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 CGEM 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 CGEM 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 |
|---|---|---|---|---|---|---|---|---|
| Nadim Ahmed | $698,476 | $0 | $1,697,400 | $2,234,340 | $419,086 | $0 | $50,704 | $5,100,006 |
| President and Chief Executive Officer | ||||||||
| Jeffrey Jones | 529,804 | 0 | 612,950 | 806,845 | 218,279 | 0 | 53,700 | 2,221,578 |
| Chief Medical Officer | ||||||||
| Mary Kay Fenton | 512,325 | 0 | 565,800 | 744,780 | 211,898 | 0 | 44,034 | 2,078,837 |
| Chief Financial 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 |
|---|---|---|---|---|
| Nadim Ahmed | $5,100,006 | $7,684,366 | — | −2,584,360 |
| Jeffrey Jones | 2,221,578 | 3,388,014 | — | −1,166,436 |
| Mary Kay Fenton | 2,078,837 | 4,142,413 | — | −2,063,576 |
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 |
|---|---|---|---|---|---|---|---|---|
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 4,000 | $0 | $0 | Derivative, Class A Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 7,800 | 15 | 113,880 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | D | 200 | 16 | 3,116 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-05-05 | A | 4,000 | 4 | 17,200 | Common | Form 4 ↗ |
| Mary Thistle | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| David Meek | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Stephen Webster | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Andrew R. Allen | Director | 2026-06-16 | A | 21,781 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Anthony Rosenberg | Director | 2026-06-16 | A | 25,319 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mittie Doyle | Director | 2026-06-16 | A | 21,781 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Mary Kay Fenton | Chief Financial Officer | 2026-06-30 | A | 1,541 | 9 | 13,253 | Common | Form 4 ↗ |
| Jacquelyn L. Sumer | Chief Legal Officer | 2026-06-30 | A | 2,470 | 9 | 21,242 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | A | 4,000 | 4 | 17,200 | Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | D | 4,000 | 0 | 0 | Derivative, Class A Common | Form 4 ↗ |
| Jennifer Michaelson | Chief Scientific Officer | 2026-07-06 | D | 8,000 | 18 | 142,560 | 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 | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Nadim Ahmed | Option | 173,334 | 17.54 | — |
| Mary Kay Fenton | Option | 94,984 | 9.43 | — |
| Mary Kay Fenton | RSU | 60,000 | — | 621,000 |
| Nadim Ahmed | Option | 61,542 | 11.03 | — |
| Nadim Ahmed | Option | 284,952 | 9.43 | — |
| Nadim Ahmed | RSU | 180,000 | — | 1,863,000 |
| Jeffrey Jones | RSU | 65,000 | — | 672,750 |
| Jeffrey Jones | Option | 102,900 | 9.43 | — |
| Jeffrey Jones | Option | 67,709 | 17.54 | — |
| Mary Kay Fenton | Option | 116,667 | 27.12 | — |
| Nadim Ahmed | RSU | 120,000 | — | 1,242,000 |
| Jeffrey Jones | RSU | 46,875 | — | 485,156 |
| Nadim Ahmed | RSU | 31,792 | — | 329,047 |
| Jeffrey Jones | Option | 35,000 | 11.34 | — |
| Jeffrey Jones | RSU | 17,500 | — | 181,125 |
| Jeffrey Jones | Option | 8,959 | 14.34 | — |
Our executive compensation program is designed to attract, retain and reward key employees and to align their interests with the interests of our stockholders.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Compensia (through June 2025); Pay Governance (since June 2025) |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-16 | 48,536,734 | 1,092,209 | 7,057 | 97.8% | Passed |
| 2025 | 2025-06-12 | 46,956,042 | 1,999,889 | 14,675 | 95.91% | 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 | 2026-06-16 | 97.8%a |
| 2025 | 2025-06-12 | 95.91%b |
a. Approved under the standard stated in the filing — “Abstentions are not considered a vote cast on this proposal and will therefore not affect the outcome of this proposal.”.
