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    David Lennon, Ph.D.

    President and CEO at AADI
    Since October 2, 2023
    Age
    55 years
    Education
    Holds a Ph.D. in Molecular Medicine from Weill Cornell Medical College of Cornell University and a B.A. in Biophysics from Columbia College of Columbia University.
    Tenure
    Joined AADI as President and CEO on October 2, 2023 and serves on the Board of Directors, marking a significant leadership transition.

    Also at AADI

    SG
    Scott Giacobello
    CFO and Treasurer

    About

    Dr. Lennon, now serving as President and CEO at AADI since October 2, 2023 , brings an extensive background in biotechnology and pharmaceuticals spanning over 20 years. He has held pivotal roles at renowned companies, including more than 15 years at Novartis where he led innovative projects such as the development and launch of the first systemic gene therapy for spinal muscular atrophy.

    Before joining AADI, he spearheaded Satellite Bio as Chief Executive Officer from July 2021 to September 2023, further building his reputation as a transformational leader in the life sciences industry. His earlier career included a significant tenure at McKinsey & Company and foundational roles in scientific research, where he contributed to advancements in genomic stability and cancer prevention.

    This impressive blend of scientific acumen and executive leadership underpins his role at AADI, where he is expected to drive strategic growth and innovation in precision therapies. His comprehensive career path and academic credentials, including his studies in biophysics and molecular medicine, underscore a commitment to excellence and impactful leadership in the evolving field of biotechnology.

    $AADI Performance Under David Lennon, Ph.D.

    Past Roles

    OrganizationRoleDate RangeDetails
    Satellite Bio Chief Executive Officer July 2021 - September 2023 Served as CEO
    Novartis President, Novartis Gene Therapies N/A Led approval and launch of Zolgensma; expanded gene therapy pipeline to include 15+ programs and oversaw five sites with 2,000+ associates
    Novartis General Manager Oncology Japan N/A N/A
    Novartis Solid Tumor Franchise Head USA N/A N/A
    Novartis Chief Marketing Officer China N/A N/A
    Novartis Global Head, New Products and Portfolio Strategy N/A N/A
    McKinsey & Company Associate Principal N/A Focused on R&D productivity, business development, licensing, and M&A transactions

    Fixed Compensation

    Data from  FY 2023
    Component NameAmountPayment ScheduleAdditional Details
    Base Salary$640,000 annualized Pro-rated from October 2, 2023 Employment start date noted; pro-rata applies
    Sign-On Bonus$240,000 total: $100,000 cash + $140,000 RSUs Paid as part of the sign-on package RSUs vest on the one-year anniversary (October 2, 2024) if employment continues; RSU grant date fair value $140,000; grant date stock price $4.30 per share
    Retention Bonus$390,000 Eligible upon meeting conditions (employed through March 31, 2025 or Change of Control) Approved on September 15, 2024; not applicable for 2023
    Temporary Housing and Travel ReimbursementN/A (specific amounts not provided) Until December 31, 2024 Reimbursements adjusted to be tax-neutral; exact amounts not disclosed

    Performance Compensation

    Data from  FY 2023

    Annual Bonus

    MetricDescription/Target
    Bonus OpportunityEligible for up to 60% of the annual base salary (pro-rated for 2023).
    Performance MetricsClinical: PRECISION1 trial enrollment & preliminary data analysis, initiation of endometrial and NETS studies. <br>Commercial: FYARRO® annual revenue. <br>Manufacturing: Clinical and commercial supply of FYARRO®, compliance/supply contracting metrics. <br>Capitalization Goal: As outlined.
    Payout StructureFor 2023, bonus payout was set at 75% of the target bonus for all named executive officers, structured as 25% in cash and 75% in stock options.
    Evaluation Period2023 performance period.
    Vesting/Payment ScheduleNot applicable; bonus paid upon achievement of performance objectives.
    Additional DetailsSpecific thresholds, target levels, weighting factors, and actual performance results leading to payouts were not disclosed in the documents.

    Discretionary Bonus

    • Additional bonus amounts may be awarded at the discretion of the Board or its compensation committee.
    • No further details on performance metrics, thresholds, targets, vesting schedules, or evaluation were provided in the documents.