| Date: | | | Tuesday, June | |
| Time: | | | 9:00 a.m. Eastern Time | |
| Location: | | | Our | |
| Purpose: | | | We are holding the annual meeting for stockholders to consider | |
| | | | 1. To elect our nine director nominees, Mark Currie, Ph.D., Alexander Denner, Ph.D., Andrew Dreyfus, Jon Duane, Marla Kessler, Thomas McCourt, Julie McHugh, Catherine Moukheibir and Jay Shepard, each to serve for a one-year term extending until our 2. To hold an advisory vote on named executive officer compensation; and 3. To ratify our audit committee’s selection of Ernst & Young LLP as our auditors for | |
| Letter From Our CEO | | | | | 1 | | |
| About Ironwood | | | | | 3 | | |
| Our Board of Directors | | | | | | | |
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| Our Executives | | | | | | | |
| Executive Compensation | | | | | | | |
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| CEO Pay Ratio | | | | | 64 | | |
| Pay Versus Performance | | | | | 65 | | |
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| Our Stockholders | | | | | | | |
| Certain Relationships and Related Person Transactions | | | | | | | |
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| User’s Guide | | | | | | | |
| Stockholder Communications, Proposals and Nominations for Directorships | | | | | | | |
| SEC Filings | | | | | |||
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| Name | | | Age | | | Audit Committee | | | Governance and Nominating Committee | | | Compensation and HR Committee | | ||||||||||||
| Mark Currie, Ph.D. | | | | | | | | | | | | | | | | | | | | | | ✓ | | | |
| Alexander Denner, Ph.D. | | | | | | | | | | | | | | | | C | | | | | | | | | |
| Andrew Dreyfus | | | | | | | | | | | | | | | | | | | | | | C | | | |
| Jon Duane | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | |
| Marla Kessler | | | | | | | | | | | | | | | | | | | | | | ✓ | | | |
| Thomas McCourt | | | | | | | | | | | | | | | | | | | | | | | | | |
| Julie McHugh, Chair | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | | |
| Catherine Moukheibir | | | | | | | | | | C | | | | | | | | | | | | | | | |
| Jay Shepard | | | | | | | | | | ✓ | | | | | | | | | | | | | | |
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MARK CURRIE, Ph.D. Scientific Officer, Cyclerion Therapeutics, Inc. Age: Director since 2019 Board Committees • Compensation and HR Committee | | | • Dr. Currie has been a partner of Iaso Ventures, LP, an early-stage healthcare venture capital firm, since January 2024. Dr. Currie was previously the chair of the scientific advisory board of Cyclerion Therapeutics, Inc., or Cyclerion, a clinical-stage biopharmaceutical company, • Prior to joining Ironwood, Dr. Currie directed cardiovascular and central nervous system disease research as vice president of discovery research at Sepracor, Inc. and initiated, built and led discovery pharmacology and also served as director of arthritis and inflammation at Monsanto Company. • Dr. Currie currently serves on the board of directors of Antag Therapeutics ApS, Science Exchange, Inc. and Sea Pharmaceuticals, LLC, each of which is a privately held • Dr. Currie earned a B.S. in biology from the University of South Alabama and holds a Ph.D. in cell biology from the Bowman Gray School of Medicine of Wake Forest University. • We believe that Dr. Currie’s vast experience leading the research and development efforts of an international biotechnology company will prove instrumental in guiding us through the research and development of novel therapies. | |
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ALEXANDER DENNER, Ph.D. Founding Partner and Chief Sarissa Executive Officer of Sarissa Capital Acquisition Corp. Age: Director since 2020 Board Committees • Governance and Nominating Committee, Chair | | | • Dr. Denner is a founding partner and the chief investment officer of Sarissa Capital Management LP, or Sarissa, a registered investment advisor, where he has been since 2011. • Prior to joining Sarissa, Dr. Denner served as a senior managing director at Icahn Capital • Dr. Denner serves on the board of directors of • Dr. Denner earned his B.S. in mechanical engineering from Massachusetts Institute of Technology, an M.S. and M.Phil. in mechanical engineering from Yale University and an interdisciplinary Ph.D. from Yale University. • Dr. Denner brings to the board significant experience overseeing the operations and research and development of healthcare companies and evaluating corporate governance matters. He also has extensive experience as an investor, particularly with respect to healthcare companies, and possesses broad healthcare industry knowledge. | |
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ANDREW DREYFUS Former President and Chief Executive Officer for Blue Cross Blue Shield of Massachusetts Age: Director since 2016 Board Committees • Compensation and HR Committee, Chair | | | • Mr. Dreyfus most recently served as president and chief executive officer for Blue Cross Blue Shield of Massachusetts, or BCBSMA, one of the largest Blue Cross Blue Shield insurance plans in the country, from 2010 to 2022. From 2005 to 2010, Mr. Dreyfus served as the executive vice president of healthcare services of BCBSMA. • Prior to joining BCBSMA, he served as the first president of the Blue Cross Blue Shield Foundation. Mr. Dreyfus also previously served as executive vice president of the Massachusetts Hospital Association and held a number of senior positions in Massachusetts state government, including undersecretary of consumer affairs and business regulation. • Mr. Dreyfus serves on the board of directors and as a member of the audit committee and the compensation and management development committee of Alto Neuroscience, Inc. (NYSE: ANRO), a public company. Mr. Dreyfus also serves on the board of directors of Octave Health Group Inc., a privately held companyand the Joint Commission, the National Quality Forum and BCBSMA Foundation, • Mr. Dreyfus received a B.A. in English from Connecticut College. • Mr. Dreyfus brings to our board of directors significant expertise in the healthcare payer and reimbursement market, and broad management and executive leadership experience, providing valuable insight as we continue to develop and commercialize medicines in an evolving healthcare landscape. | |
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JON DUANE Senior Partner Emeritus, McKinsey & Company Age: Director since 2019 Board Committees • Governance and Nominating Committee • Compensation and HR Committee | | | • Mr. Duane is senior partner emeritus at McKinsey & Company, or McKinsey, an international management consulting company. Before his retirement in December 2017, Mr. Duane had served as a partner at McKinsey since 1992. • At McKinsey, Mr. Duane founded and led the firm’s biotech practice. In that role, Mr. Duane advised both private and public companies in the pharmaceutical, medical device and life science industries, as well as academic research centers, on various strategic initiatives. • Mr. Duane serves as the executive chair on the board of directors of Nashville Biosciences, LLC, a privately held company. • Mr. Duane graduated from Wesleyan University with a B.A. in government and received an M.B.A from Harvard Business School. • Mr. Duane brings to the board of directors significant experience advising academic research centers and companies across the life science and medical device industries. | |
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MARLA KESSLER Former Chief Marketing Officer, Datavant, Inc. Age: Director since 2019 Board Committees • Compensation and HR Committee | | | • Ms. Kessler • Previously, Ms. Kessler served in various roles for IQVIA, including vice president for global services marketing and knowledge management from 2013 to 2016, regional leader of the IMS Consulting Group in Europe from 2011 to 2013, location manager for the London IMS Consulting Group from 2009 to 2011 and senior principal from 2008 to 2009. • Before joining IQVIA, Ms. Kessler led several marketing efforts for Pfizer Inc. from 2004 to 2007 and worked in consulting for McKinsey & Company from 1996 to 2004. • Ms. Kessler received a B.S. in economics from Arizona State University and an M.B.A. from the Fuqua School of Business at Duke University. • Ms. Kessler provides an important commercial perspective to our board of directors given her expertise in strategic marketing, evidence-based research and customer experience in the life science industry. | |
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THOMAS McCOURT Chief Executive Officer, Ironwood Pharmaceuticals, Inc. Age: Director since 2021 | | | • Mr. McCourt has served as our chief executive officer and member of the board of directors since June 2021 and had previously served as president and interim chief executive officer from March 2021 to June 2021 and as president from April 2019 to June 2021. Prior to April 2019, Mr. McCourt served as our senior vice president of marketing and sales and chief commercial officer since joining Ironwood in 2009. • Prior to joining Ironwood, Mr. McCourt led the U.S. brand team for denosumab at Amgen Inc. from 2008 to 2009. Prior to that, Mr. McCourt was with Novartis AG from 2001 to 2008, where he directed the launch and growth of ZELNORM™ for the treatment of patients with IBS-C and CIC and held a number of senior commercial roles, including vice president of strategic marketing and operations. • Mr. McCourt was also part of the founding team at Astra-Merck Inc., leading the development of the medical affairs and science liaison group and then serving as brand manager for PRILOSEC® and NEXIUM®. • Mr. McCourt serves on the board of directors and as a member of the compensation committee of Pliant Therapeutics, Inc. (Nasdaq: PLRX), a public company, and on the board of trustees for the American Society of Gastrointestinal Endoscopy (ASGE). Mr. McCourt previously served on the board of directors of Acceleron Pharma Inc., including as a member of the audit committee and the chair of the nominating and governance committee. • Mr. McCourt received a B.S. in pharmacy from the University of Wisconsin. • Given his role as our chief executive officer and his previous leadership roles at the company since joining in 2009, we believe Mr. McCourt brings unique and in-depth insight into the operations and management of the company, which together with his extensive commercial experience, his deep knowledge of GI, and his experience launching and achieving blockbuster status for LINZESS, are valuable to our board of directors. | |
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JULIE McHUGH, CHAIR Former Chief Operating Officer, Endo Health Solutions, Inc. Age: Director since 2014 Board Committees • Audit Committee • Governance and Nominating Committee | | | • Ms. McHugh most recently served as chief operating officer for Endo Health Solutions, Inc., or Endo, from 2010 through 2013, where she was responsible for the specialty pharmaceutical and generic drug businesses. • Prior to joining Endo, Ms. McHugh was the chief executive officer of Nora Therapeutics, Inc. • Before that she served as company group • Prior to joining Centocor, Inc., Ms. McHugh led marketing communications for gastrointestinal drug Prilosec® (omeprazole) at Astra-Merck Inc. • Ms. McHugh currently serves on the board of directors of • Ms. McHugh received her M.B.A. degree from St. Joseph’s University and her B.S. degree from Pennsylvania State University. • Ms. McHugh’s experience as a chief executive officer and a chief operating officer at large multinational pharmaceutical companies makes her a valuable member of our board of directors. Her deep knowledge of Ironwood’s history and strategy and strong relationships with our senior leadership team also make her a valuable resource. | |
