Peter Beetham
About Peter Beetham
Peter Beetham, Ph.D., 62, is Cibus’ Interim Chief Executive Officer (since Feb 24, 2025), President, Chief Operating Officer, and a director; he co-founded Cibus Global and served on the Cibus Global Board since 2018, joining Cibus’ Board at the merger . He has 30+ years in agriculture, previously Research Director at ValiGen, Senior Scientist at Kimeragen, and a postdoc at the Boyce Thompson Institute; he earned a Ph.D. in Plant Molecular Virology (QUT) and a B.Sc. (Hons) from Monash University . Company pay-versus-performance disclosures show Cibus’ TSR value of an initial $100 investment of $6.95 (2022), $18.72 (2023), and $2.61 (2024), alongside net losses of $16.9m (2022), $337.6m (2023), and $282.7m (2024) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Cibus Global (pre-merger) | CEO; SVP R&D; other executive roles; Co‑founder | Since 2001 | Led gene-editing technology (RTDS) development and executive leadership across R&D and operations . |
| Cibus, Inc. | President & COO; Interim CEO; Director | President/COO since merger; Interim CEO since Feb 24, 2025 | Operational leadership post‑merger; interim CEO transition leadership . |
| ValiGen (Plant & Industrial Products) | Research Director | Not disclosed | Led research teams in gene targeting (precursor to RTDS) . |
| Kimeragen | Senior Scientist | Not disclosed | Led gene targeting research teams . |
| Boyce Thompson Institute (Cornell) | Postdoctoral Scientist | Not disclosed | Early work pioneering approaches that led to Cibus’ RTDS technologies . |
| Dept. of Agriculture & Rural Affairs, Victoria (Australia) | Scientific Officer (Plant Research Institute) | 1985–1992 | Supported regional research groups across SE Asia/South Pacific . |
External Roles
- No other current public company directorships or committee roles disclosed for Dr. Beetham in the proxy .
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base salary ($) | 292,314 | 500,011 |
| Target bonus (%) | Not disclosed | Not disclosed |
| Actual annual bonus paid ($) | 0 (no bonus earned) | 0 (no bonus earned) |
Notes:
- Employment Agreement provides eligibility for an annual bonus; base salary levels referenced in agreements and 2024 actuals were $500,011 (Beetham) for FY24 .
Performance Compensation
Short-term incentives (cash)
| Year | Metric(s) | Target | Actual | Payout |
|---|---|---|---|---|
| 2023 | Not disclosed | Not disclosed | No annual cash bonus earned | $0 |
| 2024 | Not disclosed | Not disclosed | No annual cash bonus earned | $0 |
- The Compensation Committee engages Aon as its independent compensation consultant; peer comparisons and design advice provided, but specific performance metrics/weights for NEO bonuses are not disclosed in the proxy .
Equity awards (time-based vesting outstanding at 12/31/24)
| Grant date | Award type | Unvested shares (12/31/24) | Vesting schedule | Market value at 12/31/24 |
|---|---|---|---|---|
| Mar 31, 2021 | Restricted stock award (RSA) | 6,703 | Vests evenly monthly through Mar 31, 2025 | $18,634 (at $2.78) |
| Dec 31, 2022 | Restricted stock award (RSA) | 19,098 | Vests evenly monthly through Dec 31, 2026 | $53,092 (at $2.78) |
- Equity award timing policy: Committee approves awards on or before grant date; policy avoids timing around MNPI disclosures; in 2024, no options were granted to NEOs during blackout-adjacent periods described .
