Brad L. Tade
About Brad L. Tade
Brad L. Tade, age 51, is ADMA’s Chief Financial Officer and Treasurer, appointed effective July 24, 2024; he joined ADMA in June 2023 as Vice President, Financial Operations. He holds a B.S. in Finance from California State University, Long Beach and a Master’s in Organizational Leadership from Gonzaga University . Company performance context: ADMA’s total shareholder return (TSR) value of a fixed $100 investment rose to $379.42 in 2024 vs $116.49 in 2023, while net income reached $197.70 million in 2024 after prior years’ losses; the proxy notes no single “company-selected” financial measure linking Compensation Actually Paid to performance for the most recent year .
| Company Performance Context | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TSR Value of $100 Investment | $72.00 | $275.00 | $116.49 | $379.42 |
| Peer Group TSR (Value of $100) | $123.16 | $94.28 | $129.95 | $103.21 |
| Net Income ($MM) | ($71.65) | ($65.90) | ($28.20) | $197.70 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ADMA Biologics | Vice President, Financial Operations | Jun 2023 – Jul 2024 | Not disclosed |
| PCI Pharma Services | VP Finance, Commercial Packaging Technology | Mar 2023 – Jun 2023 | Not disclosed |
| PCI Pharma Services | VP Finance, Development & Manufacturing | Aug 2022 – Mar 2023 | Not disclosed |
| Baxter International (Illinois) | VP Finance, Operations & Quality | May 2021 – Jul 2022 | Not disclosed |
| Becton Dickinson (Switzerland) | VP, Operations Finance | Nov 2016 – May 2021 | Not disclosed |
Fixed Compensation
| Metric (2024) | Value |
|---|---|
| Base Salary | $435,000 (effective upon CFO promotion) |
| Target Bonus % of Salary | 45% |
| Target Bonus ($) | $195,750 |
| Actual Achievement (% of Salary) | 130% |
| Actual Bonus Paid ($) | $254,475 (paid March 2025) |
Performance Compensation
| Annual Bonus (2024) | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Cash bonus | Corporate performance goals; Board discretion in payout determination | N/A | 45% of base ($195,750) | 130% of base | $254,475 (paid Mar-2025) | N/A |
| Equity Awards (2024) | Grant Date | Type | Shares/Units | Exercise Price | Expiration | Grant-Date Fair Value |
|---|---|---|---|---|---|---|
| Annual cycle grant | 02/26/2024 | RSU | 50,000 | N/A | N/A | $270,000 |
| Promotion package | 07/24/2024 | RSU | 72,400 | N/A | N/A | Included within $1,985,484 total (RSUs + Options) |
| Promotion package | 07/24/2024 | Options | 115,100 | $13.58 | 07/24/2034 | Included within $1,985,484 total (RSUs + Options) |
| Summary Compensation | 2024 | Stock Awards (RSUs) | — | — | — | $1,253,192 |
| Summary Compensation | 2024 | Option Awards | — | — | — | $1,002,292 |
- Vesting schedules: RSUs vest in substantially equal installments on each of the first four anniversaries of grant; options vest 25% at the one-year anniversary, then 75% monthly over the next three years .
| Equity Realization (2024) | Options Exercised (#) | Value Realized ($) | RSUs Vested (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| Brad L. Tade | — | — | 25,000 | $271,000 |
Equity Ownership & Alignment
| Beneficial Ownership (as of Mar 31, 2025) | Shares | % of Outstanding | Notes |
|---|---|---|---|
| Brad L. Tade | 28,003 | <1% (“*”) of 238,532,252 shares outstanding | Footnote notes additional unvested awards not counted within 60-day window |
| Outstanding Equity Awards at FY-End (Dec 31, 2024) | Grant Date | RSUs Not Vested (#) | Market Value ($) | Unexercisable Options (#) | Exercise Price | Option Expiration |
|---|---|---|---|---|---|---|
| RSU | 06/26/2023 | 75,000 | $1,286,250 | — | — | — |
| RSU | 02/26/2024 | 50,000 | $857,500 | — | — | — |
| RSU + Option | 07/24/2024 | 72,400 | $1,241,660 | 115,100 | $13.58 | 07/24/2034 |
- Hedging/pledging: Insider Trading Policy prohibits transactions in derivatives and hedging (e.g., collars, forward sale contracts) and short sales; no standalone hedging policy beyond this, and no pledging disclosed for Mr. Tade in proxy footnotes. Note: CEO Adam S. Grossman pledged 712,326 shares as collateral under a margin line of credit; Tade’s footnote does not disclose any pledging .