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CATHERINE MOUKHEIBIR Former Chief Executive Officer, MedDay Pharmaceuticals Age: Director since 2019 Board Committees • Audit Committee, Chair | | | • Ms. Moukheibir most recently served as chief executive officer of MedDay Pharmaceuticals, or MedDay, a biopharmaceutical company that focused on nervous system disorders, from July 2019 to January 2021. She was also the • Prior to that, Ms. Moukheibir served as the senior advisor for finance and a member of the executive board of directors at Innate Pharma SA, an oncology company, from 2011 to 2016, and as the chief financial officer for Movetis N.V. from 2008 to 2010, when it was acquired. • Ms. Moukheibir previously served as the director of capital markets for Zeltia Group S.A. from 2001 to 2007. • Ms. Moukheibir currently serves on the board of directors of the following public companies: MoonLake Immunotherapeutics AG (Nasdaq: MLTX), Biotalys NV (EBR: BTLS) and Oxford Biomedica plc (LSE: OXB)(1). Ms. Moukheibir also serves on the board of directors of Asceneuron SA, Noema Pharma AG • Ms. Moukheibir has an M.A. in economics and an M.B.A. from Yale University. • Ms. Moukheibir’s long leadership career in the biopharmaceutical industry, as well as her deep background in international finance, provide her with valuable business and financial expertise in support of our corporate objectives. | |
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JAY SHEPARD Former President and Chief Executive Officer of Aravive, Inc. Age: Director since 2020 Board Committees • Audit Committee | | | • Mr. Shepard is an advisor at • From 2008 until May 2015, Mr. Shepard was an executive partner at Sofinnova Ventures, a venture capital firm focused on the healthcare industry. From 2010 to 2012, Mr. Shepard served as president and chief executive officer and was a member of the board of directors of NextWave Pharmaceuticals, Inc., a specialty pediatric pharmaceutical company. From 2005 to 2007, Mr. Shepard served as interim president and chief executive officer of Relypsa (Ilypsa, Inc.’s spin-out company, which was acquired by Galencia), a pharmaceutical company. Mr. Shepard was also vice president of commercial operations at Telik and oncology business unit head of Alza Pharmaceuticals (acquired by J&J). • Mr. Shepard has over 35 years of experience in the pharmaceutical, biotechnology and drug delivery arenas. Mr. Shepard has participated in or led over 16 product launches by preparing markets and establishing sales and marketing operations. • Mr. Shepard also currently serves on the board of directors of the following public companies: Inovio Pharmaceuticals, Inc. (Nasdaq: INO) and Esperion Therapeutics, Inc. (Nasdaq: ESPR). In addition, Mr. Shepard serves on the board of directors of Aculys Pharma, LLC, Cessation Therapeutics, Inc. and Pathalys Pharma, Inc., each of which is a privately held company. Mr. Shepard also serves as the chairman of the board of directors of the Christopher & Dana Reeve Foundation. • Mr. Shepard holds a B.S. in Business Administration from the University of Arizona. • Mr. Shepard brings deep expertise to our board of directors, as a recognized leader within the pharmaceutical industry, with nearly three decades of expertise as an accomplished public company CEO and senior executive. | |
| Directors | | | Broader Business | | | Healthcare Industry | | |||||||||||||||||||||||||||||||||||||||||||||
| Capital Allocation / Finance / Accounting | | | Strategic Transactions | | | Risk Management | | | Human Capital | | | Public Company Board | | | Senior Leadership (small biotech) | | | Senior Leadership (large pharma) | | | Customer / Market Insights (patient, payer, physician) | | ||||||||||||||||||||||||||||||
| Mark Currie, Ph.D. | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | |||
| Alexander Denner, Ph.D. | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | |||
| Andrew Dreyfus | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | | |||
| Jon Duane | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ✓ | | | |||
| Marla Kessler | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | | | | ✓ | | | | | | ✓ | | | |||
| Thomas McCourt | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | |||
| Julie McHugh | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | |||
| Catherine Moukheibir | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | | |||
| Jay Shepard | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | ✓ | | | | | | ✓ | | | | | | ✓ | | | | | | | | | | | | | | |
| Board Diversity Matrix (as of April 27, 2023) | | ||||||||||||
| Board Size: | | | | | | | | | | | | | |
| Total Number of Directors | | | | | | | | | 9 | | | | |
| Gender Identity: | | | Female | | | Male | | | Non-Binary | | | Did Not Disclose Gender | |
| Directors | | | 3 | | | 5 | | | | | | 1 | |
| Demographic Background: | | | | | | | | | | | | | |
| African American or Black | | | | | | | | | | | | | |
| Alaskan Native or Native American | | | | | | | | | | | | | |
| Asian | | | | | | | | | | | | | |
| Hispanic or Latinx | | | | | | | | | | | | | |
| Native Hawaiian or Pacific Islander | | | | | | | | | | | | | |
| White | | | 3 | | | 5 | | | | | | | |
| Two or More Races or Ethnicities | | | | | | | | | | | | | |
| LGBTQ+ | | | | | | | | | | | | | |
| Did Not Disclose Demographic Background | | | | | | | | | 1 | | | | |
| Board Diversity Matrix (as of April 25, 2024) | | ||||||||||||
| Board Size: | | | | | | | | | | | | | |
| Total Number of Directors | | | | | | | | | 9 | | | | |
| Gender Identity: | | | Female | | | Male | | | Non-Binary | | | Did Not Disclose | |
| Directors | | | 3 | | | 5 | | | | | | 1 | |
| Demographic Background: | | | | | | | | | | | | | |
| African American or Black | | | | | | | | | | | | | |
| Alaskan Native or Native American | | | | | | | | | | | | | |
| Asian | | | | | | | | | | | | | |
| Hispanic or Latinx | | | | | | | | | | | | | |
| Native Hawaiian or Pacific Islander | | | | | | | | | | | | | |
| White | | | 2 | | | 5 | | | | | | | |
| Two or More Races or Ethnicities | | | | | | | | | | | | | |
| LGBTQ+ | | | | | | | | | | | | | |
| Did Not Disclose Demographic Background | | | | | | | | | | | | 1 | |
| Directors who self-identify as Middle Eastern | | | 1 | | | | | | | | | | |
| Number of Independent Directors/Total Number of Directors | | | 8/9 | |
| All Board Committees Comprised Solely of Independent Directors | | | ✓ | |
| Separate Independent Chair and Chief Executive Officer Positions | | | ✓ | |
| Regular Executive Sessions of Independent Directors | | | ✓ | |
| Annual Board and Committee | | | ✓ | |
| Annual Election of All Directors | | | ✓ | |
| Annual Advisory Stockholder Vote on Executive Compensation | | | ✓ | |
| Stock Ownership Guidelines for Directors and Executive Officers | | | ✓ | |
| Comprehensive Code of Business Conduct and Ethics | | | ✓ | |
| Corporate Governance Guidelines | | | ✓ | |
| Prohibition of Hedging and Pledging by Executive Officers and Directors | | | ✓ | |
| Anti-Overboarding Policy Limiting the Number of Other Public Company Boards on which our Directors May Serve | | | ✓ | |
| Clawback Policy | | | ✓ | |
By the Audit Committee, Catherine Moukheibir, Chair Julie McHugh Jay Shepard |
| | | | Fees | |
| Annual retainer for members of the board of directors | | | $50,000 ($ | |
| Additional annual retainer for members of the audit committee | | | $ | |
| Additional annual retainer for members of the compensation and HR committee | | | $10,000 ($20,000 for the chair) | |
| Additional annual retainer for members of the governance and nominating committee | | | $5,000 ($10,000 for the chair) | |
| Name | | Fees Earned or Paid in Cash ($) | | Stock Awards ($)(1) | | All Other Compensation ($) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($) | | All Other Stock Awards ($)(1) | | Compensation ($) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Mark Currie, Ph.D. | | | $ | 54,368 | | | | $ | 242,027 | | | | | — | | | | $ | 296,395 | | | Mark Currie, Ph.D. | | | $ | 60,000 | | | | $ | 240,710 | | | | | — | | | | $ | 300,710 | | | ||||||||
| Alexander Denner, Ph.D. | | | $ | 57,875(2) | | | | $ | 242,027 | | | | | — | | | | $ | 299,902 | | | Alexander Denner, Ph.D. | | | $ | 59,976(2) | | | | $ | 240,710 | | | | | — | | | | $ | 300,686 | | | ||||||||
| Andrew Dreyfus | | | $ | 65,000 | | | | $ | 242,027 | | | | | — | | | | $ | 307,027 | | | Andrew Dreyfus | | | $ | 70,000 | | | | $ | 240,710 | | | | | — | | | | $ | 310,710 | | | ||||||||
| Jon Duane | | | $ | 62,500 | | | | $ | 242,027 | | | | | — | | | | $ | 304,527 | | | Jon Duane | | | $ | 65,000 | | | | $ | 240,710 | | | | | — | | | | $ | 305,710 | | | ||||||||
| Marla Kessler | | | $ | 57,500 | | | | $ | 242,027 | | | | | — | | | | $ | 299,527 | | | Marla Kessler | | | $ | 60,000 | | | | $ | 240,710 | | | | | — | | | | $ | 300,710 | | | ||||||||
| Julie McHugh | | | $ | 95,000 | | | | $ | 242,027 | | | | | — | | | | $ | 337,027 | | | Julie McHugh | | | $ | 95,000 | | | | $ | 240,710 | | | | | — | | | | $ | 335,710 | | | ||||||||
| Catherine Moukheibir | | | $ | 69,989(3) | | | | $ | 242,027 | | | | | — | | | | $ | 312,016 | | | Catherine Moukheibir | | | $ | 69,978(3) | | | | $ | 240,710 | | | | | — | | | | $ | 310,688 | | | ||||||||
| Lawrence Olanoff, M.D., Ph.D. | | | $ | 25,055 | | | | | — | | | | $ | 750(4) | | | | $ | 25,805 | | | Jay Shepard | | | $ | 60,000 | | | | $ | 240,710 | | | | | — | | | | $ | 300,710 | | | ||||||||
| Edward Owens | | | $ | 25,055 | | | | | — | | | | | — | | | | $ | 25,055 | | | ||||||||||||||||||||||||||||||
| Jay Shepard | | | $ | 60,000 | | | | $ | 242,027 | | | | | — | | | | $ | 302,027 | | |
| | | OUR BOARD RECOMMENDS THAT YOU VOTE FOR EACH OF THE DIRECTORS UP FOR ELECTION | |
| Name | | | Age | | | Position(s) | |
| Andrew Davis | | | | | Senior Vice President, Chief Business Officer | | |
| Sravan Emany | | | | | Senior Vice President, Chief Financial Officer | | |
| John Minardo | | | | | Senior Vice President, Chief Legal Officer and Secretary | | |
| Michael Shetzline, M.D., Ph.D. | | | 65 | | | ||
Senior Vice President, Chief Medical Officer and Head of Research and Drug Development | |
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ANDREW DAVIS Senior Vice President, Chief Business Officer of Ironwood Pharmaceuticals, Inc. Age: Joined Ironwood 2021 | | | • Andrew Davis has served as our chief business officer since December • Before joining Ironwood, Mr. Davis served as the chief business development andM&A officer at iNova Pharmaceuticals from September 2017 to May 2021, leading allcompany transactions and acting as a member of the executive management team.Prior to iNova, Mr. Davis was head of oncology business development for Merck & Co.from November 2016 to September 2017. Before his time at Merck, Mr. Davis was atBausch Health Companies (formerly Valeant Pharmaceuticals), where he held roles ofincreasing responsibility within the business development function, ultimatelyserving as senior vice president of business development and leading all transactionsfor the company, including the acquisitions of Salix Pharmaceuticals and Bausch +Lomb. Mr. Davis began his career as an analyst at McKinsey & Co., where his workfocused on the healthcare space. • Mr. Davis serves on the board of directors of UTILITY therapeutics Ltd. • Mr. Davis holds a B.A. in economics from Boston University. | |
