Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-07

Cullinan Therapeutics (CGEM)

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.

$5,100,006
Nadim Ahmed total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
97.8%
Say-on-pay support, latest vote
Companies that benchmark against CGEM
6 companies name CGEM as a compensation peer

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.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
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 Jones529,8040612,950806,845218,279053,7002,221,578
Chief Medical Officer
Mary Kay Fenton512,3250565,800744,780211,898044,0342,078,837
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.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Nadim Ahmed$5,100,006$7,684,366−2,584,360
Jeffrey Jones2,221,5783,388,014−1,166,436
Mary Kay Fenton2,078,8374,142,413−2,063,576

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

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.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Jennifer MichaelsonChief Scientific Officer2026-05-05D4,000$0$0Derivative, Class A CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-05-05D7,80015113,880CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-05-05D200163,116CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-05-05A4,000417,200CommonForm 4 ↗
Mary ThistleDirector2026-06-16A25,31900Derivative, Class A CommonForm 4 ↗
David MeekDirector2026-06-16A25,31900Derivative, Class A CommonForm 4 ↗
Stephen WebsterDirector2026-06-16A25,31900Derivative, Class A CommonForm 4 ↗
Andrew R. AllenDirector2026-06-16A21,78100Derivative, Class A CommonForm 4 ↗
Anthony RosenbergDirector2026-06-16A25,31900Derivative, Class A CommonForm 4 ↗
Mittie DoyleDirector2026-06-16A21,78100Derivative, Class A CommonForm 4 ↗
Mary Kay FentonChief Financial Officer2026-06-30A1,541913,253CommonForm 4 ↗
Jacquelyn L. SumerChief Legal Officer2026-06-30A2,470921,242CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-07-06A4,000417,200CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-07-06D4,00000Derivative, Class A CommonForm 4 ↗
Jennifer MichaelsonChief Scientific Officer2026-07-06D8,00018142,560CommonForm 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.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Nadim AhmedOption173,33417.54
Mary Kay FentonOption94,9849.43
Mary Kay FentonRSU60,000621,000
Nadim AhmedOption61,54211.03
Nadim AhmedOption284,9529.43
Nadim AhmedRSU180,0001,863,000
Jeffrey JonesRSU65,000672,750
Jeffrey JonesOption102,9009.43
Jeffrey JonesOption67,70917.54
Mary Kay FentonOption116,66727.12
Nadim AhmedRSU120,0001,242,000
Jeffrey JonesRSU46,875485,156
Nadim AhmedRSU31,792329,047
Jeffrey JonesOption35,00011.34
Jeffrey JonesRSU17,500181,125
Jeffrey JonesOption8,95914.34
05

Incentive-plan design — the Compensation Discussion & Analysis

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 consultantCompensia (through June 2025); Pay Governance (since June 2025)
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1648,536,7341,092,2097,05797.8%Passed
20252025-06-1246,956,0421,999,88914,67595.91%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.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1697.8%a
20252025-06-1295.91%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.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
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 elected17,9300358,9980376,928
Anthony RosenbergIndependent · Audit91,3340214,9950306,329
Stephen WebsterIndependent · Audit (Chair) · Compensation66,0000214,9950280,995
David MeekIndependent · Audit · Nominating/Governance (Chair)53,6440214,9950268,639
Anne-Marie Martin, Ph.DIndependent · Departed during FY0214,9950214,995
Mary ThistleIndependent · Compensation (Chair) · Nominating/Governance57,00000057,000
Nadim AhmedEmployee director00000
09

Board fee structure and ownership guideline

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
09b

Total cost of the board

ComponentFY2025
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.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Cullinan Therapeutics2025Nadim 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.