Employment Terms
| Term/Provision | Key Details |
|---|---|
| Employment status | At-will; CFO & Treasurer effective July 24, 2024; employment agreement filed as Exhibit 10.1 |
| Base salary and annual bonus | $435,000 base; target bonus 45% of base; board sets milestones/objectives |
| Severance (non-CIC) | 12 months base salary, COBRA reimbursement up to 12 months; unpaid prior-year target bonus if goals attained |
| Severance (Change-in-Control) | Lump sum equal to 15 months base salary + 1.5x target bonus; COBRA up to 12 months; double-trigger period spans immediately prior to CIC through one year post-CIC |
| Equity acceleration | Upon qualifying termination in connection with CIC: immediate vesting of all RSUs; options accelerate and remain exercisable up to 18 months post-termination (or until 10-year term expiry, if earlier) |
| Potential Payments (as of 12/31/2024) | Non-CIC: $471,000 total (salary continuation $435,000; COBRA $36,000); CIC: $4,669,708 total (salary continuation $543,750; bonus $293,625; COBRA $36,000; RSU vesting $3,385,410; option vesting $410,923) |
| Restrictive covenants | Non-compete 9 months post-employment; non-solicit; confidentiality; invention assignment; mutual non-disparagement |
| 280G/4999 excise tax | Cutback mechanism to avoid excise tax unless “no-cutback” yields higher after-tax benefit; ordering rules specified |
| Clawback policy | Board-adopted Dec 1, 2023; compliant with SEC/Nasdaq; applies to incentive-based comp received on/after Oct 2, 2023 |
| Perquisites | No personal perqs; employer 401(k) match and company-paid medical/life insurance premiums |
Compensation Structure Analysis
- Cash vs. equity mix: 2024 Stock Awards ($1.253M) and Option Awards ($1.002M) combined exceeded cash bonus ($254k), indicating heavy equity-based incentives tied to time-based vesting; RSUs and options granted at promotion and annual cycle .
- Shift in instruments: Mix includes both RSUs and options with standard four-year vest; no option repricing permitted under the 2022 Plan without stockholder approval .
- Pay governance: Independent consultants Radford Aon and Pay Governance advised peer benchmarking; Compensation Committee retains discretion on annual bonus payouts .
Compensation Committee Analysis
- 2024 Compensation Committee: Chair Young T. Kwon, members Lawrence P. Guiheen, Alison C. Finger; one member resigned Nov 19, 2024. Committee members were independent; no interlocks in 2024 .
- Peer group for 2024 pay benchmarking includes 22 biopharma peers (e.g., Dynavax, Harmony Biosciences, Deciphera, Supernus) .
Investment Implications
- Alignment: Tade’s incentives are predominately equity with four-year vesting and robust CIC acceleration, reinforcing retention but creating a potential vest-related supply overhang during annual vest dates; no hedging and no disclosed pledging reduce alignment risks .
- Severance economics: Double-trigger CIC benefits totaling ~$4.67 million as of year-end 2024 (including accelerated equity) indicate meaningful change-of-control sensitivity; non-CIC severance is moderate at 12 months’ base .
- Execution risk and track record: CFO tenure began mid-2024; prior roles at Baxter, BD, and PCI suggest large-cap operations finance experience; bonus outcome (130% of salary) implies strong 2024 corporate performance, though bonus metrics are not disclosed and Board retains discretion .
- Governance: Clawback policy, independent compensation consultants, and no tax gross-ups support investor-friendly practices; CEO stock pledging is a company-level red flag but is not disclosed for Tade .