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SRAVAN EMANY Senior Vice President, Chief Financial Officer of Ironwood Pharmaceuticals, Inc. Age: Joined Ironwood 2021 | | | • Mr. Emany has served as our chief financial officer since December 2021. • Prior to joining Ironwood, Mr. Emany served as corporate vice president, commercial excellence and chief strategy officer of Integra LifeSciences Holdings Corporation, a publicly held global healthcare company, since March 2020 and as vice president of strategy, treasury and investor relations from February 2018 to March 2020. Prior to that, Mr. Emany served in various mergers and acquisitions investment banking roles at Bank of America and BofA Securities (formerly Bank of America Merrill Lynch) from September 2008 to February 2018, culminating in his service as managing director in the mergers and acquisitions group where he led numerous mergers and acquisitions in the healthcare sector. Mr. Emany also served in various other financial roles, including with Goldman Sachs Group and Morgan Stanley. • Mr. Emany serves on the board of directors of Assertio Holdings, Inc. (Nasdaq: ASRT). • Mr. Emany holds a B.A. in international relations from The Johns Hopkins University and an M.A. in international relations and international economics from The Johns Hopkins School of Advanced International Studies. | |
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JOHN MINARDO Senior Vice President, Chief Legal Officer and Secretary of Ironwood Pharmaceuticals, Inc. Age: Joined Ironwood 2021 | | | • Mr. Minardo has served as our chief legal officer since August 2021. • Prior to joining Ironwood, Mr. Minardo was with Seqirus, a pharmaceutical company, where he was vice president, general counsel and a member of the Seqirus executive leadership team, leading a global legal team overseeing activities including business transactions, regulatory matters, corporate governance, compliance and intellectual property from November 2015 to July 2021. Prior to Seqirus, Mr. Minardo was with Novartis in increasing roles of responsibility from October 2007 to November 2015, ultimately serving as vice president, general counsel and chief compliance officer at Novartis Influenza Vaccines. Mr. Minardo started his legal career as a litigator at Kaye Scholer LLP. • Mr. Minardo holds a B.A. from Boston College and a J.D. from Brooklyn Law School. | |
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MICHAEL SHETZLINE, M.D., Ph.D. Senior Vice President, Chief Medical Officer and Head of Research and Drug Development of Ironwood Pharmaceuticals, Inc. Age: Joined Ironwood 2019 | | | • Dr. Shetzline has served as our chief medical officer, and head of research and drug development since October 2021 and had served as chief medical officer, and head of drug development from January 2019 to October 2021. Dr. Shetzline is a gastroenterologist and internist, with more than • Before joining Ironwood, Dr. Shetzline was vice president and head of gastroenterology clinical sciences at Takeda Pharmaceuticals International Co., or Takeda, a global pharmaceutical company, where he led global clinical development for all GI assets from January 2015 to January 2019. • Prior to Dr. Shetzline’s role at Takeda, Dr. Shetzline served as vice president and global head of gastroenterology at Ferring International Pharmascience Center U.S., Inc., or Ferring, from 2012 to January 2015, during which he led Ferring’s clinical development programs in gastroenterology. Before that, Dr. Shetzline was vice president and global program head crossing multiple therapeutic areas and head of translational medicine GI discovery at Novartis Pharmaceuticals AG from 2002 to 2012. • Dr. Shetzline also served as gastroenterology program director and assistant professor of medicine at Duke University Medical Center from 1997 to 2002. Dr. Shetzline has published over 40 full papers and book chapters and acted as a reviewer for a range of medicine journals. • Dr. Shetzline earned his M.D. and Ph.D. from The Ohio State University in physiology and medicine. Dr. Shetzline completed his internal medicine residency and fellowship in gastroenterology and served on the faculty as a National Institutes of Health supported physician scientist at Duke University Medical Center. • Dr. Shetzline is a Fellow of the American College of Physicians, the American College of Gastroenterology, and the American Gastroenterological Association and certified by the American Board of Internal Medicine. | |
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| | | | Performance Targets (Weights) | | | | | |||||||||
| Company Goal | | | Not Achieved | | | Partially Achieved | | | Target | | | Over Achieved | | | Results | |
| MAXIMIZE LINZESS | | | | | | | | | | | | | | | | |
| LINZESS U.S. Net Sales | | | $≤1,009M | | | $1,016M | | | $1,040M | | | $>1,056M | | | $1,002M(1) | |
| | | | (0%) | | | (20%) | | | (30%) | | | (40%) | | | (0%) | |
| Advance Linaclotide Pediatric Program | | | Specific goals are not disclosed for competitive reasons | | | Above Target(2) | | |||||||||
| | | | (0%) | | | (3%) | | | (5%) | | | (10%) | | | (10%) | |
| BUILD INNOVATIVE PIPELINE | | | | | | | | | | | | | | | | |
| Secure 1 asset aligned with prioritized criteria | | | Specific goals are not disclosed for competitive reasons | | | Below Target(3) | | |||||||||
| | | | (0%) | | | (10%) | | | (15%) | | | (20%) | | | (10%) | |
| Initiate IW-3300 POC study in IC / BPS by the fourth quarter of 2022 | | | Specific goals are not disclosed for competitive reasons | | | Below Target(4) | | |||||||||
| | | | (0%) | | | (5%) | | | (8%) | | | (11%) | | | (0%) | |
| Advance CNP-104 study | | | Specific goals are not disclosed for competitive reasons | | | Below Target(5) | | |||||||||
| | | | (0%) | | | (6%) | | | (10%) | | | (16%) | | | (0%) | |
| STRENGTHEN FINANCIAL PROFILE | | | | | | | | | | | | | | | | |
| Revenue | | | $≤414M | | | $420M | | | $425M | | | $>430M | | | $411M(6) | |
| | | | (0%) | | | (3%) | | | (5%) | | | (7%) | | | (0%) | |
| Adjusted EBITDA from organic business (excluding the impact of any corporate development transactions) | | | $≤234M | | | $235M | | | $250M | | | $>275M | | | $252M(7) | |
| | | | (0%) | | | (10%) | | | (20%) | | | (25%) | | | (20%) | |
| CREATE GREAT PLACE TO WORK | | | | | | | | | | | | | | | | |
| Achieve at least 7 out of 10 objectives on the corporate EDI scorecard | | | ≤5/10 | | | 6/10 | | | 7/10 | | | 10/10 | | | 7/10(8) | |
| | | | (0%) | | | (1%) | | | (2%) | | | (5%) | | | (2%) | |
| Increase understanding of and confidence in Ironwood’s strategy and culture, measured by >70% positive response rate on annual employee engagement survey | | | <60% | | | 60% | | | 70% | | | 80% | | | 72%(9) | |
| | | | (0%) | | | (1%) | | | (3%) | | | (5%) | | | (3%) | |
| | | | | | | | | | | | | TOTAL | | | 45% | |
| | | | Adjusted Company Performance Achievement Multiplier | | | 75% | |
| Company Goal | | | Partially Achieved | | | Target | | | Over Achieved | | | Results | |
| MAXIMIZE LINZESS (30%) | | | | | | | | | | | | | |
| LINZESS U.S. Net Sales | | | $1,022M | | | $1,051M | | | $>1,070M | | | $1,073M(1) | |
| Achieve U.S. FDA approval of sNDA for pediatric patients ages 6-17 years old with FC | | | Specific goals are not disclosed for competitive reasons | | | Above Target(2) | | ||||||
| Commercial launch target date of LINZESS for pediatric patients ages 6-17 years old with FC as measured by a launch scorecard | | | Specific goals are not disclosed for competitive reasons | | | Above Target(3) | | ||||||
| | | | (20%) | | | (30%) | | | (40%) | | | (40%) | |
| BUILD INNOVATIVE PIPELINE (30%) | | | | | | | | | | | | | |
| Secure 1 asset aligned with prioritized criteria | | | Specific goals are not disclosed for competitive reasons | | | Above Target(4) | | ||||||
| Achieve CNP-104 enrollment target | | | Specific goals are not disclosed for competitive reasons | | | Target(5) | | ||||||
| Achieve IW-3300 enrollment target | | | Specific goals are not disclosed for competitive reasons | | | Below Target(6) | | ||||||
| | | | (20%) | | | (30%) | | | (50%) | | | (35%) | |
| STRENGTHEN FINANCIAL PROFILE (35%) | | | | | | | | | | | | | |
| Adjusted EBITDA from organic business (excluding the impact of any corporate development transactions and costs associated with a potential CNP-104 option exercise) | | | $235M | | | $250M | | | $>260M | | | $268M(7) | |
| | | | (30%) | | | (35%) | | | (40%) | | | (40%) | |
| CREATE GREAT PLACE TO WORK (5%) | | | | | | | | | | | | | |
| Achieve a certain number of objectives on the corporate DEI scorecard | | | Committee judgment on actual performance | | | Specified Number | | | N/A | | | Target(8) | |
| Maintain confidence in Ironwood’s strategy and culture, measured by positive response rate range on annual employee engagement survey | | | Committee judgment on actual performance | | | >50% | | | N/A | | | Target(9) | |
| | | | | | | (5%) | | | | | | (5%) | |
| | | | | | | | | | TOTAL | | | 120% | |
Name | | | Summary of Individual Goals | |
Thomas McCourt | | | • Board and Investor Relations: Engage with the board of directors to align strategic and operational objectives to optimize the value of the company. Engage with shareholders, analysts, and potential shareholders to convey the potential value of the company and associated risks and ultimately foster stock price growth. • Strategic Opportunities: Lead the assessment of strategic opportunities and champion efforts where appropriate to drive corporate value. Drive the successful integration of VectivBio into Ironwood to optimize value. • Operational Performance: Lead and motivate the business towards the accomplishment of the • Talent & Leadership: Continue to strengthen the effectiveness of the executive leadership team, providing opportunities to advance their professional development and enhance team dynamics. Serve as the cultural champion of the organization. | |
Sravan Emany | | | • • Investor Relations: Engage with the board of directors, shareholders, analysts, and potential shareholders to convey the potential value of the company and associated • • • Finance Leadership: Oversee and develop the Finance function to ensure appropriate controls are in place over financial reporting and effective management of • IT and Facilities: Assume oversight of the Information Technology, or IT, and Facilities functions, including reassessing capabilities, risk, and investment to support operations and potential business development transactions. | |
Andrew Davis | | | • Corporate Strategy: Lead efforts towards a well-defined and executed corporate strategy. Ensure the board of directors and company leadership are aligned on objectives. Continually evaluate potential alternatives and adaptations, factoring the degrees of success with various initiatives. • LINZESS Revenue and Life-Cycle Management: Lead the • Commercial Leadership: Strengthen leadership of the Commercial function, ensuring proactive ownership, communication, and engagement in growth strategies and tactics. Maintain and build a relationship with our U.S. partner, AbbVie. | |
Name | | | Summary of Individual Goals | |
| | | • Corporate Development Leadership: Lead the Corporate Development function in identifying, assessing, and closing on strategic initiatives to expand our product portfolio. Ensure proper prioritizing of opportunities, robust diligence and valuation work, negotiation of terms, and completion of transactions. • | |
