GERMANTOWN, MD — Orgenesis Inc. Chief Executive Officer Vered Caplan’s total compensation more than doubled last year due to $300,000 in option awards.

Caplan earned $508,745 in 2016, more than double the $202,006 in 2015, according to the company’s proxy statement. filed March 30. On the same day, the company entered a new employment agreement with Caplan, effective April 1.orgensis_thumbnail

Caplan’s base salary decreased from $154,751 in 2015 to $150,077 in 2016. She earned $308,364 in option awards in 2016 and did not earn any option awards the previous year.

Her base salary did not change under the new employment agreement, but the agreement stipulates she will earn a raise up to $250,000 once the stock gets on a national stock exchange.

Under the new terms of her employment, Caplan is entitled to a cash bonus approximately 25 percent of her base salary. The amended agreement includes social benefits typically provided to Israeli employees.

Caplan became CEO in August 2014 after serving as interim president and CEO since December 2013.

The only other executive to earn option awards in 2016 was Scott Carmer, who resigned from his position as CEO of Orgenesis’ U.S. subsidiary, Orgenesis Maryland Inc., on Nov. 12, 2016. He earned $313,531 in option awards, resulting in $555,198 total compensation.

The annual shareholders meeting for Orgenesis is scheduled for May 11 at 10 a.m. at the Pearl Cohen Zedeck Latzer Baratz LLP offices in New York City.

Shareholders will be asked to elect six members of the board of directors, approve executive compensation and adopt the 2017 Equity Incentive Plan, under which Caplan is entitled to 4 million shares of common stock exercisable over a two year period.

Orgenesis is a regenerative therapy company based in Germantown, Maryland. The stock closed up 2.53% to 87 cents on the OTC Market on Thursday.

The form 14A can be found here.

This story is from the Maryland Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism.