Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.
Each company listed discloses CABA in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named CABA in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Steven Nichtberger | $659,550 | $0 | $0 | $1,266,978 | $446,982 | $0 | $28,045 | $2,401,555 |
| President and Chief Executive Officer | ||||||||
| Gwendolyn Binder | 516,700 | 0 | 0 | 484,124 | 243,262 | 0 | 14,000 | 1,258,086 |
| President, Science and Technology | ||||||||
| David Chang | 516,700 | 0 | 0 | 429,009 | 276,435 | 0 | 14,000 | 1,236,144 |
| Chief Medical Officer | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Steven Nichtberger | $2,401,555 | $8,096,947 | — | −5,695,392 |
| Gwendolyn Binder | 1,258,086 | 3,324,789 | — | −2,066,703 |
| David Chang | 1,236,144 | 3,346,126 | — | −2,109,982 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Mark Simon | Director | 2026-06-09 | A | 22,000 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Shawn Tomasello | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Scott Brun | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Richard Henriques | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Catherine Bollard | Director | 2026-06-09 | A | 22,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Steven Nichtberger | Option | — | — | — | — | — | $1,266,978 |
| David Chang | Option | — | — | — | — | — | 429,009 |
| Gwendolyn Binder | Option | — | — | — | — | — | 484,124 |
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Steven Nichtberger | $0 | $0 | $1,266,978 | 0.0% |
| David Chang | 0 | 0 | 429,009 | 0.0% |
| Gwendolyn Binder | 0 | 0 | 484,124 | 0.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Gwendolyn Binder | Option | 145,000 | 1.67 | — |
| Gwendolyn Binder | Option | 73,125 | 23.97 | — |
| David Chang | Option | 73,125 | 23.97 | — |
| David Chang | Option | 145,000 | 1.67 | — |
| Steven Nichtberger | Option | 23,750 | 3.21 | — |
| Steven Nichtberger | Option | 198,562 | 23.97 | — |
| Steven Nichtberger | Option | 450,000 | 1.67 | — |
| Steven Nichtberger | Option | 128,625 | 11.09 | — |
| Gwendolyn Binder | Option | 55,000 | 11.09 | — |
| David Chang | Option | 8,437 | 3.21 | — |
| David Chang | Option | 46,875 | 11.09 | — |
| Gwendolyn Binder | Option | 10,000 | 3.21 | — |
We target a general competitive position, based on independent third-party benchmark analytics to inform the mix of compensation of base salary, bonus or long-term incentives.
| CEO STI target (% of salary) | 60% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Aon |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-09 | 27,490,145 | 26,048,082 | 47,899 | 51.35% | Passed |
| 2025 | 2025-06-09 | 13,973,541 | 11,809,869 | 106,991 | 54.2% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.
| Meeting year | Meeting date | Approval — company's computation |
|---|---|---|
| 2026 | 2026-06-09 | 51.35%a |
| 2025 | 2025-06-09 | 54.2%b |
a. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted "For" or "Against" this proposal and will have no effect on this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions and broker non-votes, if any, will not be counted "For" or "Against" this proposal and will have no effect on this proposal.”.
Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
| Ratio (CEO : median employee) | — |
|---|---|
| CEO total compensation | — |
| Median employee compensation | — |
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Richard HenriquesIndependent · Audit (Chair) · Compensation | $66,250 | $0 | $85,923 | — | $0 | $152,173 |
| Catherine BollardIndependent · Nominating/Governance · Science and Technology (Chair) | 60,000 | 0 | 85,567 | — | 0 | 145,567 |
| Mark SimonIndependent · Audit · Compensation · Nominating/Governance | 67,500 | 0 | 73,407 | — | 0 | 140,907 |
| Scott BrunIndependent · Audit · Nominating/Governance (Chair) · Science and Technology | 67,500 | 0 | 69,340 | — | 0 | 136,840 |
| Shawn TomaselloIndependent · Compensation (Chair) · Science and Technology | 53,750 | 0 | 65,420 | — | 0 | 119,170 |
| Steven NichtbergerEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | — |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,500 / 10,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $315,000 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $315,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Cabaletta Bio | 2025 | Steven Nichtberger | $659,550 | $0 | $1,266,978 | $446,982 | $2,401,555 |
Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.
| # | Supports | Document | Filed | Accession | Location in document |
|---|---|---|---|---|---|
| 1 | Section 01, Steven Nichtberger | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Executive Compensation”. As printed: 2,401,555. Filing ↗ |
| 2 | Section 01, Gwendolyn Binder | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Executive Compensation”. As printed: 1,258,086. Filing ↗ |
| 3 | Section 01, David Chang | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Executive Compensation”. As printed: 1,236,144. Filing ↗ |
| 4 | Section 03, Steven Nichtberger Option | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r2 · c15 · span 311094–311103 |
| 5 | Section 03, David Chang Option | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r6 · c15 · span 319708–319715 |
| 6 | Section 03, Gwendolyn Binder Option | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t72 · r4 · c15 · span 315399–315406 |
| 7 | Section 07, pay ratio | 10-K | 2026-03-23 | 0001759138-26-000011 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 8 | Section 08, Richard Henriques | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 152,173. Filing ↗machine: t111 · r4 · c19 · span 509885–509892 |
| 9 | Section 08, Catherine Bollard | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 145,567. Filing ↗machine: t111 · r2 · c19 · span 506878–506885 |
| 10 | Section 08, Mark Simon | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 140,907. Filing ↗machine: t111 · r5 · c19 · span 511372–511379 |
| 11 | Section 08, Scott Brun | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 136,840. Filing ↗machine: t111 · r3 · c19 · span 508366–508373 |
| 12 | Section 08, Shawn Tomasello | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 119,170. Filing ↗machine: t111 · r6 · c19 · span 512889–512896 |
| 13 | Section 08, Steven Nichtberger | DEF 14A | 2026-04-28 | 0001193125-26-183557 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 14 | Section 02, Mark Simon 2026-06-09 | Form 4 | 2026-06-10 | 0001193125-26-266232 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 15 | Section 02, Shawn Tomasello 2026-06-09 | Form 4 | 2026-06-10 | 0001193125-26-266239 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, Scott Brun 2026-06-09 | Form 4 | 2026-06-10 | 0001193125-26-266220 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Richard Henriques 2026-06-09 | Form 4 | 2026-06-10 | 0001193125-26-266229 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, Catherine Bollard 2026-06-09 | Form 4 | 2026-06-10 | 0001193125-26-266224 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 06, 2026 vote | Form 8-K | 2026-06-11 | 0001759138-26-000033 | Item 5.07 · say-on-pay result. As reported: 51.35% (votes for as printed: 27,490,145). Filing ↗ |
| 20 | Section 06, 2025 vote | Form 8-K | 2025-06-10 | 0001193125-25-137954 | Item 5.07 · say-on-pay result. As reported: 54.2% (votes for as printed: 13,973,541). Filing ↗ |
| 21 | Section 01 trend, Δ column (computed) | Computed | — | computed | Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1) |
| 22 | Section 03b vehicle mix (computed) | Computed | — | computed | RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio |
| 23 | Section 09b board cost (computed) | Computed | — | computed | Cash 315,000 + equity 0 + all other 0 = 315,000, summed across the director compensation table rows.machine: formula: Σ = 315,000 |
| 24 | Cabaletta Bio (subject), Section 10b CEO total | DEF 14A | 2026-04-28 | 0001193125-26-183557 | CEO total compensation as printed in Cabaletta Bio's own proxy. As printed: 2,401,555. Filing ↗ |