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Time
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| | 11:00 a.m., Eastern Time | |
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Date
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| | May 10, 2023 | |
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Place
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The offices of Goodwin Procter LLP, 100 Northern Avenue, Boston, MA 02210.
In the event it is not possible or advisable to hold our Annual Meeting in person, we are planning for the possibility that the Annual Meeting may be held virtually (that is, one held by means of remote communication). If we take this step, we will announce the decision to do so in advance, with details on how to participate posted on our website at https://ir.transcodetherapeutics.com/annual-meeting.
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Purpose
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| |
To elect Robert Michael Dudley, Thomas A. Fitzgerald, Philippe P. Calais, PhD, Erik Manting, PhD, and Magda Marquet, PhD, as members of the Board, to serve until the Company’s 2024 Annual Meeting of Stockholders or until their successors are duly elected and qualified;
To approve an amendment to our Charter to effect a reverse stock split of our outstanding shares of Common Stock by a ratio of any whole number between 1-for-2 and 1-for-20, the implementation and timing of which shall be subject to the discretion of our Board (the “Reverse Stock Split Proposal”);
To approve adjournment of the Annual Meeting to the extent there are insufficient votes at the Annual Meeting to approve the preceding proposal (the “Adjournment Proposal”);
To ratify the appointment of WithumSmith+Brown, PC as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2023; and
To transact any other business that may properly come before the meeting or any adjournment thereof.
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Record Date
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| | The Board has fixed the close of business on March 29, 2023, as the record date for determining stockholders entitled to notice of and to vote at the Annual Meeting. | |
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Meeting Admission
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| | All stockholders as of the record date, or their duly appointed proxies, may attend the Annual Meeting. If you attend, you will be asked to present valid government-issued picture identification such as a driver’s license or passport. If your TransCode stock is held in a brokerage account or by a bank or other nominee, you are considered the beneficial owner of shares held in “street name,” and this Proxy Statement is being forwarded to you by your broker or nominee. As a result, your name does not appear on our list of stockholders. If your stock is held in “street name,” in addition to picture identification, you should bring with you a letter or account statement showing that you were the beneficial owner of the shares on the record date, in order to be admitted to the Annual Meeting. | |
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Voting by Proxy
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| | If you are a stockholder of record, please vote via the Internet or, for shares held in “street name,” please submit the voting instruction form you received | |
| | | | from your broker or nominee as soon as possible so your shares can be voted at the Annual Meeting. You may submit your voting instruction form by U.S. mail. If you are a stockholder of record, you may also vote by telephone or by submitting a proxy card by U.S. mail. If your shares are held in “street name,” you will receive instructions from your broker or other nominee explaining how to vote your shares, and you may also have the choice of instructing that recordholder as to how to vote your shares over the Internet or by telephone. Follow the instructions on the voting instruction form you received from your broker or nominee. | |
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Page
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| | | | A-1 | | |
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Matter
|
| | |
Voting
Options |
| | |
Board
Recommends |
| | |
Vote Required
for Approval |
| | |
Effect of
Withheld Votes or Abstentions |
| | |
Effect of
Broker Non-Votes |
| |
| | 1. Election of Directors | | | | FOR WITHHOLD | | | |
FOR each nominee
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| | | Plurality of shares present and voting, which means that the five nominees who receive the highest number of shares voted “for” their election will be elected | | | |
None
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| | |
None
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| |
| | 2. Amendment to Charter | | | | FOR AGAINST ABSTAIN | | | |
FOR
|
| | | Majority of shares outstanding | | | |
Against
|
| | |
Against
|
| |
| | 3. Adjournment of Meeting | | | | FOR AGAINST ABSTAIN | | | |
FOR
|
| | | Majority of votes properly cast | | | |
None
|
| | |
None
|
| |
| | 4. Ratification of Auditors | | | | FOR AGAINST ABSTAIN | | | |
FOR
|
| | | Majority of votes properly cast | | | |
None
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| | |
None
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Name
|
| |
Positions and Offices Held with the Company
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| |
Director
Since |
| |
Age
|
|
Robert Michael Dudley | | | Chief Executive Officer and Director | | |
2016
|
| |
73
|
|
Thomas A. Fitzgerald | | | Vice President, Chief Financial Officer and Director | | |
2018
|
| |
72
|
|
Philippe P. Calais, PhD | | | Director and Chairman of the Board | | |
2018
|
| |
64
|
|
Erik Manting, PhD | | | Director | | |
2020
|
| |
51
|
|
Magda Marquet, PhD | | | Director | | |
2021
|
| |
64
|
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| |
The Board recommends voting ‘FOR’ the election of Robert Michael Dudley, Thomas A. Fitzgerald, Philippe P. Calais, PhD, Erik Manting, PhD, and Magda Marquet, PhD, as directors to serve for a one-year term ending at the annual meeting of stockholders to be held in 2024.