John Minardo | | | • • Corporate Risk Review: Partner with the board of directors and senior leadership to identify and mitigate organizational risks and minimize corporate exposure through effective legal counsel that balances or achieves business objectives and reduces opportunities for claims against Ironwood. • Corporate Development and Strategy: Lead the legal assessment of potential proposed transactions. Advise management and the project team on business risks inherent in the transaction, including intellectual property matters and mitigate risks to the extent possible through agreement negotiations and drafting. Lead the legal structuring and closing of transactions. • VectivBio Integration: Lead the effort to complete the public transaction of the acquired business. Improve the contracting process by incorporating VectivBio business to minimize disruption to the business. Build capabilities to support foreign operations. • Strengthen the leadership of the Legal team: Appropriately align and develop our legal capabilities in corporate governance, contracts, SEC filings, intellectual property, employee matters, public disclosures and corporate compliance. • DE&I Champion: Guide the DE&I Council, adding new perspectives to the dialogue. Co-lead the Reverse Mentorship Program and engage with our employee resource groups. |
| | |||
Michael Shetzline, M.D., Ph.D. | | | • LINZESS Life-Cycle Management: Lead • • GI Pipeline Expansion: • • Strengthen leadership of the R&D function: Develop talent in the research and drug development | |
| Named Executive Officer | | 2021 Base Salary | | 2022 Base Salary | | Increase ($) | | Increase (%) | | Named Executive Officer | | 2022 Base Salary | | 2023 Base Salary | | Increase ($) | | Increase (%) | | ||||||||||||||||||||||||||||||||
| Thomas McCourt | | | $ | 775,000 | | | | $ | 806,000 | | | | $ | 31,000 | | | | | 4.0% | | | Thomas McCourt | | | $ | 806,000 | | | | $ | 834,210 | | | | $ | 28,210 | | | | | 3.5% | | | ||||||||
| Sravan Emany* | | | $ | 500,000 | | | | $ | 500,000 | | | | $ | 0 | | | | | 0% | | | Sravan Emany | | | $ | 500,000 | | | | $ | 545,000(1) | | | | $ | 45,000 | | | | | 9.0% | | | ||||||||
| John Minardo | | | $ | 475,000 | | | | $ | 494,000 | | | | $ | 19,000 | | | | | 4.0% | | | Andrew Davis | | | $ | 460,000 | | | | $ | 480,000 | | | | $ | 20,000 | | | | | 4.3% | | | ||||||||
| Jason Rickard | | | $ | 500,000 | | | | $ | 520,000 | | | | $ | 20,000 | | | | | 4.0% | | | John Minardo | | | $ | 494,000 | | | | $ | 512,728 | | | | $ | 18,728 | | | | | 3.8% | | | ||||||||
| Michael Shetzline, M.D., Ph.D. | | | $ | 484,000 | | | | $ | 513,040 | | | | $ | 29,040 | | | | | 6.0% | | | Michael Shetzline, M.D., Ph.D. | | | $ | 513,040 | | | | $ | 533,562 | | | | $ | 20,522 | | | | | 4.0% | | |
| Named Executive Officer | | | (as a % of base salary) | | |||
| Thomas McCourt | | | | | 75% | | |
| Sravan Emany | | | | | 50% | | |
| Andrew Davis | | | | | 50% | | |
| John Minardo | | | | | 45 | ||
| | |||||||
| Michael Shetzline, M.D., Ph.D. | | | | | 45% | | |
| Component Calculation | | |||||||||||||||||||||||||||
| Company Performance Only Component (Weighted 70%) | | | 70% Weighting | | | × | | | Target Bonus | | | × | | | Corporate Performance Achievement Multiplier | | | = | | | Company Performance Only Component Payout | | ||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | + | |
| Company and Individual Performance Component (Weighted 30%) | | | 30% Weighting | | | × | | | Target Bonus | | | × | | | Corporate Performance Achievement Multiplier | | | × | | | Individual Performance Achievement Multiplier | | | = | | | Company and Individual Performance Payout | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Annual Bonus Payout | |
|
| Named Executive Officer | | Individual Performance | | Actual Bonus to Target Bonus Ratio | | Annual Cash Incentive Program for 2022 Performance | | Named Executive Officer | | Individual Performance | | Actual Bonus to Target Bonus Ratio | | Annual Cash Incentive Program for 2023 Performance | | ||||||||||||||||||||||||
| Thomas McCourt | | | | 75%(1) | | | | | 75% | | | | $ | 453,375 | | | Thomas McCourt | | | | 120%(1) | | | | | 120% | | | | $ | 750,780 | | | ||||||
| Sravan Emany | | | | 120% | | | | | 80% | | | | $ | 198,750 | | | Sravan Emany | | | | 135% | | | | | 133% | | | | $ | 361,335 | | | ||||||
| John Minardo | | | | 100% | | | | | 75% | | | | $ | 166,725 | | | Andrew Davis | | | | 140% | | | | | 134% | | | | $ | 322,560 | | | ||||||
| Jason Rickard | | | | 125% | | | | | 81% | | | | $ | 209,625 | | | John Minardo | | | | 110% | | | | | 124% | | | | $ | 284,929 | | | ||||||
| Michael Shetzline, M.D., Ph.D. | | | | 130% | | | | | 82% | | | | $ | 188,735 | | | Michael Shetzline, M.D., Ph.D. | | | | 125% | | | | | 129% | | | | $ | 309,733 | | |
| Performance Metric | | | Weight | | | Performance Period | | | Threshold | | | Target | | | Above Target | | | Maximum | |
| 2023 aTSR PSUs | | | 50% | | | Three years ending February 28, 2026 | | | 50% attainment: 30 calendar-day average closing share price of $13.23 or above | | | 100% attainment: 30 calendar-day average closing share price of $13.80 or above | | | 200% attainment: 30 calendar-day average closing share price of $15.53 or above | | | 400% attainment: 30 calendar-day average closing share price of $17.25 or above | |
| 2023 rTSR PSUs(1) | | | 50% | | | Three years ending February 28, 2026 | | | 50% attainment: rTSR at the 25th percentile compared to rTSR peer group through February 2026 | | | 100% attainment: rTSR at the 50th percentile compared to rTSR peer group through February 2026 | | | N/A | | | 200% attainment: rTSR at the 75th percentile compared to rTSR peer group through February 2026 | |
| ACADIA Pharmaceuticals, Inc. (Nasdaq: ACAD) | | | Insmed, Inc. (Nasdaq: INSM) | |
| ADMA Biologics (Nasdaq: ADMA) | | | Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) | |
| Alkermes plc (Nasdaq: ALKS) | | | Ionis Pharmaceuticals, Inc. (Nasdaq: IONS) | |
| Amicus Therapeutics, Inc. (Nasdaq: FOLD) | | | Kiniksa Pharmaceuticals, Ltd. (Nasdaq: KNSA) | |
| Apellis Pharmaceuticals, Inc. (Nasdaq: APLS) | | | Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) | |
| Arcus Biosciences, Inc. (Nasdaq: RCUS) | | | Myriad Genetics, Inc. (Nasdaq: MYGN) | |
| Arrowhead Pharmaceuticals, Inc. (Nasdaq: ARWR) | | | Natera, Inc. (Nasdaq: NTRA) | |
| Avid Bioservices, Inc. (Nasdaq: CDMO) | | | Novavax, Inc. (Nasdaq: NVAX) | |
| BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) | | | Organogenesis Holdings Inc. (Nasdaq: ORGO) | |
| Blueprint Medicines Corporation (Nasdaq: BPMC) | | | Pacira BioSciences, Inc. (Nasdaq: PCRX) | |
| Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX) | | | PTC Therapeutics, Inc. (Nasdaq: PTCT) | |
| Coherus BioSciences, Inc. (Nasdaq: CHRS) | | | REGENXBIO Inc. (Nasdaq: RGNX) | |
| Corcept Therapeutics Incorporated (Nasdaq: CORT) | | | Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) | |
| Cytokinetics, Inc. (Nasdaq: CYTK) | | | Syndax Pharmaceuticals, Inc. (Nasdaq: SNDX) | |
| Deciphera Pharmaceuticals (Nasdaq: DCPH) | | | Travere Therapeutics, Inc. (Nasdaq: TVTX) | |
| Denali Therapeutics, Inc. (Nasdaq: DNLI) | | | Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) | |
| Dynavax Technologies Corporation (Nasdaq: DVAX) | | | Veracyte, Inc. (Nasdaq: VCYT) | |
| Exact Sciences Corporation (Nasdaq: EXAS) | | | Vericel Corporation (Nasdaq: VCEL) | |
| Exelixis, Inc. (Nasdaq: EXEL) | | | Vir Biotechnology, Inc. (Nasdaq: VIR) | |
| FibroGen, Inc. (Nasdaq: FGEN) | | | Xencor Inc. (Nasdaq: XNCR) | |
| Halozyme Therapeutics, Inc. (Nasdaq: HALO) | | | | |
| Named Executive Officer | | | 2023 Annual PSU Grant (# of Shares of Class A common stock Subject to PSUs) (at target) | | | 2023 Annual RSU Grant (# of Shares of Class A common stock Subject to RSUs) | | ||||||
| Thomas McCourt | | | | | 240,594 | | | | | | 240,595 | | |
| Sravan Emany | | | | | 74,235 | | | | | | 74,236 | | |
| Andrew Davis | | | | | 74,325 | | | | | | 74,236 | | |
| John Minardo | | | | | 65,502 | | | | | | 65,502 | | |
| Michael Shetzline, M.D., Ph.D. | | | | | 69,869 | | | | | | 69,869 | | |
| Performance Metric | | | Performance Period | | | Threshold Goals (50% attainment) | | | Target Goals (100% attainment) | | | Stretch Goals (200% attainment) | |
| | | ending December 31, | | | rTSR at the | | | rTSR at the | | | rTSR at the | |
| Named Executive Officer | | | 2022 Annual PSU Grant (# of Shares of Class A common stock Subject to PSUs) (at target) | | | 2022 Annual RSU Grant (# of Shares of Class A common stock Subject to RSUs) | | ||||||
| Thomas McCourt | | | | | 248,868 | | | | | | 248,869 | | |
| Sravan Emany* | | | | | 0 | | | | | | 0 | | |
| John Minardo | | | | | 67,873 | | | | | | 67,873 | | |
| Jason Rickard | | | | | 90,497 | | | | | | 90,498 | | |
| Michael Shetzline, M.D., Ph.D. | | | | | 81,447 | | | | | | 81,448 | | |
| Performance Metric | | | Weight | | | Performance Period | | | Threshold Goals (50% attainment) | | | Target Goals (100% attainment) | | | Stretch Goals (200% attainment) | | | Payout | | | Weighted Payout | |
| NDA Acceptance PSUs | | | 40% | | | Three-year performance period ending December 31, 2022 | | | N/A | | | Acceptance by the U.S. FDA of an NDA for IW-3718 or other internal or external development program | | | Acceptance by the U.S. FDA of two NDAs, including IW-3718 and/or other internal or external development programs | | | 0% | | | 0% | |
| Adjusted EBITDA PSUs(1) | | | 30% | | | 2020 — 2021 Cumulative Target | | | $266 million | | | $296 million | | | $355 million | | | 200% | | | 60% | |
| 2020 rTSR PSUs(2) | | | 30% | | | Three-year performance period ending December 31, 2022 | | | rTSR at the 25th percentile compared to rTSR peer group through 2022 | | | rTSR at the 50th percentile compared to rTSR peer group through 2022 | | | rTSR at the 75th percentile compared to rTSR peer group through 2022(3) | | | 100% | | | 30% | |
| Weighted Average Payout: | | | 90% | |
| Named Executive Officer | | | 2023 Base Salary | | | 2024 Base Salary | | | Increase ($) | | | Increase (%) | | ||||||||||||
| Thomas McCourt | | | | $ | 834,210 | | | | | $ | 867,568 | | | | | $ | 33,358 | | | | | | 4.0% | | |
| Sravan Emany | | | | $ | 545,000 | | | | | $ | 569,525 | | | | | $ | 24,525 | | | | | | 4.5% | | |
| Andrew Davis | | | | $ | 480,000 | | | | | $ | 510,000 | | | | | $ | 30,000 | | | | | | 6.3% | | |
| John Minardo | | | | $ | 512,728 | | | | | $ | 531,745 | | | | | $ | 19,017 | | | | | | 3.7% | | |
| Michael Shetzline, M.D., Ph.D. | | | | $ | 533,562 | | | | | $ | 557,572 | | | | | $ | 24,010 | | | | | | 4.5% | | |
| Named Executive Officer | | | 2022 Base Salary | | | 2023 Base Salary | | | Increase ($) | | | Increase (%) | | ||||||||||||
| Thomas McCourt | | | | $ | 806,000 | | | | | $ | 834,210 | | | | | $ | 28,210 | | | | | | 3.5% | | |
| Sravan Emany | | | | $ | 500,000 | | | | | $ | 520,000 | | | | | $ | 20,000 | | | | | | 4.0% | | |
| John Minardo | | | | $ | 494,000 | | | | | $ | 512,728 | | | | | $ | 18,728 | | | | | | 3.8% | | |
| Jason Rickard | | | | $ | 520,000 | | | | | $ | 540,800 | | | | | $ | 20,800 | | | | | | 4.0% | | |
| Michael Shetzline, M.D., Ph.D. | | | | $ | 513,040 | | | | | $ | 533,562 | | | | | $ | 20,522 | | | | | | 4.0% | | |
| Performance Metric | | | Weight | | | Performance Period | | | Threshold | | | Target | | | Above Target | | | Maximum | | |||
| PSUs | | | 50% | | | 2026 | | | 50% attainment: 30 calendar-day average closing share price of | | | 100% attainment: 30 calendar-day average closing share price of | | | 200% attainment: 30 calendar-day average closing share price of | | | 400% attainment: 30 calendar-day average closing share price of | | |||
| | | 50% | | | 2026 | | | 50% attainment: rTSR at the | | | 100% attainment: rTSR at the 50th percentile compared to rTSR peer group through February | | | N/A | | | 200% attainment: rTSR at the 75th percentile compared to rTSR peer group through February | |
