20 Summary Compensation Table The following table sets forth the names and positions of: (i) each person who served as our Principal Executive Officer during the year ended December 31, 2021; and (ii) our most highly compensated executive officer, other than our principal executive officer, who was serving as an executive officer, as determined in accordance with the rules and regulations promulgated by the SEC, as of December 31, 2021, with compensation of $100,000 or more (collectively our “Named Executive Officers ”): Name and Principal Position Year Salary ($) Bonus ($) Option Awards ($)(1) Non-Equity Incentive Plan Compensation ($) All Other Compensation ($) Total ($) Teofilo Raad (Chief Executive Officer) ........................ 2021 479,723 - 668,448 223,061 10,722 (2) 1,381,954 2020 463,500 - 1,470,800 231,750 7,722 (3) 2,173,772 Michelle S. Siegert................................... 2021 286,902 2,000 (6) 108,610 72,041 10,722 (4) 480,275 (Vice President, Finance) 2020 277,200 22,500 (7) 255,755 83,160 7,482 (5) 646,097 (1) In accordance with SEC rules, this column reflects the aggregate fair value of the option awards granted during the respective fiscal year computed as of their respective grant dates in accordance with Financial Accounting Standard Board Accounting Standards Codification Topic 718 for share-based compensation transactions. The assumptions made in the valuation of the share-based payments are contained in Note 10 to our consolidated financial statements for the fiscal year ended December 31, 2021 in our Annual Report on Form 10-K for the year ended December 31, 2021. (2) Represents Company 401(k) plan contributions of $8,700, payment made by the Company for life, AD&D and LTD premiums in the amount of $522 and cell phone reimbursement of $1,500. (3) Represents Company 401(k) plan contributions of $5,700 and payment made by the Company for life, AD&D and LTD premiums in the amount of $522 and cell phone reimbursement of $1,500. (4) Represents Company 401(k) plan contributions of $8,700, payment made by the Company for life, AD&D and LTD premiums in the amount of $522 and cell phone reimbursement of $1,500. (5) Represents Company 401(k) plan contributions of $5,700, payment made by the Company for life, AD&D and LTD premiums in the amount of $522 and cell phone reimbursement of $1,260. (6) Represents a spot bonus which was paid on February 26, 2021. (7) Represents a retention bonus which was paid on December 31, 2020. Narrative Disclosure to Summary Compensation Table Executive Employment Agreements We have entered into executive employment agreements with each of our Named Executive Officers. The executive employment agreements provide for “at will” employment and set forth the terms and conditions of employment, including annual base salary, discretionary bonus opportunities, benefits and eligibility to participate in our employee benefit plans and programs. As a condition of their employment, our Named Executive Officers were each required to execute our standard proprietary information, inventions, and non-competition agreement. The material terms of these executive employment agreements are summarized below. Retirement Plans As part of our overall compensation program, we provide all full-time employees, including our named executive officers, with the opportunity to participate in a defined contribution 401(k) plan. Our 401(k) plan is intended to qualify under Section 401 of the Internal Revenue Code so that employee pre-tax contributions and income earned on such contributions are not taxable to employees until withdrawn. Employees may elect to defer up to 100 percent of their eligible compensation (not to exceed the statutorily prescribed annual limit) in the form of elective deferral contributions to our 401(k) plan. Our 401(k) plan also has a “catch-up contribution” feature for employees aged 50 or older (including those who qualify as “highly compensated” employees) who can defer amounts over the statutory limit that applies to all other employees. Employee Benefits and Perquisites During their employment, Mr. Raad, Ms. Siegert, and Ms. Wasilewski are eligible to participate in our health and welfare plans, including medical and dental benefits, short-term and long-term disability insurance, and life insurance.
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