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| |
Name
|
| |
Position Held with TransCode
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| |
Officer
Since |
| |
Age
|
|
Robert Michael Dudley | | | President, Chief Executive Officer and Director | | | 2016 | | | 73 | |
Thomas A. Fitzgerald | | | Vice President, Chief Financial Officer and Director | | | 2018 | | | 72 | |
Name
|
| |
Position Held with TransCode
|
| |
Position
Since |
| |
Age
|
|
Zdravka Medarova, PhD | | | Co-Founder and Chief Technology Officer | | |
2021
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| |
48
|
|
Qiyong Peter Liu, PhD | | | Chief Scientist | | |
2020
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58
|
|
Anna Moore, PhD | | | Co-Founder, Scientific Advisor | | |
2016
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| |
60
|
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| |
The Board recommends voting ‘FOR’ Proposal No. 2 to approve an amendment to the Charter to effect a reverse stock split of our outstanding shares of Common Stock by a ratio of any whole number between 1-for-2 and 1-for-20, the implementation and timing of which shall be subject to the discretion of the Board.
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| |
| |
The Board recommends voting ‘FOR’ Proposal No. 3 to approve the adjournment of the Annual Meeting to the extent there are insufficient votes at the Annual Meeting to approve the preceding proposal.
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Fee Category
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| |
Fiscal Year
2022 ($) |
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Fiscal Year
2021 ($) |
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Audit fees(1)
|
| | | $ | 116,000 | | | | | $ | 121,025 | | |
Audit-related fees(2)
|
| | | $ | 80,000 | | | | | $ | 74,433 | | |
Tax fees(3)
|
| | | $ | 8,000 | | | | | $ | 2,318 | | |
All other fees(4)
|
| | | $ | — | | | | | | — | | |
Total Fees
|
| | | $ | 204,000 | | | | | $ | 197,776 | | |
| |
The Board recommends voting ‘FOR’ Proposal No. 4 to ratify the appointment of WithumSmith+Brown, PC as TransCode’s independent registered public accounting firm for the fiscal year ending December 31, 2023.
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Board Size:
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| | | | | | | | | | | | |
Total Number of Directors
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5
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Gender Identity | | |
Female
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Male
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Non-Binary
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Decline to Disclose
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Number of Directors based on gender identity
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1
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4
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| |
—
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| |
—
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|
Part II: Demographic Background | | |
Female
|
| |
Male
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| |
Non-Binary
|
| |
Decline to Disclose
|
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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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|
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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1
|
| |
—
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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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|
White
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| |
—
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| |
4
|
| |
—
|
| |
—
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|
Two or More Races or Ethnicities
|
| |
—
|
| |
—
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| |
—
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| |
—
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|
LGBTQ+
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| |
—
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| |
—
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| |
—
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| |
—
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Did Not Disclose Demographic Background
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| |
—
|
| |
—
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| |
—
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| |
—
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Audit Committee
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| |
Compensation Committee
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| |
Nominating and
Corporate Governance Committee |
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|
Philippe Calais*
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Philippe Calais
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| |
Erik Manting*
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|
|
Erik Manting
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| |