| ACADIA Pharmaceuticals, Inc. (Nasdaq: ACAD) | | | | |
| ADMA Biologics, Inc. (Nasdaq: ADMA) | | | | |
| Agios Pharmaceuticals, Inc. (Nasdaq: | | | MacroGenics, Inc. (Nasdaq: MGNX) | |
| Alkermes plc (Nasdaq: ALKS) | | | | |
| Amicus Therapeutics, Inc. (Nasdaq: FOLD) | | | | |
| Apellis Pharmaceuticals, Inc. (Nasdaq: APLS) | | | | |
| | | |||
| |||||
| BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) | | | Organogenesis Holdings Inc.(Nasdaq: ORGO) | |
| Blueprint Medicines Corporation (Nasdaq: BPMC) | | | Pacira BioSciences, Inc. (Nasdaq: PCRX) | |
| Catalyst Pharmaceuticals, Inc. (Nasdaq: CPRX) | | | PTC Therapeutics, Inc. (Nasdaq: PTCT) | |
| Coherus BioSciences, Inc. (Nasdaq: CHRS) | | | | |
| Corcept Therapeutics Incorporated (Nasdaq: CORT) | | | ||
| |||||
| Deciphera Pharmaceuticals, Inc. (Nasdaq: DCPH) | | | Sarepta Therapeutics, Inc. (Nasdaq: SRPT) | |
| Dynavax Technologies Corporation (Nasdaq: DVAX) | | | Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) | |
| Exelixis, Inc. (Nasdaq: EXEL) | | | TG Therapeutics, Inc. (Nasdaq: TGTX) | |
| Halozyme Therapeutics, Inc. (Nasdaq: HALO) | | | Travere Therapeutics, Inc. (Nasdaq: TVTX) | |
| | | Ultragenyx Pharmaceutical Inc. (Nasdaq: RARE) | | |
| Incyte Corporation (Nasdaq: INCY) | | | United Therapeutics Corporation (Nasdaq: UTHR) | |
| Insmed Incorporated (Nasdaq: INSM) | | | Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) | |
| |||||
| | Vericel Corporation (Nasdaq: VCEL) | | ||
| Named Executive Officer | | 2023 Annual PSU Grant (# of Shares of Class A common stock Subject to PSUs) (at target) | | 2023 Annual RSU Grant (# of Shares of Class A common stock Subject to RSUs) | | Named Executive Officer | | 2024 Annual PSU Grant (# of Shares of Class A common stock Subject to PSUs) (at target) | | 2024 Annual RSU Grant (# of Shares of Class A common stock Subject to RSUs) | | ||||||||||||||||
| Thomas McCourt | | | | 240,594 | | | | | 240,595 | | | Thomas McCourt | | | | 264,876 | | | | | 264,876 | | | ||||
| Sravan Emany | | | | 74,235 | | | | | 74,236 | | | Sravan Emany | | | | 65,312 | | | | | 65,312 | | | ||||
| John Minardo | | | | 65,502 | | | | | 65,502 | | | Andrew Davis | | | | 65,312 | | | | | 65,312 | | | ||||
| Jason Rickard | | | | 43,668 | | | | | 43,668 | | | John Minardo | | | | 54,426 | | | | | 54,427 | | | ||||
| Michael Shetzline, M.D., Ph.D. | | | | 69,869 | | | | | 69,869 | | | Michael Shetzline, M.D., Ph.D. | | | | 54,426 | | | | | 54,427 | | |
| ACADIA Pharmaceuticals, Inc. (Nasdaq: ACAD) | | | Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) | |
| Alkermes plc (Nasdaq: ALKS) | | | Organogenesis Holdings Inc. (Nasdaq: ORGO) | |
| Amicus Therapeutics, Inc. (Nasdaq: FOLD) | | | Pacira BioSciences, Inc. (Nasdaq: PCRX) | |
| Dynavax Technologies Corporation (Nasdaq: DVAX) | | | PTC Therapeutics, Inc. (Nasdaq: PTCT) | |
| Blueprint Medicines Corporation (Nasdaq: BPMC) | | | Radius Health, Inc. (Nasdaq: RDUS) | |
| Coherus BioSciences, Inc. (Nasdaq: CHRS) | | | Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) | |
| Corcept Therapeutics Incorporated (Nasdaq: CORT) | | | Vanda Pharmaceuticals Inc. (Nasdaq: VNDA) | |
| Halozyme Therapeutics, Inc. (Nasdaq: HALO) | | | Ultragenyx Pharmaceutical Inc. (Nasdaq: RARE) | |
| Intercept Pharmaceuticals, Inc. (Nasdaq: ICPT) | | | | |
| ACADIA Pharmaceuticals, Inc. (Nasdaq: ACAD) | | | Insmed, Inc. (Nasdaq: INSM) | |
| Alkermes plc (Nasdaq: ALKS) | | | Ligand Pharmaceuticals Incorporated (Nasdaq: LGND) | |
| Amicus Therapeutics, Inc. (Nasdaq: FOLD) | | | Mirum Pharmaceuticals, Inc. (Nasdaq: MIRM) | |
| Ardelyx, Inc. (Nasdaq: ARDX) | | | Pacira BioSciences, Inc. (Nasdaq: PCRX) | |
| BioCryst Pharmaceuticals, Inc. (Nasdaq: BCRX) | | | PTC Therapeutics, Inc. (Nasdaq: PTCT) | |
| Blueprint Medicines Corporation (Nasdaq: BPMC) | | | Supernus Pharmaceuticals, Inc. (Nasdaq: SUPN) | |
| Corcept Therapeutics Incorporated (Nasdaq: CORT) | | | Travere Therapeutics, Inc. (Nasdaq: TVTX) | |
| Dynavax Technologies Corporation (Nasdaq: DVAX) | | | Ultragenyx Pharmaceutical Inc. (Nasdaq: RARE) | |
| Halozyme Therapeutics, Inc. (Nasdaq: HALO) | | | | |
| Name and Principal Position* | | Year | | Salary ($)(1) | | Bonus ($) | | Stock Awards ($)(2) | | Option Awards ($)(2) | | Non-Equity Incentive Plan Compensation ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | Name and Principal Position* | | Year | | Salary ($)(1) | | Bonus ($) | | Stock Awards ($)(1) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thomas McCourt Chief Executive Officer | | | | | 2022 | | | | | 805,404 | | | | | 143,300(5) | | | | | 6,473,069(6) | | | | | — | | | | | 453,375 | | | | | 18,118 | | | | | 7,893,266 | | | Thomas McCourt Chief Executive Officer | | | | | 2023 | | | | | 833,668 | | | | | — | | | | | 5,974,255(4) | | | | | — | | | | | 750,780 | | | | | 24,567 | | | | | 7,583,270 | | | ||||||||||||||
| | | 2021 | | | | | 732,053 | | | | | 143,300 | | | | | 7,236,498 | | | | | — | | | | | 680,063 | | | | | 18,090 | | | | | 8,810,004 | | | | | | 2022 | | | | | 805,404 | | | | | 143,300 | | | | | 6,473,069 | | | | | — | | | | | 453,375 | | | | | 18,118 | | | | | 7,893,266 | | | |||||||||||||||||||
| | | 2020 | | | | | 576,120 | | | | | — | | | | | 2,465,327 | | | | | — | | | | | 357,409 | | | | | 11,040 | | | | | 3,409,896 | | | | | | 2021 | | | | | 732,053 | | | | | 143,300 | | | | | 7,236,498 | | | | | — | | | | | 680,063 | | | | | 18,090 | | | | | 8,810,004 | | | |||||||||||||||||||
| Sravan Emany Senior Vice President, Chief Financial Officer | | | | | 2022 | | | | | 500,000 | | | | | — | | | | | —(7) | | | | | — | | | | | 198,750 | | | | | 13,612 | | | | | 712,362 | | | Sravan Emany Senior Vice President, Chief Financial Officer | | | | | 2023 | | | | | 535,000 | | | | | — | | | | | 1,843,347(5) | | | | | — | | | | | 361,335 | | | | | 17,550 | | | | | 2,757,232 | | | ||||||||||||||
| | | 2021 | | | | | 28,846 | | | | | 200,000 | | | | | 2,300,100 | | | | | — | | | | | — | | | | | 46 | | | | | 2,528,992 | | | | | | 2022 | | | | | 500,000 | | | | | — | | | | | — | | | | | — | | | | | 198,750 | | | | | 13,612 | | | | | 712,362 | | | |||||||||||||||||||
| | | 2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2021 | | | | | 28,846 | | | | | 200,000 | | | | | 2,300,100 | | | | | — | | | | | — | | | | | 46 | | | | | 2,528,992 | | | |||||||||||||||||||
| John Minardo Senior Vice President, Chief Legal Officer and Secretary | | | | | 2022 | | | | | 493,635 | | | | | — | | | | | 1,734,155(8) | | | | | — | | | | | 166,725 | | | | | 15,525 | | | | | 2,410,040 | | | Andrew Davis Senior Vice President, Chief Business Officer | | | | | 2023 | | | | | 479,615 | | | | | — | | | | | 1,843,347(6) | | | | | — | | | | | 322,560 | | | | | 22,185 | | | | | 2,667,708 | | | ||||||||||||||
| | | 2021 | | | | | 191,827 | | | | | 250,000 | | | | | 2,595,002 | | | | | — | | | | | 105,037 | | | | | 6,427 | | | | | 3,148,293 | | | | | | 2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||
| | | 2020 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | | 2021 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||
| Jason Rickard Senior Vice President, Chief Operating Officer | | | | | 2022 | | | | | 519,615 | | | | | 121,050(5) | | | | | 2,312,209(9) | | | | | — | | | | | 209,625 | | | | | 19,156 | | | | | 3,181,655 | | | John Minardo Senior Vice President, Chief Legal Officer and Secretary | | | | | 2023 | | | | | 511,927 | | | | | — | | | | | 1,626,486(7) | | | | | — | | | | | 284,929 | | | | | 17,550 | | | | | 2,440,891 | | | ||||||||||||||
| | | 2021 | | | | | 492,589 | | | | | 121,050 | | | | | 2,519,901 | | | | | — | | | | | 327,600 | | | | | 18,090 | | | | | 3,479,230 | | | | | | 2022 | | | | | 493,635 | | | | | — | | | | | 1,734,155 | | | | | — | | | | | 166,725 | | | | | 15,525 | | | | | 2,410,040 | | | |||||||||||||||||||
| | | 2020 | | | | | 473,314 | | | | | — | | | | | 1,479,191 | | | | | — | | | | | 258,338 | | | | | 11,040 | | | | | 2,221,883 | | | | | | 2021 | | | | | 191,827 | | | | | 250,000 | | | | | 2,595,002 | | | | | — | | | | | 105,037 | | | | | 6,427 | | | | | 3,148,293 | | | |||||||||||||||||||
| Michael Shetzline Senior Vice President, Chief Medical Officer, and Head of Research and Drug Development | | | | | 2022 | | | | | 512,482 | | | | | 121,000(5) | | | | | 2,080,982(10) | | | | | — | | | | | 188,735 | | | | | 15,525 | | | | | 2,918,724 | | | Michael Shetzline Senior Vice President, Chief Medical Officer, and Head of Research and Drug Development | | | | | 2023 | | | | | 533,167 | | | | | — | | | | | 1,734,924(8) | | | | | — | | | | | 309,733 | | | | | 17,550 | | | | | 2,595,374 | | | ||||||||||||||
| | | 2021 | | | | | 483,447 | | | | | 121,000 | | | | | 1,727,931 | | | | | — | | | | | 285,405 | | | | | 18,090 | | | | | 2,635,873 | | | | | | 2022 | | | | | 512,482 | | | | | 121,000 | | | | | 2,080,982 | | | | | — | | | | | 188,735 | | | | | 15,525 | | | | | 2,918,724 | | | |||||||||||||||||||
| | | 2020 | | | | | 464,681 | | | | | 100,000 | | | | | 1,121,001 | | | | | — | | | | | 194,588 | | | | | 11,040 | | | | | 1,891,310 | | | | | | 2021 | | | | | 483,447 | | | | | 121,000 | | | | | 1,727,931 | | | | | — | | | | | 285,405 | | | | | 18,090 | | | | | 2,635,873 | | |
| Name | | Grant Date | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) Target ($) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2)(#) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | Grant Date Fair Value of Stock Awards ($)(4) | | Name | | Type of Award | | Grant Date | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards(1) Target ($) | | | Estimated Future Payouts Under Equity Incentive Plan Awards(2)(#) | | | All Other Stock Awards: Number of Shares of Stock or Units (#)(3) | | Grant Date Fair Value of Stock Awards ($)(4) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Threshold | | Target | | Maximum | | | Threshold | | Target | | Maximum | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Thomas McCourt | | | | | 3/8/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 248,869 | | | | $ | 2,829,641 | | | Thomas McCourt | | | RSUs | | | | 3/8/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 240,595 | | | | $ | 2,583,990 | | | |||||||||||||
| | | 3/8/2022 | | | | | — | | | | | 124,434 | | | | | 248,868 | | | | | 497,736 | | | | | — | | | | $ | 3,643,428 | | | | rTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 60,149 | | | | | 120,297 | | | | | 240,594 | | | | | — | | | | $ | 1,697,397 | | | ||||||||||||||||||
| | | — | | | | | 604,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | aTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 60,149 | | | | | 120,297 | | | | | 481,188 | | | | | | | | | $ | 1,692,874 | | | ||||||||||||||||||
| Sravan Emany | | | | — | | | | | 250,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | ACIP | | | | — | | | | $ | 625,658 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| John Minardo | | | | | 3/2/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 67,873 | | | | $ | 740,494 | | | Sravan Emany | | | RSUs | | | | 3/8/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 74,236 | | | | $ | 797,295 | | | |||||||||||||
| | | 3/2/2022 | | | | | — | | | | | 33,937 | | | | | 67,873 | | | | | 135,746 | | | | | — | | | | $ | 993,661 | | | | rTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 18,559 | | | | | 37,117 | | | | | 74,234 | | | | | — | | | | $ | 523,721 | | | ||||||||||||||||||
| | | | | | | | 222,300 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | aTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 18,559 | | | | | 37,118 | | | | | 148,472 | | | | | — | | | | $ | 522,332 | | | ||||||||||||||||||
