,805,199 | |||||||||||||||||||||
| Chairperson and CEO | 2023 | 600,000 | - | 3,335,400 | 300,000 | 50,908 | 4,286,308 | |||||||||||||||||||||
| Hamid Khoja, Ph.D. | 2024 | 325,000 | - | 341,895 | 150,000 | 36,751 | 853,646 | |||||||||||||||||||||
| Chief Scientific Officer | 2023 | 325,000 | - | 818,100 | 113,750 | 50,908 | 1,307,758 | |||||||||||||||||||||
| Ruben A. Garcia(1) | 2024 | 270,833 | 15,000 | 2,283,274 | 142,188 | 41,548 | 2,752,843 | |||||||||||||||||||||
| General Counsel |
| (1) | No information is provided with respect to fiscal 2023 for Mr. Garcia because Mr. Garcia was not a named executive officer prior to fiscal 2024. Mr. Garcia joined the Company as General Counsel on March 1, 2024. |
| (2) | Amounts in this column reflect the aggregate grant date fair value of stock options granted, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718, or ASC 718, rather than the amounts paid to or realized by the named executive officer. The assumptions used to calculate the grant date fair value of the stock options granted on December 27, 2024 are a $2.36 stock and exercise price, time to maturity of 5.5 years, no dividend yield, an annual risk-free rate of interest of 4.45%, and an annual volatility of 108.93%. The assumptions used to calculate the grant date fair value of the stock options granted to Mr. Garcia on March 1, 2024 are a $13.00 stock and exercise price, time to maturity of 7 years, no dividend yield, an annual risk-free rate of interest of 4.20%, and an annual volatility of 97.28%. |
| (3) | The dollar amounts reflect the incentive bonuses earned by the named executive officers for performance in that fiscal year, which were paid in the subsequent fiscal year. |
| (4) | Amounts in the "All Other Compensation" column for 2024 consist of the amounts set forth in the table below. Healthcare benefits include medical, dental and vision. |
| Named Executive Officer (2024) |
401(k) Contributions ($) |
Healthcare ($) |
Relocation Expenses ($) |
|||||||||
| Pete O'Heeron | - | 26,747 | - | |||||||||
| Hamid Khoja, Ph.D. | - | 36,751 | - | |||||||||
| Ruben A. Garcia | 15,525 | 7,617 | 18,406 |