Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

Subsequent Events
9 Months Ended
Sep. 30, 2013
Subsequent Events [Abstract]  
Subsequent Events
9. Subsequent Events

On October 18, 2013, the Compensation Committee of the Board of Directors (the “Board”) of the Company met and determined that one of the performance goals established in the Company’s Long Term Incentive Programs (“LTIP”) as part of executive compensation and non-employee director compensation had been achieved. The performance goal met was the goal related to the broadening of the Intrexon relationship to include a new area outside of lantibiotics. As a result of the Compensation Committee’s determination, and pursuant to the LTIP, Dr. John Bonfiglio, the Company’s Chief Executive Officer, Michael Sullivan, the Company’s Chief Financial Officer, and Dr. Martin Handfield, the Company’s Vice President of Research and Development, were entitled to awards of 0.50%, 0.18%, and 0.17% respectively of the Company’s common stock outstanding at the time of the Compensation Committee’s determination that such goal had been met. Accordingly, Dr. Bonfiglio, Mr. Sullivan, and Dr. Handfield were awarded 150,843, 54,304 and 51,287 shares of Company common stock under the Company’s 2012 Equity Incentive Plan (the “2012 Plan”), respectively. Also on October 18, 2013 the Board met and determined that a similar performance goal under the previously established Long Term Incentive Program for the compensation of non-employee directors had been met. As a result, the Board approved the award of 33,185 shares of common stock under the Plan, to each of the Company’s directors who were not employed by the Company, including Frederick Telling, Charles Pope, Alan Dunton, Christine Koski and Robert Koski. In addition, the Board determined to amend its non-employee director compensation program. In connection with each annual meeting of shareholders commencing with the 2013 Annual Meeting, each continuing non-employee director will be granted an award of 10,000 fully vested shares of the Company’s common stock under the Company’s 2012 Plan.

The aggregate shares awarded under the 2012 Plan of 422,359 consisted of a total of 165,925 shares to non-employee directors and 256,434 shares to executive officers. Of the aggregate 422,359 shares awarded under the LTIP, (i) 150,843 shares were awarded to Dr. Bonfiglio of which 50,000 shares were retained by the Company for applicable tax withholding obligations, (ii) 54,304 shares were awarded to Mr. Sullivan of which 19,000 shares were retained by the Company for applicable tax withholding obligation, (iii) 51,287 shares were awarded to Dr. Handfield of which 15,287 shares were retained by the Company for applicable tax withholding obligation, and (iv) 33,185 shares were awarded to each of the five non-employee directors.