| Jason Rickard | | | | | 3/2/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 90,498 | | | | $ | 987,333 | | | | ACIP | | | | — | | | | $ | 272,500 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||
| | | 3/2/2022 | | | | | — | | | | | 45,249 | | | | | 90,497 | | | | | 180,994 | | | | | — | | | | $ | 1,324,876 | | | Andrew Davis | | | RSUs | | | | 3/8/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 74,236 | | | | $ | 797,295 | | | ||||||||||||||||
| | | | | | | | — | | | | | — | | | | | 260,000 | | | | | — | | | | | — | | | | | — | | | | rTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 18,559 | | | | | 37,117 | | | | | 74,234 | | | | | — | | | | $ | 523,721 | | | ||||||||||||||||||
| Michael Shetzline | | | | | 3/2/2022 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 81,448 | | | | $ | 888,598 | | | | aTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 18,559 | | | | | 37,118 | | | | | 148,472 | | | | | — | | | | $ | 522,332 | | | |||||||||||||||
| | | 3/2/2022 | | | | | — | | | | | 40,724 | | | | | 81,447 | | | | | 162,894 | | | | | — | | | | $ | 1,192,384 | | | | ACIP | | | | — | | | | $ | 240,000 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||
| | | — | | | | | 230,868 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | John Minardo | | | RSUs | | | | 3/8/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 65,502 | | | | $ | 703,491 | | | ||||||||||||||||
| | rTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 16,376 | | | | | 32,751 | | | | | 65,502 | | | | | — | | | | $ | 462,117 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| aTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 16,376 | | | | | 32,751 | | | | | 131,004 | | | | | — | | | | $ | 460,878 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACIP | | | | — | | | | $ | 230,525 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael Shetzline | | | RSUs | | | | 3/8/2023 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 69,869 | | | | $ | 750,393 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| | rTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 17,467 | | | | | 34,934 | | | | | 69,868 | | | | | — | | | | $ | 492,919 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| aTSR PSUs | | | | 3/8/2023 | | | | | — | | | | | 17,468 | | | | | 34,935 | | | | | 139,740 | | | | | — | | | | $ | 491,612 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ACIP | | | | — | | | | $ | 240,103 | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | |
| | | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | | Number of Securities Underlying Unexercised Options Exercisable | | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | | Equity Incentive Plan Awards: Number of Securities Underlying Unearned Options (#) | | | Option Exercise Price ($) | | | Option Expiration Date | | | Number of Shares of Units of Stock That Have Not Vested (#) | | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | |||||||||||||||||||||||||||
| Thomas McCourt | | | | | 110,962 | | | | | | — | | | | | | — | | | | | | 11.65 | | | | | | 2/1/2023(2) | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 80,504 | | | | | | — | | | | | | — | | | | | | 12.56 | | | | | | 3/3/2024(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 97,500 | | | | | | — | | | | | | — | | | | | | 13.91 | | | | | | 3/16/2025(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 179,056 | | | | | | — | | | | | | — | | | | | | 9.12 | | | | | | 3/1/2026(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 166,018 | | | | | | — | | | | | | — | | | | | | 14.93 | | | | | | 2/27/2027(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 142,404 | | | | | | — | | | | | | — | | | | | | 12.95 | | | | | | 2/21/2028(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 376,906 | | | | | | 8,076 | | | | | | — | | | | | | 11.49 | | | | | | 1/29/2029(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | 40,943 | | | | | | 4,761 | | | | | | — | | | | | | 11.78 | | | | | | 5/1/2029(3) | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 48,319(4) | | | | | | 598,672 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 33,494(5) | | | | | | 414,991 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 442,322(6) | | | | | | 5,480,370 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 30,145(7) | | | | | | 373,497 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 499,234(8) | | | | | | 6,185,509 | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 497,736(9) | | | | | | 6,166,949 | | | |||
| Sravan Emany | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63,750(6) | | | | | | 789,863 | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 170,000(8) | | | | | | 2,106,300 | | | |||
| John Minardo | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 127,792(6) | | | | | | 1,583,343 | | | | | | — | | | | | | — | | |
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 159,962(8) | | | | | | 1,981,929 | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 135,746(9) | | | | | | 1,681,893 | | | |||
| Jason Rickard | | | | | 7,754 | | | | | | — | | | | | | — | | | | | | 11.76 | | | | | | 6/10/2023(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | 10,309 | | | | | | — | | | | | | — | | | | | | 9.66 | | | | | | 12/16/2023(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 40,834 | | | | | | — | | | | | | — | | | | | | 12.02 | | | | | | 11/3/2024(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 15,550 | | | | | | — | | | | | | — | | | | | | 13.91 | | | | | | 3/16/2025(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 6,046 | | | | | | — | | | | | | — | | | | | | 9.79 | | | | | | 9/1/2025(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 17,956 | | | | | | — | | | | | | — | | | | | | 9.12 | | | | | | 3/1/2026(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 81,390 | | | | | | 1,743 | | | | | | — | | | | | | 11.49 | | | | | | 1/29/2029(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | 12,282 | | | | | | 1,429 | | | | | | — | | | | | | 11.78 | | | | | | 5/1/2029(3) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 28,186(4) | | | | | | 349,225 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,097(5) | | | | | | 249,002 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 166,387(6) | | | | | | 2,061,535 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 18,087(7) | | | | | | 224,098 | | | | | | — | | | | | | — | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 169,082(8) | | | | | | 2,094,926 | | | |||
| | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 180,994(9) | | | | | | 2,242,516 | | |
| | | Option Awards | | | Stock Awards | | | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Number of Securities Underlying Unexercised Options Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Equity Incentive Plan Awards: Number of Securities Underlying Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares of Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | Name | | Number of Securities Underlying Unexercised Options Exercisable | | Number of Securities Underlying Unexercised Options (#) Unexercisable | | Equity Incentive Plan Awards: Number of Securities Underlying Unearned Options (#) | | Option Exercise Price ($) | | Option Expiration Date | | Number of Shares of Units of Stock That Have Not Vested (#) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(1) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(1) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Michael Shetzline | | | | | 90,766 | | | | | 1,932 | | | | | — | | | | | 13.19 | | | | | 3/1/2029(10) | | | | | — | | | | | — | | | | | — | | | | | — | | | Thomas McCourt | | | | | 80,504 | | | | | — | | | | | — | | | | | 12.56 | | | | | 3/3/2024(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | ||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 19,327(4) | | | | | 239,462 | | | | | — | | | | | — | | | | | | 97,500 | | | | | — | | | | | — | | | | | 13.91 | | | | | 3/16/2025(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 16,292(5) | | | | | 201,858 | | | | | — | | | | | — | | | | | | 179,056 | | | | | — | | | | | — | | | | | 9.12 | | | | | 3/1/2026(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 128,999(6) | | | | | 1,598,298 | | | | | — | | | | | — | | | | | | 166,018 | | | | | — | | | | | — | | | | | 14.93 | | | | | 2/27/2027(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 14,663(7) | | | | | 181,675 | | | | | — | | | | | — | | | | | | 142,404 | | | | | — | | | | | — | | | | | 12.95 | | | | | 2/21/2028(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 115,942(8) | | | | | 1,436,521 | | | | | | 384,982 | | | | | — | | | | | — | | | | | 11.49 | | | | | 1/29/2029(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 162,894(9) | | | | | 2,018,257 | | | | | | 45,704 | | | | | — | | | | | — | | | | | 11.78 | | | | | 5/1/2029(2) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||
| | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 240,595(3) | | | | | 2,752,407 | | | | | — | | | | | — | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 311,811(4) | | | | | 3,567,118 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 249,617(5) | | | | | 2,855,618 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 248,868(6) | | | | | 2,847,050 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 120,297(7) | | | | | 1,376,198 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 120,297(8) | | | | | 1,376,198 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sravan Emany | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 116,736(4) | | | | | 1,335,460 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 85,000(5) | | | | | 972,400 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 37,117(7) | | | | | 424,618 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 37,118(8) | | | | | 424,630 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Andrew Davis | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 165,306(4) | | | | | 1,891,101 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 39,370(6) | | | | | 450,393 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 37,117(7) | | | | | 424,618 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 37,118(8) | | | | | 424,630 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
John Minardo | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 156,353(4) | | | | | 1,788,678 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 79,981(5) | | | | | 914,983 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 67,873(6) | | | | | 776,467 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 32,751(7) | | | | | 374,671 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 32,751(8) | | | | | 374,671 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Michael Shetzline | | | | | 92,698 | | | | | — | | | | | — | | | | | 13.19 | | | | | 3/1/2029(9) | | | | | — | | | | | — | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 160,081(4) | | | | | 1,831,327 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 57,971(5) | | | | | 663,188 | | | | | — | | | | | — | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 81,447(6) | | | | | 931,754 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 34,934(7) | | | | | 399,645 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | — | | | | | 34,395(8) | | | | | 399,656 | | |
| | | | Number of Securities Underlying Unexercised Options Exercisable(1) | | | Option Exercise Price ($)(1) | | | Option Expiration Date | | |||||||||
| Thomas McCourt | | | | | 379 | | | | | | 310.80 | | | | | | 3/3/2024 | | |
| | | 487 | | | | | | 344.00 | | | | | | 3/16/2025 | | | |||
