| | | | Sincerely, | |
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Richard Toselli, M.D.
President, Chief Executive Officer and Director |
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| | | | By order of the Board of Directors, | |
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Richard Toselli, M.D.
President, Chief Executive Officer and Director |
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Cambridge, Massachusetts August , 2022 |
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Proposal
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Board
Recommendation |
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(1)
to elect two Class II directors, each to serve a three-year term expiring at the 2025 annual meeting
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FOR each Director Nominee
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(2)
to approve an amendment to our Articles of Incorporation to increase the number of authorized shares of our common stock
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FOR
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(3)
to approve an amendment to our Articles of Incorporation to authorize 1,000,000 shares of “blank-check” preferred stock
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FOR
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(4)
to approve an amendment to our 2015 Equity Incentive Plan
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FOR
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(5)
to approve, on an advisory basis, the compensation of our named executive officers
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FOR
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(6)
to ratify the selection by the Audit Committee of RSM US LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2022
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FOR
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Board Diversity Matrix (As of August , 2022)
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| | Total Number of Directors | | | |
6
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Female
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Male
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Non-Binary
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Did Not
Disclose Gender |
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| | Part I: Gender Identity | | | | | | | | | | | | | | | | | | |
| | Directors | | | |
2
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4
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—
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—
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| | Part II: Demographic Background | | | | | | | | | | | | | | | | | | |
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African American or Black
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—
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—
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—
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—
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Alaskan Native or Native American
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—
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—
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—
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—
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Asian
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—
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—
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—
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—
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Hispanic or Latinx
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—
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—
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—
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—
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Native Hawaiian or Pacific Islander
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—
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—
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—
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—
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White
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2
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4
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—
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—
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Two or More Races or Ethnicities
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—
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—
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—
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—
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LGBTQ+
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—
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Did Not Disclose Demographic Background
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—
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Name
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Fees Earned or
Paid in Cash ($) |
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Option
Awards ($)(1) |
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Total
($) |
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Daniel R. Marshak, Ph.D.
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| | | | 53,431 | | | | | | 13,857 | | | | | | 67,288 | | |
C. Ann Merrifield
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| | | | 77,500 | | | | | | 13,857 | | | | | | 91,357 | | |
Richard J. Roberts, Ph.D.
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| | | | 48,750 | | | | | | 13,857 | | | | | | 62,607 | | |
Christina Morrison
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| | | | 55,756 | | | | | | 13,857 | | | | | | 69,613 | | |
Robert J. Rosenthal, Ph.D.
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| | | | 58,750 | | | | | | 13,857 | | | | | | 72,607 | | |
Name and Principal Position
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Year
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Salary
($) |
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Bonus
($)(1) |
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Option
Awards ($)(2) |
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All Other
Compensation ($) |
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Total
($) |
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Richard Toselli
President and Chief Executive Officer |
| | | | 2021 | | | | | | 516,672 | | | | | | 409,032 | | | | | | 139,266(3) | | | | | | 14,566(4) | | | | | | 1,079,536 | | |
| | | 2020 | | | | | | 499,200 | | | | | | 353,600 | | | | | | — | | | | | | 17,127(5) | | | | | | 869,927 | | | ||
Richard Christopher
Chief Financial Officer |
| | | | 2021 | | | | | | 355,212 | | | | | | 254,569 | | | | | | 69,633(6) | | | | | | 18,422(7) | | | | | | 697,836 | | |
| | | 2020 | | | | | | 343,200 | | | | | | 217,360 | | | | | | — | | | | | | 18,375(8) | | | | | | 578,935 | | |
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Option Awards
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Stock Awards
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Name
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Award
Grant Date |
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No. of
Securities Underlying Unexercised Options (#) Exercisable |
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No. of
Securities Underlying Unexercised Options (#) Unexercisable |
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Option
Exercise Price ($) |
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Option
Expiration Date |
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Award
Grant Date |
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Number of
Shares or Units of Stock That Have Not Vested (#) |
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Market
Value of Shares or Units of Stock That Have Not Vested ($)(1) |
