The chief executive officer of biotech company Argos Therapeutics Inc. received a 34.8 percent increase in compensation in 2016, according to a filing with the Securities and Exchange Commission.
Jeff Abbey received $1.86 million in compensation, up from the $1.38 million he received in 2015.
His base salary remained stable at $450,000 while his bonus rose to $356,500 from $202,500 in 2015. In addition, his stock awards increased to more than $1 million, up from $714,502 in stock awards in 2015.
According to the filing made on Friday, the 2016 bonus was paid with 75 percent in cash and 25 percent with restricted stock awards, which totaled 11,875 shares to Abbey.
- VIDEO: Watch an investor analysis of Argos at https://www.youtube.com/watch?v=wYIYSIUiWeU
The Durham-based company has been struggling this year. Its stock price fell 65 percent in one day in February after the company said that it may halt further development of its kidney cancer drug. Its lease for space in the N.C. State University Centennial Campus was terminated in March.
In April, Chief Medical Officer Lee Allen resigned. The company has also laid off 46 workers, or 38 percent of its workforce.
Also last week, the company closed on $6 million in secured convertible note financing. Its shares closed Friday at 39 cents, down 3 cents. A year ago, the stock was above $6.
The company is requesting that shareholders approve a reverse stock split at its annual meeting so that the stock price meets Nasdaq regulations. The stock split could be anywhere from 1-for-5 to 1-for-20, according to the filing.
The company’s annual meeting will be held July 28 at the North Carolina Biotechnology Center at 10 a.m.
Note: This story is from the North Carolina Business News Wire, a service of the UNC-Chapel Hill School of Media and Journalism