| | | 710 | | | | | | 225.60 | | | | | | 3/1/2026 | | | |||
| | | 442 | | | | | | 369.40 | | | | | | 2/27/2027 | | | |||
| | | 205 | | | | | | 320.40 | | | | | | 2/27/2028 | | | |||
| | | 107 | | | | | | 284.20 | | | | | | 1/29/2029 | | |
| | | | Number of Securities Underlying Unexercised Options Exercisable | | | Option Exercise Price ($) | | | Option Expiration Date | | |||||||||
| Thomas McCourt | | | | | 10,221 | | | | | | 14.40 | | | | | | 2/1/2023 | | |
| | | 7,591 | | | | | | 15.54 | | | | | | 3/3/2024 | | | |||
| | | 9,750 | | | | | | 17.20 | | | | | | 3/16/2025 | | | |||
| | | 14,218 | | | | | | 11.28 | | | | | | 3/1/2026 | | | |||
| | | 8,859 | | | | | | 18.47 | | | | | | 2/27/2027 | | | |||
| | | 4,101 | | | | | | 16.02 | | | | | | 2/21/2028 | | | |||
| | | 2,156 | | | | | | 14.21 | | | | | | 1/29/2029 | | | |||
| Jason Rickard | | | | | 857 | | | | | | 14.40 | | | | | | 2/1/2023 | | |
| | | 543 | | | | | | 14.55 | | | | | | 6/10/2023 | | | |||
| | | 750 | | | | | | 11.95 | | | | | | 12/16/2023 | | | |||
| | | 3,324 | | | | | | 14.87 | | | | | | 11/3/2024 | | | |||
| | | 1,555 | | | | | | 17.20 | | | | | | 3/16/2025 | | | |||
| | | 562 | | | | | | 12.11 | | | | | | 9/1/2025 | | | |||
| | | 1,425 | | | | | | 11.28 | | | | | | 3/1/2026 | | | |||
| | | 465 | | | | | | 14.21 | | | | | | 1/29/2029 | | |
| | | Option Awards | | | Stock Awards | | | | Option Awards | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||
| Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Exercise (#) | | Value Realized on Exercise ($)(1) | | Number of Shares Acquired on Vesting (#) | | Value Realized on Vesting ($)(2) | | ||||||||||||||||||||||||||||||||
| Thomas McCourt | | | | — | | | | | — | | | | | 216,540 | | | | $ | 2,428,008 | | | Thomas McCourt | | | | 110,962(3) | | | | $ | 46,816 | | | | | 242,469 | | | | $ | 2,688,303 | | | ||||||||
| Sravan Emany | | | | — | | | | | — | | | | | 21,250 | | | | $ | 240,763 | | | Sravan Emany | | | | — | | | | | — | | | | | 21,250 | | | | $ | 200,600 | | | ||||||||
| John Minardo | | | | — | | | | | — | | | | | 19,973 | | | | $ | 230,688 | | | Andrew Davis | | | | — | | | | | — | | | | | 40,613 | | | | $ | 419,655 | | | ||||||||
| Jason Rickard | | | | 18,041(3) | | | | $ | 1,744 | | | | | 125,525 | | | | $ | 1,400,922 | | | John Minardo | | | | — | | | | | — | | | | | 36,941 | | | | $ | 389,749 | | | ||||||||
| Michael Shetzline | | | | — | | | | | — | | | | | 83,370 | | | | $ | 933,879 | | | Michael Shetzline | | | | — | | | | | — | | | | | 89,069 | | | | $ | 991,313 | | |
| | | | | | | Involuntary Termination without Cause or a Constructive Termination(1) | | | Termination Following a Change of Control | | | Death(2) | | |||||||||
| Thomas McCourt | | | Cash Severance | | | | $ | 1,209,000 | | | | | $ | 1,612,000 | | | | | | — | | |
| Non-Equity Incentive Plan Compensation | | | | $ | 1,511,250 | | | | | $ | 1,813,500 | | | | | | — | | | |||
| Equity Acceleration(4) | | | | | | | | | | | | | | | | | | | | |||
| Options | | | | $ | 10,173 | | | | | $ | 10,173 | | | | | $ | 10,173 | | | |||
| RSUs | | | | $ | 4,697,074 | | | | | $ | 6,494,033 | | | | | $ | 6,494,033 | | | |||
| PSUs | | | | | — | | | | | $ | 12,571,786 | | | | | | — | | | |||
| Other Benefits(5) | | | | $ | 74,868 | | | | | $ | 79,824 | | | | | | — | | | |||
| Total | | | | $ | 7,502,365 | | | | | $ | 22,581,316 | | | | | $ | 6,504,206 | | | |||
| Sravan Emany | | | Cash Severance | | | | $ | 500,000 | | | | | $ | 750,000 | | | | | | — | | |
| Non-Equity Incentive Plan Compensation | | | | $ | 500,000 | | | | | $ | 625,000 | | | | | | — | | | |||
| Equity Acceleration(4) | | | | | | | | | | | | | | | | | | | | |||
| Options | | | | | — | | | | | | — | | | | | | — | | | |||
| RSUs | | | | | — | | | | | $ | 789,863 | | | | | $ | 789,863 | | | |||
| PSUs | | | | | — | | | | | $ | 2,106,300 | | | | | | — | | | |||
| Other Benefits(5) | | | | $ | 60,000 | | | | | $ | 60,000 | | | | | | — | | | |||
| Total | | | | $ | 1,060,000 | | | | | $ | 4,331,163 | | | | | $ | 789,863 | | | |||
| John Minardo | | | Cash Severance | | | | $ | 494,000 | | | | | $ | 741,000 | | | | | | — | | |
| Non-Equity Incentive Plan Compensation | | | | $ | 444,600 | | | | | $ | 555,750 | | | | | | — | | | |||
| Equity Acceleration(4) | | | | | | | | | | | | | | | | | | | | |||
| Options | | | | | — | | | | | | — | | | | | | — | | | |||
| RSUs | | | | | — | | | | | $ | 1,583,343 | | | | | $ | 1,583,343 | | | |||
| PSUs | | | | | — | | | | | $ | 3,621,770 | | | | | | — | | | |||
| Other Benefits(5) | | | | $ | 69,240 | | | | | $ | 73,860 | | | | | | — | | | |||
| Total | | | | $ | 1,007,840 | | | | | $ | 6,575,723 | | | | | $ | 1,583,343 | | | |||
| Jason Rickard | | | Cash Severance(3) | | | | $ | 780,000 | | | | | $ | 780,000 | | | | | | — | | |
| Non-Equity Incentive Plan Compensation | | | | $ | 520,000 | | | | | $ | 650,000 | | | | | | — | | | |||
| Equity Acceleration(4) | | | | | | | | | | | | | | | | | | | | |||
| Options | | | | $ | 2,440 | | | | | $ | 2,440 | | | | | $ | 2,440 | | | |||
| RSUs | | | | $ | 2,049,479 | | | | | $ | 2,659,761 | | | | | $ | 2,659,761 | | | |||
| PSUs | | | | | — | | | | | $ | 4,505,475 | | | | | | — | | | |||
| Other Benefits(5) | | | | $ | 101,148 | | | | | $ | 101,148 | | | | | | — | | | |||
| Total | | | | $ | 3,453,067 | | | | | $ | 8,698,824 | | | | | $ | 2,662,201 | | |
| | | | | Involuntary Termination without Cause or a Constructive Termination(1) | | Termination Following a Change of Control | | Death(2) | | | | | | Involuntary Termination without Cause or a Constructive Termination(1) | | Termination Following a Change of Control(1) | | Death(2) | | ||||||||||||||||||||||||||
| Michael Shetzline, M.D., Ph.D. | | | Cash Severance(3) | | | $ | 769,560 | | | | $ | 769,560 | | | | | — | | | Thomas McCourt | | | Cash Severance | | | $ | 1,251,315 | | | | $ | 1,668,420 | | | | | — | | | ||||||
| Non-Equity Incentive Plan Compensation | | | $ | 461,736 | | | | $ | 577,170 | | | | | — | | | | Non-Equity Incentive Plan Compensation | | | $ | 1,564,144 | | | | $ | 1,876,973 | | | | | — | | | |||||||||||
| Equity Acceleration(4) | | | | | | | | | | | | | | | | | | Equity Acceleration(3) | | | | | | | | | | | | | | | | | |||||||||||
| Options | | | | — | | | | | — | | | | | — | | | | RSUs | | | $ | 5,310,951 | | | | $ | 6,319,525 | | | | $ | 6,319,525 | | | |||||||||||
| RSUs | | | $ | 1,524,602 | | | | $ | 2,039,617 | | | | $ | 2,039,617 | | | | PSUs | | | | — | | | | $ | 7,078,866 | | | | | — | | | |||||||||||
| PSUs | | | | — | | | | $ | 3,586,001 | | | | | — | | | | Other Benefits(4) | | | $ | 74,871 | | | | $ | 79,828 | | | | | — | | | |||||||||||
| Other Benefits(5) | | | $ | 60,000 | | | | $ | 60,000 | | | | | — | | | | Total | | | $ | 8,201,281 | | | | $ | 17,023,612 | | | | $ | 6,319,525 | | | |||||||||||
| Total | | | $ | 2,815,898 | | | | $ | 7,032,348 | | | | $ | 2,039,617 | | | Sravan Emany | | | Cash Severance | | | $ | 545,000 | | | | $ | 817,500 | | | | | — | | | |||||||||
| | Non-Equity Incentive Plan Compensation | | | $ | 545,000 | | | | $ | 681,250 | | | | | — | | | ||||||||||||||||||||||||||||
| Equity Acceleration(3) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
| RSUs | | | | — | | | | $ | 1,335,460 | | | | $ | 1,335,460 | | | |||||||||||||||||||||||||||||
| PSUs | | | | — | | | | $ | 1,397,018 | | | | | — | | | |||||||||||||||||||||||||||||
| Other Benefits(4) | | | $ | 60,000 | | | | $ | 60,000 | | | | | — | | | |||||||||||||||||||||||||||||
| Total | | | $ | 1,150,000 | | | | $ | 4,291,228 | | | | $ | 1,335,460 | | | |||||||||||||||||||||||||||||
Andew Davis | | | Cash Severance | | | $ | 480,000 | | | | $ | 720,000 | | | | | — | | | |||||||||||||||||||||||||||
| | Non-Equity Incentive Plan Compensation | | | $ | 480,000 | | | | $ | 600,000 | | | | | — | | | ||||||||||||||||||||||||||||
| Equity Acceleration(3) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
| RSUs | | | | — | | | | $ | 1,891,101 | | | | $ | 1,891,101 | | | |||||||||||||||||||||||||||||
| PSUs | | | | — | | | | $ | 875,011 | | | | | — | | | |||||||||||||||||||||||||||||
| Other Benefits(4) | | | $ | 87,429 | | | | $ | 101,143 | | | | | — | | | |||||||||||||||||||||||||||||
| Total | | | $ | 1,047,429 | | | | $ | 4,187,255 | | | | $ | 1,891,101 | | | |||||||||||||||||||||||||||||
John Minardo | | | Cash Severance | | | $ | 512,728 | | | | $ | 769,092 | | | | | — | | | |||||||||||||||||||||||||||
| | Non-Equity Incentive Plan Compensation | | | $ | 461,455 | | | | $ | 576,819 | | | | | — | | | ||||||||||||||||||||||||||||
| Equity Acceleration(3) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
| RSUs | | | | — | | | | $ | 1,788,678 | | | | $ | 1,788,678 | | | |||||||||||||||||||||||||||||
| PSUs | | | | — | | | | $ | 2,066,121 | | | | | — | | | |||||||||||||||||||||||||||||
| Other Benefits(4) | | | $ | 69,238 | | | | $ | 73,857 | | | | | — | | | |||||||||||||||||||||||||||||
| Total | | | $ | 1,043,421 | | | | $ | 5,274,567 | | | | $ | 1,788,678 | | | |||||||||||||||||||||||||||||
Michael Shetzline, M.D., Ph.D. | | | Cash Severance(5) | | | $ | 800,343 | | | | $ | 800,343 | | | | | — | | | |||||||||||||||||||||||||||
| | Non-Equity Incentive Plan Compensation | | | $ | 480,206 | | | | $ | 600,257 | | | | | — | | | ||||||||||||||||||||||||||||
| Equity Acceleration(3) | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||
| RSUs | | | $ | 1,363,602 | | | | $ | 1,831,327 | | | | $ | 1,831,327 | | | |||||||||||||||||||||||||||||
| PSUs | | | | — | | | | $ | 1,994,587 | | | | | — | | | |||||||||||||||||||||||||||||
| Other Benefits(4) | | | $ | 60,000 | | | | $ | 60,000 | | | | | — | | | |||||||||||||||||||||||||||||
| Total | | | $ | 2,704,151 | | | | $ | 5,286,514 | | | | $ | 1,831,327 | | |
| Year | | Summary Compensation Table Total for First PEO [Mark Mallon] | | Summary Compensation Table Total for Second PEO [Thomas McCourt] | | Compensation Actually Paid to First PEO [Mark Mallon] | | Compensation Actually Paid to Second PEO [Thomas McCourt] | | Average Summary Compensation Table Total for non-PEO NEOs | | Average Compensation Actually Paid to non-PEO NEOs | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (in millions) | | Adjusted EBITDA (in millions) | | Year | | Summary Compensation Table Total for First PEO [Mark Mallon] | | Summary Compensation Table Total for Second PEO [Thomas McCourt] | | Compensation Actually Paid to First PEO [Mark Mallon] | | Compensation Actually Paid to Second PEO [Thomas McCourt] | | Average Summary Compensation Table Total for Non-PEO NEOs | | Average Compensation Actually Paid to Non-PEO NEOs | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (Loss) (in millions) | | Adjusted EBITDA from Organic Business (in millions) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Shareholder Return | | Peer Group Total Shareholder Return | | | Total Shareholder Return | | Peer Group Total Shareholder Return | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | (b)(1) | | (b)(1) | | (c)(2) | | (c)(2) | | (d)(3) | | (e)(4) | | (f)(5) | | (g)(6) | | (h)(7) | | (i)(8) | | (a) | | (b)(1) | | (b)(1) | | (c)(2) | | (c)(2) | | (d)(3) | | (e)(4) | | (f)(5) | | (g)(6) | | (h)(7) | | (i)(8) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | | N/A | | | | $ | 7,893,266 | | | | | N/A | | | | $ | 10,159,660 | | | | $ | 2,305,695 | | | | $ | 2,952,674 | | | | $ | 93.09 | | | | $ | 111.27 | | | | $ | 175.07 | | | | $ | 251.75 | | | 2023 | | | $ | N/A | | | | $ | 7,583,270 | | | | $ | N/A | | | | $ | 4,632,286 | | | | $ | 2,615,301 | | | | $ | 1,967,644 | | | | $ | 85.95 | | | | $ | 115.42 | | | | $ | (1,031.56) | | | | $ | 267.64 | | | ||||||||||||||||||||