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Richard Toselli
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7/5/2017
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| | | | 18 | | | | | | — | | | | | | 47,812.50 | | | |
7/5/2027
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3/18/2021
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| | | | — | | | | | | 6,000(2) | | | | | | 27.50 | | | |
3/17/2031
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| | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9/25/2019 | | | | | | 92(3) | | | | | | 1,049 | | |
Richard Christopher
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1/14/2019
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| | | | 80 | | | | | | 40(4) | | | | | | 1,147.50 | | | |
1/14/2029
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3/18/2021
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| | | | — | | | | | | 3,000(2) | | | | | | 27.50 | | | |
3/17/2031
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9/25/2019 | | | | | | 64(5) | | | | | | 722 | | |
Name of Beneficial Owner
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Number of Shares
of Common Stock Beneficially Owned |
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Percentage of
Common Stock Beneficially Owned |
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Directors and Named Executive Officers | | | | | | | | | | | | | |
Richard Toselli, M.D.(1)
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| | | | 3,411 | | | | | | * | | |
Richard Christopher(2)
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| | | | 1,976 | | | | | | * | | |
C. Ann Merrifield(3)
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| | | | 898 | | | | | | * | | |
Richard J. Roberts, Ph.D.(4)
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| | | | 619 | | | | | | * | | |
Daniel R. Marshak, Ph.D.(5)
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| | | | 605 | | | | | | * | | |
Christina Morrison(6)
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| | | | 604 | | | | | | * | | |
Robert J. Rosenthal, Ph.D(7)
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| | | | 600 | | | | | | * | | |
All current directors and executive officers as a group (7 persons)(8)
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| | | | 8,713 | | | | | | * | | |
Fiscal Year
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Number of
Options Granted |
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Number of
Time-based Restricted Stock Units Granted |
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Number of
Restricted Stock Granted |
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Total
Grants |
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Basic
Weighted Average Shares Outstanding |
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Unadjusted
Share Usage (Burn Rate) |
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2019
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| | | | — | | | | | | — | | | | | | 278 | | | | | | 278 | | | | | | 13,414 | | | | | | 2.1% | | |
2020
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 276,108 | | | | | | 0.0% | | |
2021
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| | | | 14,400 | | | | | | — | | | | | | — | | | | | | 14,400 | | | | | | 1,323,146 | | | | | | 1.1% | | |
Three-Year Average
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 1.1% | | |
Name of Beneficial Owner
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Number of
Shares of Common Stock Underlying Options Granted |
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Number of
Shares of Common Stock Underlying Restricted Stock Units Granted |
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Number of
Shares of Common Stock Underlying Restricted Stock Granted |
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Named Executive Officers | | | | | | | | | | | | | | | | | | | |
Richard Toselli, President and Chief Executive Officer
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| | | | 6,018 | | | | | | 16 | | | | | | 92 | | |
Richard Christopher, Chief Financial Officer
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| | | | 3,000 | | | | | | — | | | | | | 64 | | |
All current executive officers as a group
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| | | | 9,018 | | | | | | 16 | | | | | | 156 | | |
All directors who are not executive officers as a group
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| | | | 3,014 | | | | | | — | | | | | | — | | |
All nominees for election as a director: | | | | | | | | | | | | | | | | | | | |
Daniel Marshak
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| | | | 603 | | | | | | — | | | | | | — | | |
Christina Morrison
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| | | | 604 | | | | | | — | | | | | | — | | |
Associates of our executive officers, directors and nominees
for director: |
| | | | — | | | | | | — | | | | | | — | | |
All other persons who received 5% of such equity awards: | | | | | | | | | | | | | | | | | | | |
William D’Agostino, Former Senior Vice President, Operations
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| | | | 1,206 | | | | | | — | | | | | | 54 | | |
Alex Aimetti, Former Vice President, Medical Education
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| | | | — | | | | | | 4 | | | | | | — | | |
Melanie Golarz, Former Senior Director, Finance and Controller
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| | | | — | | | | | | 4 | | | | | | — | | |
Lisa Rosario, Quality Assurance Inspector
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| | | | — | | | | | | — | | | | | | 14 | | |
Heather Hamel, Vice President, Legal Affairs and Business Development
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| | | | 962 | | | | | | — | | | | | | 30 | | |
Joshua Kennedy, Former Principal Chemical
Engineer |
| | | | — | | | | | | — | | | | | | 24 | | |
Name of Beneficial Owner
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Number of
Shares of Common Stock Underlying Options Granted |
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Number of
Shares of Common Stock Underlying Restricted Stock Units Granted |
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Number of
Shares of Common Stock Underlying Restricted Stock Granted |
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All employees, including all current officers who are not executive officers as a group
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| | | | 11,186 | | | | | | 24 | | | | | | 278 | | |
Firm
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Year
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Fees ($)(1)
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RSM US LLP
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| | | | 2021 | | | | | | 220,185 | | |
| | | | | 2020 | | | | | | 212,588 | | |
Firm
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Year
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Fees ($)(1)
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RSM US LLP
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| | | | 2021 | | | | | | 7,875 | | |
| | | | | 2020 | | | | | | 136,500 | | |
Plan Category
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(a)
Number of securities to be issued upon the exercise of outstanding options, warrants and rights |
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(b)
Weighted-average exercise price of outstanding options, warrants and rights |
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(c)
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) |
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Equity compensation plans approved by security holders(1)
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| | | | 14,462 | | | | | $ | 431.89 | | | | | | 110,629 | | |
Equity compensation plans not approved by security holders(2)
|
| | | | 120 | | | | | | 1,147.50 | | | | | | — | | |
Total
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| | | | 14,582 | | | | | $ | 437.78 | | | | | | 110,629 | | |
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