Erik Manting
|
| |
Magda Marquet
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|
Magda Marquet
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Magda Marquet*
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| | | |
Name
|
| |
Fees
Earned or Paid in Cash ($) |
| |
Option
Awards ($)(1)(2) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| ||||||||||||
Philippe P. Calais, PhD
|
| | | | 102,500 | | | | | | 9,036 | | | | | | — | | | | | | 111,536 | | |
Erik Manting, PhD
|
| | | | 60,500 | | | | | | 9,036 | | | | | | — | | | | | | 69,536 | | |
Magda Marquet, PhD
|
| | | | 62,500 | | | | | | 9,036 | | | | | | — | | | | | | 71,536 | | |
| | |
Annual
Retainer |
| |||
Board of Directors: | | | | | | | |
Members
|
| | | $ | 40,000 | | |
Additional retainer for non-executive chair
|
| | | $ | 40,000 | | |
Audit Committee: | | | | | | | |
Members (other than chair)
|
| | | $ | 7,500 | | |
Retainer for chair
|
| | | $ | 15,000 | | |
Compensation Committee: | | | | | | | |
Members (other than chair)
|
| | | $ | 5,000 | | |
Retainer for chair
|
| | | $ | 10,000 | | |
Nominating and Corporate Governance Committee: | | | | | | | |
Members (other than chair)
|
| | | $ | 5,000 | | |
Retainer for chair
|
| | | $ | 8,000 | | |
Name and principal position
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| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Stock
Awards ($) |
| |
Option
Awards ($)(3) |
| |
All Other
Compensation ($) |
| |
Total
($) |
| |||||||||||||||||||||
Robert Michael Dudley
Chief Executive Officer |
| | | | 2022 | | | | | | 494,000 | | | |
—
|
| | | | — | | | | | | 311,027 | | | | | | — | | | | | | 805,027 | | | |||
| | | 2021 | | | | | | 240,000 | | | | | | 255,484 | | | | | | — | | | |
—
|
| | | | — | | | | | | 495,484 | | | |||||
| | | 2020 | | | |
—
|
| |
—
|
| | | | — | | | | | | 42,978 | | | | | | — | | | | | | 42,978 | | | ||||||||
Thomas A. Fitzgerald
Vice President and Chief Financial Officer |
| | | | 2022 | | | | | | 371,000 | | | |
—
|
| | | | — | | | | | | 189,701 | | | | | | — | | | | | | 560,701 | | | |||
| | | 2021 | | | | | | 180,000 | | | | | | 137,613 | | | | | | — | | | |
—
|
| | | | — | | | | | | 317,613 | | | |||||
| | | 2020 | | | |
—
|
| |
—
|
| | | | — | | | | | | 15,386 | | | | | | — | | | | | | 15,386 | | |
| | | | | | | | |
Option Awards
|
| |
Stock Awards
|
| ||||||||||||||||||||||||||||||
Name
|
| |
Vesting
Commencement Date |
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |
Number of
Shares or Units of Stock that Have Not Vested (#) |
| |
Market Value
of Shares or Units of Stock That Have Not Vested ($) |
| |||||||||||||||||||||
Robert Michael Dudley
|
| | | | 12/1/2022(1) | | | |
—
|
| | | | 135,000 | | | | | $ | 0.51 | | | | | | 12/11/2032 | | | | | | — | | | | | | — | | | |||
| | | 2/1/2022(1) | | | |
—
|
| | | | 135,000 | | | | | $ | 2.45 | | | | | | 1/31/2032 | | | | | | | | | | | | | | | |||||
| | | 1/1/2020(2) | | | | | | 818,852 | | | |
—
|
| | | $ | 0.09 | | | | | | 6/18/2025 | | | | | | | | | | | | | | | |||||
Thomas A. Fitzgerald
|
| | | | 12/1/2022(1) | | | |
—
|
| | | | 100,000 | | | | | $ | 0.51 | | | | | | 12/11/2032 | | | | | | — | | | | | | — | | | |||
| | | 2/1/2022(1) | | | |
—
|
| | | | 52,000 | | | | | $ | 2.12 | | | | | | 2/28/2032 | | | | | | | | | | | | | | | |||||
| | | 2/1/2022(1) | | | |
—
|
| | | | 33,000 | | | | | $ | 2.45 | | | | | | 1/31/2032 | | | | | | | | | | | | | | | |||||
| | | 1/1/2020(2) | | | | | | 242,622 | | | |
—
|
| | | $ | 0.08 | | | | | | 6/18/2030 | | | | | | | | | | | | | | |
Name of Beneficial Owner
|
| |
Shares
Beneficially Owned |
| |
Percentage
of Shares Beneficially Owned |
| ||||||
Greater-than-5% Stockholders | | | | | | | | | | | | | |
Zdravka Medarova, PhD, Chief Technology Officer(1)
|
| | | | 1,667,626 | | | | | | 10.5% | | |
Anna Moore, PhD, Co-Founder, Advisor(2)
|
| | | | 1,603,333 | | | | | | 10.1% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | |
Robert Michael Dudley, Chief Executive Officer, President, and Director(3)
|
| | | | 1,768,211 | | | | | | 10.6% | | |
Thomas A. Fitzgerald, Vice President, Chief Financial Officer(4)
|
| | | | 417,408 | | | | | | 2.6% | | |
Philippe Calais, PhD, Director(5)
|
| | | | 156,693 | | | | | | 1.0% | | |
Erik Manting, PhD, Director(6)
|
| | | | 29,316 | | | | | | 0.2% | | |
Magda Marquet, PhD, Director(7)
|
| | | | 28,305 | | | | | | 0.2% | | |
All executive officers and directors as a group (5 persons)
|
| | | | 2,399,934 | | | | | | 14.5% | | |
| | |
Equity Compensation Plan Information
|
| |||||||||||||||
Plan category
|
| |
Number of
securities to be issued upon exercise of outstanding options, warrants and rights |
| |
Weighted
Average exercise price of outstanding options, warrants and rights($) |
| |
Number of
securities remaining available for future issuance under equity compensation plans (excluding securities referenced in column (a)) |
| |||||||||
| | |
(a)
|
| |
(b)
|
| |
(c)
|
| |||||||||
Equity compensation plans approved by security holders:
|
| | | | 3,017,033(1) | | | | | $ | 0.74 | | | | | | 2,241,543 | | |
Equity compensation plans not approved by security holders:
|
| | | | N/A | | | | | | N/A | | | | | | N/A | | |
Total
|
| | | | 3,017,033 | | | | | $ | 0.74 | | | | | | 2,241,543 | | |