| 2021 | | | $ | 170,576 | | | | $ | 8,810,004 | | | | $ | (8,684,142) | | | | $ | 9,733,970 | | | | $ | 2,917,054 | | | | $ | 2,581,189 | | | | $ | 87.60 | | | | $ | 124.89 | | | | $ | 528.45 | | | | $ | 233.74 | | | 2022 | | | $ | N/A | | | | $ | 7,893,266 | | | | $ | N/A | | | | $ | 10,159,660 | | | | $ | 2,305,695 | | | | $ | 2,952,674 | | | | $ | 93.09 | | | | $ | 111.27 | | | | $ | 175.07 | | | | $ | 253.07 | | | ||||||||||||||||||||
| 2020 | | | $ | 6,821,113 | | | | | N/A | | | | $ | 4,419,700 | | | | | N/A | | | | $ | 2,496,976 | | | | $ | 2,958,190 | | | | $ | 85.57 | | | | $ | 125.69 | | | | $ | 106.18 | | | | $ | 160.68 | | | 2021 | | | $ | 170,576 | | | | $ | 8,810,004 | | | | $ | (8,684,142) | | | | $ | 9,733,970 | | | | $ | 2,917,054 | | | | $ | 2,581,189 | | | | $ | 87.60 | | | | $ | 124.89 | | | | $ | 528.45 | | | | $ | 253.97 | | | ||||||||||||||||||||
| 2020 | | | $ | 6,821,113 | | | | $ | N/A | | | | $ | 4,419,700 | | | | $ | N/A | | | | $ | 2,496,976 | | | | $ | 2,958,190 | | | | $ | 85.57 | | | | $ | 125.69 | | | | $ | 106.18 | | | | $ | 162.56 | | |
| Year | | PEO Name | | Reported Summary Compensation Table Total for PEO | | Reported Value of Equity Awards (a) | | Equity Award Adjustments (b) | | Compensation Actually Paid to PEO | | Year | | PEO Name | | Reported Summary Compensation Table Total for PEO | | Reported Value of Equity Awards (a) | | Equity Award Adjustments (b) | | Compensation Actually Paid to PEO | | ||||||||||||||||||||||||||||||||||
| 2022 | | Thomas McCourt | | | $ | 7,893,266 | | | | $ | (6,473,069) | | | | $ | 8,739,463 | | | | $ | 10,159,660 | | | 2023 | | Thomas McCourt | | | $ | 7,583,270 | | | | $ | (5,974,225) | | | | $ | 3,023,271 | | | | $ | 4,632,286 | | | ||||||||||
| 2021 | | Mark Mallon | | | $ | 170,576 | | | | $ | 0 | | | | $ | (8,854,718) | | | | $ | (8,684,142) | | | 2022 | | Thomas McCourt | | | $ | 7,893,266 | | | | $ | (6,473,069) | | | | $ | 8,739,463 | | | | $ | 10,159,660 | | | ||||||||||
| 2021 | | Thomas McCourt | | | $ | 8,810,004 | | | | $ | (7,236,498) | | | | $ | 8,160,464 | | | | $ | 9,733,970 | | | 2021 | | Mark Mallon | | | $ | 170,576 | | | | $ | — | | | | $ | (8,854,718) | | | | $ | (8,684,142) | | | ||||||||||
| 2020 | | Mark Mallon | | | $ | 6,821,113 | | | | $ | (5,423,731) | | | | $ | 3,022,318 | | | | $ | 4,419,700 | | | 2021 | | Thomas McCourt | | | $ | 8,810,004 | | | | $ | (7,236,498) | | | | $ | 8,160,464 | | | | $ | 9,733,970 | | | ||||||||||
| 2020 | | Mark Mallon | | | $ | 6,821,113 | | | | $ | (5,423,731) | | | | $ | 3,022,318 | | | | $ | 4,419,700 | | |
| Year | | PEO Name | | Year End Fair Value of Equity Awards | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Equity Award Adjustments | | Year | | PEO Name | | Year End Fair Value of Equity Awards | | Year over Year Change in Fair Value of Outstanding and Unvested Equity Awards | | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | Year over Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Equity Award Adjustments | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | Thomas McCourt | | | $ | 7,807,002 | | | | $ | 1,076,844 | | | | | — | | | | $ | (144,383) | | | | | — | | | | | — | | | | $ | 8,739,463 | | | 2023 | | Thomas McCourt | | | $ | 6,203,423 | | | | $ | (2,858,574) | | | | | — | | | | $ | (321,578) | | | | $ | — | | | | | — | | | | $ | 3,023,271 | | | ||||||||||||||||
| 2021 | | Mark Mallon | | | | — | | | | | — | | | | | — | | | | $ | (241,452) | | | | $ | (8,613,266) | | | | | — | | | | $ | (8,854,718) | | | 2022 | | Thomas McCourt | | | $ | 7,807,002 | | | | $ | 1,076,844 | | | | | — | | | | $ | (144,383) | | | | $ | — | | | | | — | | | | $ | 8,739,463 | | | ||||||||||||||||
| 2021 | | Thomas McCourt | | | $ | 8,164,222 | | | | $ | 57,645 | | | | | — | | | | $ | (61,403) | | | | | — | | | | | — | | | | $ | 8,160,464 | | | 2021 | | Mark Mallon | | | $ | — | | | | $ | — | | | | | — | | | | $ | (241,452) | | | | $ | (8,613,266) | | | | | — | | | | $ | (8,854,718) | | | ||||||||||||||||
| 2020 | | Mark Mallon | | | $ | 4,811,824 | | | | $ | (1,031,283) | | | | | — | | | | $ | (758,223) | | | | | — | | | | | — | | | | $ | 3,022,318 | | | 2021 | | Thomas McCourt | | | $ | 8,164,222 | | | | $ | 57,645 | | | | | — | | | | $ | (61,403) | | | | $ | — | | | | | — | | | | $ | 8,160,464 | | | ||||||||||||||||
| 2020 | | Mark Mallon | | | $ | 4,811,824 | | | | $ | (1,031,283) | | | | | — | | | | $ | (758,223) | | | | $ | — | | | | | — | | | | $ | 3,022,318 | | |
| Year | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | Average Reported Value of Equity Awards (a) | | Average Equity Award Adjustments (b) | | Compensation Actually Paid to Non-PEO NEOs | | Year | | Average Reported Summary Compensation Table Total for Non-PEO NEOs | | Average Reported Value of Equity Awards (a) | | Average Equity Award Adjustments (b) | | Compensation Actually Paid to Non-PEO NEOs | | ||||||||||||||||||||||||||||||||
| 2022 | | | $ | 2,305,695 | | | | $ | (1,531,837) | | | | $ | 2,178,815 | | | | $ | 2,952,674 | | | 2023 | | | $ | 2,615,301 | | | | $ | (1,762,026) | | | | $ | 1,114,369 | | | | $ | 1,967,644 | | | ||||||||
| 2021 | | | $ | 2,917,054 | | | | $ | (2,332,567) | | | | $ | 1,996,702 | | | | $ | 2,581,189 | | | 2022 | | | $ | 2,305,695 | | | | $ | (1,531,837) | | | | $ | 2,178,816 | | | | $ | 2,952,674 | | | ||||||||
| 2020 | | | $ | 2,496,976 | | | | $ | (452,817) | | | | $ | 914,031 | | | | $ | 2,958,190 | | | 2021 | | | $ | 2,917,054 | | | | $ | (2,332,567) | | | | $ | 1,996,702 | | | | $ | 2,581,189 | | | ||||||||
| 2020 | | | $ | 2,496,976 | | | | $ | (452,817) | | | | $ | 914,031 | | | | $ | 2,958,190 | | |
| Year | | Average Year End Fair Value of Equity Awards | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | Average Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Average Equity Award Adjustments | | Year | | Average Year End Fair Value of Equity Awards | | Year over Year Average Change in Fair Value of Outstanding and Unvested Equity Awards | | Average Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year | | Year over Year Average Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year | | Average Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year | | Average Value of Dividends or Other Earnings Paid on Stock or Option Awards not Otherwise Reflected in Fair Value or Total Compensation | | Total Average Equity Award Adjustments | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | $ | 1,880,771 | | | | $ | 329,381 | | | | | — | | | | $ | (31,337) | | | | | — | | | | | — | | | | $ | 2,178,815 | | | 2023 | | | $ | 1,829,617 | | | | $ | (633,278) | | | | | — | | | | $ | (81,970) | | | | | — | | | | | — | | | | $ | 1,114,369 | | | ||||||||||||||
| 2021 | | | $ | 2,563,358 | | | | $ | (434) | | | | | — | | | | $ | (52,032) | | | | $ | (514,190) | | | | | — | | | | $ | 1,996,702 | | | 2022 | | | $ | 1,880,771 | | | | $ | 329,381 | | | | | — | | | | $ | (31,337) | | | | | — | | | | | — | | | | $ | 2,178,816 | | | ||||||||||||||
| 2020 | | | $ | 1,512,719 | | | | $ | (402,588) | | | | | — | | | | $ | (196,100) | | | | | — | | | | | — | | | | $ | 914,031 | | | 2021 | | | $ | 2,563,358 | | | | $ | (434) | | | | | — | | | | $ | (52,032) | | | | $ | (514,190) | | | | | — | | | | $ | 1,996,702 | | | ||||||||||||||
| 2020 | | | $ | 1,512,719 | | | | $ | (402,588) | | | | | — | | | | $ | (196,100) | | | | | — | | | | | — | | | | $ | 914,031 | | |
| Most Important Performance Measures | |
| Adjusted EBITDA from Organic Business | |
| LINZESS U.S. Net Sales | |
| Revenue | |
| Total Stockholder Return | |
| | | OUR BOARD RECOMMENDS THAT YOU APPROVE THE COMPENSATION OF OUR NAMED EXECUTIVE OFFICERS AS DISCLOSED IN THIS PROXY STATEMENT | |
VOTE THE ADVISORY VOTE ON NAMED EXECUTIVE OFFICER COMPENSATION |
| Plan category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights(1) | | | Weighted-average exercise price of outstanding options, warrants and rights(2) | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))(3) | | |||||||||
| | | | (a) | | | (b) | | | (c) | | |||||||||
| Equity compensation plans approved by security holders | | | | | 13,043,417 | | | | | $ | 12.34 | | | | | | 9,686,661 | | |
| Equity compensation plans not approved by security holders | | | | | — | | | | | | — | | | | | | — | | |
| Total | | | | | 13,043,417 | | | | | $ | 12.34 | | | | | | 9,686,661 | | |
| Name of Beneficial Owner | | Number of Shares of our Class A Common Stock | | Percentage | | Name of Beneficial Owner | | Number of Shares of our Class A Common Stock | | Percentage | | ||||||||||||||||
| Named Executive Officers and Directors | | | | | | | | | | | | Named Executive Officers and Directors | | | | | | | | | | | | ||||
| Thomas McCourt(1) | | | | 1,385,826 | | | | | * | | | Thomas McCourt(1) | | | | 1,621,326 | | | | | 1.0% | | | ||||
| Sravan Emany | | | | 14,672 | | | | | * | | | Sravan Emany(2) | | | | 175,364 | | | | | * | | | ||||
| John Minardo | | | | 22,914 | | | | | * | | | Andrew Davis(3) | | | | 128,539 | | | | | * | | | ||||
| Jason Rickard(2) | | | | 417,592 | | | | | * | | | John Minardo(4) | | | | 134,540 | | | | | * | | | ||||
| Michael Shetzline, M.D., Ph.D.(3) | | | | 264,072 | | | | | * | | | Michael Shetzline, M.D., Ph.D.(5) | | | | 360,430 | | | | | * | | | ||||
| Mark Currie, Ph.D.(4) | | | | 1,054,283 | | | | | * | | | Mark Currie, Ph.D.(6) | | | | 993,377 | | | | | * | | | ||||
| Alexander Denner, Ph.D.(5) | | | | 16,483,423 | | | | | 10.5% | | | Alexander Denner, Ph.D.(7) | | | | 16,511,939 | | | | | 10.3% | | | ||||
| Andrew Dreyfus | | | | 151,639 | | | | | * | | | Andrew Dreyfus | | | | 163,919 | | | | | * | | | ||||
| Jon Duane | | | | 91,758 | | | | | * | | | Jon Duane | | | | 121,028 | | | | | * | | | ||||
| Marla Kessler | | | | 84,148 | | | | | * | | | Marla Kessler | | | | 96,572 | | | | | * | | | ||||
| Julie McHugh | | | | 139,944 | | | | | * | | | Julie McHugh | | | | 162,294 | | | | | * | | | ||||
| Catherine Moukheibir | | | | 101,027 | | | | | * | | | Catherine Moukheibir | | | | 128,633 | | | | | * | | | ||||
| Jay Shepard | | | | 79,894 | | | | | * | | | Jay Shepard | | | | 102,244 | | | | | * | | | ||||
| All executive officers and directors as a group (14 persons)(6) | | | | 20,340,747 | | | | | 12.9% | | | All executive officers and directors as a group (13 persons)(8) | | | | 20,700,205 | | | | | 12.9% | | | ||||
| 5% Security Holders | | | | | | | | | | | | 5% Security Holders | | | | | | | | | | | | ||||
| BlackRock, Inc.(7) | | | | 25,771,192 | | | | | 16.8% | | | BlackRock, Inc.(9) | | | | 25,978,899 | | | | | 16.3% | | | ||||
| Sarissa Capital Management LP(8) | | | | 16,390,000 | | | | | 10.5% | | | Sarissa Capital Management LP(10) | | | | 16,390,000 | | | | | 10.3% | | | ||||
| The Vanguard Group(9) | | | | 14,732,569 | | | | | 9.6% | | | The Vanguard Group(11) | | | | 16,033,545 | | | | | 10.1% | | | ||||
| Wellington Management Group LLP(10) | | | | 13,340,377 | | | | | 8.7% | | | State Street Corporation(12) | | | | 11,532,088 | | | | | 7.3% | | | ||||
| State Street Corporation(11) | | | | 11,179,578 | | | | | 7.3% | | | ||||||||||||||||
| LSV Asset Management(12) | | | | 7,926,397 | | | | | 5.2% | | |
| | | OUR BOARD RECOMMENDS THAT YOU RATIFY THE SELECTION OF ERNST & YOUNG LLP AS OUR AUDITORS FOR FISCAL YEAR | |
| | | | 2022 | | 2021 | | | | | 2023 | | 2022 | | ||||||||||||||
| Audit | | | $ | 1,132,151 | | | | $ | 1,175,499 | | | Audit | | | $ | 2,639,227 | | | | $ | 1,132,151 | | | ||||
| All other | | | $ | 4,615 | | | | $ | 1,990 | | | Audit-related | | | $ | 385,104 | | | | $ | — | | | ||||
| Total | | | $ | 1,136,766 | | | | $ | 1,177,489 | | | All other | | | $ | — | | | | $ | 4,615 | | | ||||
| Total | | | $ | 3,024,331 | | | | $ | 1,136,766 | | |