11

Source register

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.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Nadim AhmedDEF 14A2026-04-280001193125-26-183465Section “2025 Summary Compensation Table”. As printed: 5,100,006. Filing ↗machine: r2 · c24 · span 475245–475254
2Section 01, Jeffrey JonesDEF 14A2026-04-280001193125-26-183465Section “2025 Summary Compensation Table”. As printed: 2,221,578. Filing ↗machine: r4 · c24 · span 494459–494468
3Section 01, Mary Kay FentonDEF 14A2026-04-280001193125-26-183465Section “2025 Summary Compensation Table”. As printed: 2,078,837. Filing ↗machine: r6 · c24 · span 513813–513822
4Section 07, pay ratio10-K2026-03-100001193125-26-099362Section “CEO Pay Ratio”. As printed: —. Filing ↗
5Section 08, Andrew Allen, M.D., Ph.DDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 377,326. Filing ↗machine: t9 · r2 · c11 · span 372955–372962
6Section 08, Mittie Doyle, M.D., FACRDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 376,928. Filing ↗machine: t9 · r3 · c11 · span 378104–378111
7Section 08, Anthony RosenbergDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 306,329. Filing ↗machine: t9 · r6 · c11 · span 393217–393224
8Section 08, Stephen WebsterDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 280,995. Filing ↗
9Section 08, David MeekDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 268,639. Filing ↗machine: t9 · r5 · c11 · span 388232–388239
10Section 08, Anne-Marie Martin, Ph.DDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 214,995. Filing ↗machine: t9 · r4 · c7 · span 381865–381872
11Section 08, Mary ThistleDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 57,000. Filing ↗
12Section 08, Nadim AhmedDEF 14A2026-04-280001193125-26-183465Section “Director Compensation”. As printed: 0. Filing ↗
13Section 02, Jennifer Michaelson 2026-05-05Form 42026-05-060001193125-26-209307Insider equity transaction reported since the proxy statement. Filing ↗
14Section 02, Jennifer Michaelson 2026-05-05Form 42026-05-060001193125-26-209307Insider equity transaction reported since the proxy statement. Filing ↗
15Section 02, Jennifer Michaelson 2026-05-05Form 42026-05-060001193125-26-209307Insider equity transaction reported since the proxy statement. Filing ↗
16Section 02, Jennifer Michaelson 2026-05-05Form 42026-05-060001193125-26-209307Insider equity transaction reported since the proxy statement. Filing ↗
17Section 02, Mary Thistle 2026-06-16Form 42026-06-180001193125-26-276055Insider equity transaction reported since the proxy statement. Filing ↗
18Section 02, David Meek 2026-06-16Form 42026-06-180001193125-26-276059Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Stephen Webster 2026-06-16Form 42026-06-180001193125-26-276057Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Andrew R. Allen 2026-06-16Form 42026-06-180001193125-26-276056Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Anthony Rosenberg 2026-06-16Form 42026-06-180001193125-26-276060Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Mittie Doyle 2026-06-16Form 42026-06-180001193125-26-276054Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Mary Kay Fenton 2026-06-30Form 42026-07-020001193125-26-294863Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Jacquelyn L. Sumer 2026-06-30Form 42026-07-020001193125-26-294869Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Jennifer Michaelson 2026-07-06Form 42026-07-070001193125-26-297605Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jennifer Michaelson 2026-07-06Form 42026-07-070001193125-26-297605Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Jennifer Michaelson 2026-07-06Form 42026-07-070001193125-26-297605Insider equity transaction reported since the proxy statement. Filing ↗
28Section 06, 2026 voteForm 8-K2026-06-160001193125-26-272890Item 5.07 · say-on-pay result. As reported: 97.8% (votes for as printed: 48,536,734). Filing ↗
29Section 06, 2025 voteForm 8-K2025-06-120000950170-25-085425Item 5.07 · say-on-pay result. As reported: 95.91% (votes for as printed: 46,956,042). Filing ↗
30Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
31Section 09b board cost (computed)ComputedcomputedCash 304,236 + equity 0 + all other 0 = 304,236, summed across the director compensation table rows.machine: formula: Σ = 304,236
32Cullinan Therapeutics (subject), Section 10b CEO totalDEF 14A2026-04-280001193125-26-183465CEO total compensation as printed in Cullinan Therapeutics's own proxy. As printed: 5,100,006. Filing ↗machine: r2 · c24 · span 475245–475254