Clawback policy
- Nasdaq/SEC 10D-compliant clawback adopted May 31, 2023; applies to incentive compensation tied to financial reporting measures over a 3-year recovery period in event of an accounting restatement; no recoveries to date .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 387,656 Class A shares (1.18% of Class A outstanding, as of Mar 24, 2025) . |
| Components | Includes 19,731 restricted Class A shares subject to vesting and 5,219 options exercisable within 60 days of Mar 24, 2025 . |
| Ownership guidelines | Not disclosed for executives in proxy (no explicit guideline table found). |
| Hedging/derivatives | Prohibited for employees and directors (no short sales, collars, swaps, etc.) . |
| Pledging | Generally restricted; case-by-case exceptions require approval; to the Company’s knowledge, no pledging in FY 2024 . |
| Vested vs. unvested | Unvested RSAs vest monthly through Mar 31, 2025 and Dec 31, 2026, creating a steady vesting cadence . |
Employment Terms
| Provision | Key terms |
|---|---|
| Status/term | At-will; initial term of Employment Agreement for Dr. Beetham is four years from effective date, auto-renewing one year unless either party gives 30 days’ notice before expiration . |
| Base salary and bonus eligibility | 2024 base salary $500,011; eligible for annual bonus per agreement (no bonus earned for 2023–2024) . |
| Severance (termination without cause / good reason) | 18 months of base salary plus COBRA premiums during the severance period, subject to conditions; release required (irrevocable within 55 days) . |
| Change-in-control (CIC) severance | 24 months of base salary, lump-sum payment equal to target annual bonus for the year of termination, and COBRA for up to 24 months; all unvested options and other unvested equity fully vest upon employment termination date in connection with CIC termination; release required (55 days) . |
| Equity acceleration under 2017 plan (triggering event) | If not offered continued employment upon a triggering event, 100% of restricted shares vest; “continued employment” excludes required relocation or substantial change in duties . |
| Restrictive covenants | During employment, no competitive employment/activity and conflict-of-interest prohibitions; non-solicitation of employees during employment and 12 months post-termination; passive holdings up to 5% in public equities permitted . |
Board Service and Governance
- Board service: Cibus Global Board since 2018; Cibus director since merger; currently executive director as Interim CEO, President, and COO .
- Independence: Not independent due to current executive status; 5 of 7 directors are independent overall .
- Committees: Committee compositions do not list Dr. Beetham as a member (Audit, Compensation, Nominating & Corporate Governance, Strategy are composed of independent directors) .
- Board leadership checks: Lead Independent Director (Mark Finn) with defined responsibilities to balance Chairman/executive roles; independent director executive sessions at least quarterly .
- Attendance: Board held 24 meetings in 2024; each director attended more than 75% of meetings/committees served .
- Director compensation: As an executive director, Beetham received no additional board compensation in 2024 .
Performance Context (Company-level)
| Year | TSR value of $100 | Net income (loss) ($000s) |
|---|---|---|
| 2022 | 6.95 | (16,891) |
| 2023 | 18.72 | (337,639) |
| 2024 | 2.61 | (282,713) |
Compensation Structure Analysis
- Cash vs. equity mix: For 2023–2024, Beetham’s disclosed compensation was entirely base salary with no annual cash bonus earned; his outstanding equity is predominantly time-based restricted stock from prior years (2021/2022) that continues to vest, implying lower direct performance sensitivity in the near term .
- Use of options vs. RSUs/RSAs: Outstanding awards for Beetham in the year-end table are restricted stock (time-based); the beneficial ownership footnote notes 5,219 options exercisable within 60 days, but no new option grants to NEOs were made around blackout-adjacent periods in 2024 and none are reported for Beetham in 2024 .
- Governance overlays: Robust clawback, hedging/pledging restrictions, and independent consultant (Aon) engaged by the Compensation Committee; specific peer group constituents or target pay percentile not disclosed in the proxy .
Director Compensation (for context)
- The company’s non-employee director policy includes a $60,000 annual cash retainer and additional chair/lead retainers; equity grants around ~$90,000 grant date value with typical one-year vesting to next AGM; Beetham, as an executive director, received no additional board compensation .
Investment Implications
- Near-term supply from vesting: Monthly vesting of 6,703 RSAs through Mar 31, 2025 and 19,098 RSAs through Dec 31, 2026 creates a steady cadence of potential stock supply; however, hedging and pledging are restricted, moderating leverage-related selling risk .
- Alignment and retention: Beetham owns ~1.18% of Class A; unvested equity and double-trigger CIC vesting support retention, while severance of 18 months (or 24 months plus target bonus on CIC) provides transitional security; limited recent bonus payouts imply pay is less variable near term, with most at-risk exposure via time-based equity from prior grants .
- Governance risk mitigants: Lead Independent Director structure, majority independent board, quarterly executive sessions, and a compliant clawback/insider trading policy reduce governance risk tied to his executive plus director dual role; Dr. Beetham is explicitly classified as not independent .
- Performance sensitivity: With no disclosed 2023–2024 incentive payouts and time-based vesting dominating, short-term compensation linkage to operating/TSR metrics appears limited; investors should monitor any future revisions to incentive plan metrics/targets and new award designs set by the Compensation Committee .