b. Approved under the standard stated in the filing — “Abstentions are not considered a vote cast on this proposal and will therefore not affect the outcome of 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 |
|---|---|---|---|---|---|---|
| Andrew Allen, M.D., Ph.DIndependent · Compensation · Newly elected | $18,328 | $0 | $358,998 | — | $0 | $377,326 |
| Mittie Doyle, M.D., FACRIndependent · Nominating/Governance · Newly elected | 17,930 | 0 | 358,998 | — | 0 | 376,928 |
| Anthony RosenbergIndependent · Audit | 91,334 | 0 | 214,995 | — | 0 | 306,329 |
| Stephen WebsterIndependent · Audit (Chair) · Compensation | 66,000 | 0 | 214,995 | — | 0 | 280,995 |
| David MeekIndependent · Audit · Nominating/Governance (Chair) | 53,644 | 0 | 214,995 | — | 0 | 268,639 |
| Anne-Marie Martin, Ph.DIndependent · Departed during FY | — | 0 | 214,995 | — | 0 | 214,995 |
| Mary ThistleIndependent · Compensation (Chair) · Nominating/Governance | 57,000 | 0 | 0 | — | 0 | 57,000 |
| Nadim AhmedEmployee director | 0 | 0 | 0 | — | 0 | 0 |
| Annual cash retainer | $40,000 |
|---|---|
| Annual equity retainer | $215,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 12,000 / 10,000 |
| Stock ownership guideline | — |
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $304,236 |
| Equity awards (grant-date value) | $0 |
| All other compensation | $0 |
| Total cost of the board | $304,236 |
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 | Cullinan Therapeutics | 2025 | Nadim Ahmed | $698,476 | $1,697,400 | $2,234,340 | $419,086 | $5,100,006 |
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, Nadim Ahmed | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “2025 Summary Compensation Table”. As printed: 5,100,006. Filing ↗machine: r2 · c24 · span 475245–475254 |
| 2 | Section 01, Jeffrey Jones | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “2025 Summary Compensation Table”. As printed: 2,221,578. Filing ↗machine: r4 · c24 · span 494459–494468 |
| 3 | Section 01, Mary Kay Fenton | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “2025 Summary Compensation Table”. As printed: 2,078,837. Filing ↗machine: r6 · c24 · span 513813–513822 |
| 4 | Section 07, pay ratio | 10-K | 2026-03-10 | 0001193125-26-099362 | Section “CEO Pay Ratio”. As printed: —. Filing ↗ |
| 5 | Section 08, Andrew Allen, M.D., Ph.D | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 377,326. Filing ↗machine: t9 · r2 · c11 · span 372955–372962 |
| 6 | Section 08, Mittie Doyle, M.D., FACR | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 376,928. Filing ↗machine: t9 · r3 · c11 · span 378104–378111 |
| 7 | Section 08, Anthony Rosenberg | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 306,329. Filing ↗machine: t9 · r6 · c11 · span 393217–393224 |
| 8 | Section 08, Stephen Webster | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 280,995. Filing ↗ |
| 9 | Section 08, David Meek | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 268,639. Filing ↗machine: t9 · r5 · c11 · span 388232–388239 |
| 10 | Section 08, Anne-Marie Martin, Ph.D | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 214,995. Filing ↗machine: t9 · r4 · c7 · span 381865–381872 |
| 11 | Section 08, Mary Thistle | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 57,000. Filing ↗ |
| 12 | Section 08, Nadim Ahmed | DEF 14A | 2026-04-28 | 0001193125-26-183465 | Section “Director Compensation”. As printed: 0. Filing ↗ |
| 13 | Section 02, Jennifer Michaelson 2026-05-05 | Form 4 | 2026-05-06 | 0001193125-26-209307 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 14 | Section 02, Jennifer Michaelson 2026-05-05 | Form 4 | 2026-05-06 | 0001193125-26-209307 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 15 | Section 02, Jennifer Michaelson 2026-05-05 | Form 4 | 2026-05-06 | 0001193125-26-209307 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 16 | Section 02, Jennifer Michaelson 2026-05-05 | Form 4 | 2026-05-06 | 0001193125-26-209307 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 17 | Section 02, Mary Thistle 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276055 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 18 | Section 02, David Meek 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276059 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 19 | Section 02, Stephen Webster 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276057 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 20 | Section 02, Andrew R. Allen 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276056 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 21 | Section 02, Anthony Rosenberg 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276060 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 22 | Section 02, Mittie Doyle 2026-06-16 | Form 4 | 2026-06-18 | 0001193125-26-276054 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 23 | Section 02, Mary Kay Fenton 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294863 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 24 | Section 02, Jacquelyn L. Sumer 2026-06-30 | Form 4 | 2026-07-02 | 0001193125-26-294869 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 25 | Section 02, Jennifer Michaelson 2026-07-06 | Form 4 | 2026-07-07 | 0001193125-26-297605 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 26 | Section 02, Jennifer Michaelson 2026-07-06 | Form 4 | 2026-07-07 | 0001193125-26-297605 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 27 | Section 02, Jennifer Michaelson 2026-07-06 | Form 4 | 2026-07-07 | 0001193125-26-297605 | Insider equity transaction reported since the proxy statement. Filing ↗ |
| 28 | Section 06, 2026 vote | Form 8-K | 2026-06-16 | 0001193125-26-272890 | Item 5.07 · say-on-pay result. As reported: 97.8% (votes for as printed: 48,536,734). Filing ↗ |
| 29 | Section 06, 2025 vote | Form 8-K | 2025-06-12 | 0000950170-25-085425 | Item 5.07 · say-on-pay result. As reported: 95.91% (votes for as printed: 46,956,042). Filing ↗ |
| 30 | 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) |
| 31 | Section 09b board cost (computed) | Computed | — | computed | Cash 304,236 + equity 0 + all other 0 = 304,236, summed across the director compensation table rows.machine: formula: Σ = 304,236 |
| 32 | Cullinan Therapeutics (subject), Section 10b CEO total | DEF 14A | 2026-04-28 | 0001193125-26-183465 | CEO total compensation as printed in Cullinan Therapeutics's own proxy. As printed: 5,100,006. Filing ↗machine: r2 · c24 · span 475245–475254 |