United States

Securities and Exchange Commission

Washington, D.C. 20549

 

 

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

 

 

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Preliminary Proxy Statement

 

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Definitive Proxy Statement

 

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Definitive Additional Materials

 

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Soliciting Material under § 240.14a-12

Tempest Therapeutics, Inc.

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LOGO

7000 Shoreline Court, Suite 275

South San Francisco, CA 94080

SUPPLEMENT TO PROXY STATEMENT FOR THE ANNUAL MEETING OF STOCKHOLDERS

To Be Held On June 17, 2022

Dear Stockholder:

This proxy statement supplement dated May 26, 2022 (this “Supplement”), supplements the definitive proxy statement on Schedule 14A of Tempest Therapeutics, Inc., a Delaware corporation (the “Company”), dated May 9, 2022 (the “Proxy Statement”), for the Annual Meeting of Stockholders of the Company to be held Friday, June 17, 2022 at 1:00 P.M. Pacific time.

This Supplement updates the 2021 Summary Compensation Table under the “Executive Compensation” section of the Proxy Statement to correct typographical errors with respect to a certain form of compensation of our Chief Executive Officer, Stephen Brady. Mr. Brady earned $1,065,754 in option awards for the fiscal year ending December 31, 2021, rather than $49,325. The total compensation amount for Mr. Brady was adjusted accordingly in the table. Additionally, this Supplement updates the Non-Employee Director Compensation Table under the “Director Compensation” section of the Proxy Statement to correct typographical errors with respect to fees earned or paid in cash of our Director, Stella Xu. Dr. Xu earned $27,125 in cash for the fiscal year ending December 31, 2021, rather than $17,742. The total compensation amount for Dr. Xu was adjusted accordingly in the table.

The Supplement should be read together with the Proxy Statement, which should be read in its entirety. Capitalized terms used but not otherwise defined in this supplement have the meanings ascribed to them in the Proxy Statement.

Except for the revisions set forth above, the Proxy Statement remains unchanged.

EXECUTIVE AND DIRECTOR COMPENSATION

EXECUTIVE COMPENSATION

Summary Compensation Table

The following table sets forth information for each of the last two completed fiscal years regarding compensation awarded to or earned by all individuals who served as the Company’s Chief Executive Officer and the Company’s two other most highly compensated executive officers (the “Named Executive Officers”) during the fiscal years indicated.

 

Name and Principal Position    Year      Salary
($)		     Bonus
($)		     Option
Awards
($)(1)		      Non-Equity
Incentive Plan
Compensation
($)(2)		      All Other
Compensation
($)		     Total
($)		  

Stephen Brady

      2021        475,283       —         1,065,754        190,113        —         1,731,150  

Chief Executive Officer

                  

Thomas Dubensky

      2021        475,283       —         562,094        190,113        272,677 (5)      1,500,167  

President

                  

Samuel Whiting

      2021        400,000       —         296,737        140,000        —         836,737  

Chief Medical Officer

                  

Julia C. Owens(3)

      2021        120,415 (6)      —         35,203        —          1,184,175 (7)      1,339,793  

Former Chief Executive Officer

      2020        526,300       —         1,483,928        263,150        8,550       2,281,928  

Louis Arcudi III(4)

      2021        211,694       880,000 (8)      541,266        —          —         1,632,960  

Former Chief Executive Officer

      2020        378,400       —         437,930        151,360        8,550       976,240  

 

(1)

Amounts reflect the aggregate grant date fair value of the option awards granted to our named executive officers during the relevant fiscal years under our equity incentive plans, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (“ASC 718”). The assumptions used in calculating the grant date fair value of the restricted stock units are set forth in the notes to our audited consolidated financial statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021. These amounts do not reflect the actual economic value that may be realized by our named executive officers.

(2)

The amounts represent the cash bonuses paid to each named executive officer in 2022 for performance in fiscal year 2021.

(3)

Dr. Owens resigned as the Chief Executive Officer and President of Millendo on January 31, 2021. Dr. Owens remained on the Board as Executive Chair until the completion of the Merger.

(4)

Mr. Arcudi was appointed as the Chief Executive Officer and President of Millendo and as a member of the Board as of February 1, 2021. Upon completion of the Merger, Mr. Arcudi resigned from these positions.

(5)

Amount represents the value of a promissory note between us and Mr. Dubensky, which was forgiven in full in connection with and contingent on the completion of the Merger.

(6)

Amounts reflect an aggregate of $43,858 received by Dr. Owens for her services as our Chief Executive Officer and an aggregate of $76,557 received pursuant to our non-employee director compensation policy.

(7)

Amounts represents the cash severance benefits paid to Dr. Owens in connection with her resignation from Millendo.

(8)

Amount represents transaction and retention bonuses paid to Mr. Arcudi in connection with the Merger.

Non-Employee Director Compensation Table

The following table sets forth information for the year ended December 31, 2021 regarding the compensation awarded to or earned by our non-employee directors. Mr. Brady and Dr. Dubensky are not included in the table below, as they were employees and received no additional compensation for their service as directors. As a named executive officer, the compensation received by Mr. Brady and Dr. Dubensky is shown above in “—Executive Compensation—Summary Compensation Table.”

 

Name    Fees Earned or
Paid in Cash
($)		      Option
Awards
($)(1)(5)		      Total
($)		  

Geoff Nichol

      24,000        44,130        68,130  

Christine Pellizzari

      27,500        44,130        71,630  

Michael Raab

      44,175        89,722        133,897  

Ronit Simantov

      17,742        54,083        71,825  

Thomas Woiwode

      29,967        44,130        74,097  

Stella Xu(2)

      27,125        44,130        71,255  

Carol G. Gallagher (3)(4)

      50,036        —          50,036  

John Howe, III(4)

      38,654        —          38,654  

Carole L. Nuechterlein(4)

      33,284        —          33,284  

James M. Hindman(4)

      40,495        —          40,495  

Habib J. Dable(4)

      15,000        —          15,000  

Mary Lynne Hedley(4)

      16,000        —          16,000  

 

(1)

In accordance with SEC rules, this column reflects the aggregate grant date fair value of the option awards granted during 2021 computed in accordance with ASC 718. These amounts do not reflect the actual economic value that will be realized by the director.

(2)

Dr. Xu resigned from the Board effective January 5, 2022.

(3)

Cash compensation for Dr. Gallagher’s service on Millendo’s board of directors and compensation committee is paid to NEA Management Company, LLC.

(4)

Resigned from our Board in connection with the completion of the Merger.

(5)

The following table provides information regarding the aggregate number of equity awards granted to our non-employee directors that were outstanding as of December 31, 2021:

 

Name    Option Awards
Outstanding at
Year-End		  

Geoff Nichol

      6,635  

Christine Pellizzari

      6,635  

Michael Raab

      37,909  

Ronit Simantov

      6,635  

Thomas Woiwode

      6,635  

Stella Xu

      6,635  

Carol G. Gallagher (4)

      —    

John Howe, III(4)

      650  

Carole L. Nuechterlein(4)

      400  

James M. Hindman(4)

      1,415  

Habib J. Dable(4)

      —    

Mary Lynne Hedley(4)

      —    
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