Blair C. Jackson - Executive Vice President, Chief Operating Officer and Chief Risk Officer | Alkermes (ALKS) Executive Profile & Compensation

About Blair C. Jackson

Blair C. Jackson is Executive Vice President, Chief Operating Officer and Chief Risk Officer of Alkermes plc, and also served as Interim Principal Financial Officer effective February 1, 2024; he was appointed to his current positions in April 2024 and is 52 years old . Jackson joined Alkermes in 1999 and has held senior roles across business development, corporate planning, and operations, bringing deep company and operational experience . Under his operating stewardship in 2024, Alkermes delivered strong corporate performance: total revenues exceeded $1.5 billion, EBITDA from continuing operations was about $452 million, the company retired all outstanding debt (~$290 million), repurchased ~$200 million of shares, ended 2024 with ~$825 million of cash, and management stated it delivered strong total shareholder returns through year-end 2024 .

Past Roles

Organization	Role	Years	Strategic impact
Alkermes	Executive Vice President, Chief Operating Officer	Jan 2021 – Apr 2024	Led operations and execution across functions during a period of revenue and EBITDA growth, capital deployment (repurchases, debt retirement), and pipeline advancement .
Alkermes	Senior Vice President, Corporate Planning	Jul 2018 – Jan 2021	Oversaw BD/alliance management, business planning, new product planning, data analytics, market research, and corporate operations .
Alkermes	Senior Vice President, Business Development	May 2016 – Jul 2018	Led business development, supporting portfolio and partnering strategy .
Alkermes	Vice President, Business Development	2006 – May 2016	Advanced BD initiatives over a decade of portfolio evolution .
Alkermes	Scientific and corporate roles	1999 – 2006	Early roles spanning scientific and corporate functions built broad institutional knowledge .

External Roles

Organization	Role	Years	Strategic impact
Synchronicity Pharma, Inc. (private)	Director	Current	External board experience in clinical-stage biopharma; potential insights into pipeline development and governance .

Fixed Compensation

Year	Base Salary ($)	Target Bonus (% of base)	Actual Bonus Paid ($)	Other Compensation ($)
2024	715,000	60% (STIP target)	471,900	17,250 (401(k) match)

Performance Compensation

2024 Short-Term Incentive Plan (STIP)

Metric category	Weight	Company assessment	Individual assessment	Payout impact
Financial & Commercial	50%	Company performance ACHIEVED; Company payout 100%	Jackson recognized for profitability guidance, capital deployment, interim PFO duties	Overall payout 110% of target for Jackson
Neuroscience Pipeline	40%	As above	Contributions to ALKS 2680 advancement and orexin portfolio	Included in 110% result
Corporate Responsibility	10%	As above	Leadership across operations and risk	Included in 110% result

Notes: CEO payout is 100% company-weighted; other NEOs are 75% company, 25% individual; Jackson’s STIP target range 0–120% of base, target 60%; actual 66% of base (110% of target) .

2024 Long-Term Incentive (LTI) Design (PRSUs)

Component	Weighting	Performance period	Mechanics
Financial goals	50%	3 years	Performance vs multi‑year financial objectives aligned to profitability and value creation .
Pipeline goals	50%	3 years	Advancement milestones for key programs incl. orexin agonists .
Relative TSR modifier	+/-25%	3 years	Modifies earned PRSUs to align with shareholder experience .

2022 PRSU Payout (realized in 2024)

Category	Weight	Achievement	Payout vs target
Financial	40%	Between threshold and target (linear interpolation)	32.32%
Commercial	30%	Below threshold	0%
Pipeline	30%	Stretch performance	45%
Subtotal	100%	—	77.32%
TSR modifier	+/-25%	~80th percentile vs IBB	+25%
Total payout	—	—	96.65% of target

2024 Equity Awards to Jackson (grant-date details)

Grant date	Instrument	Shares/Units	Exercise price	Vesting
Feb 26, 2024	Stock options	134,771	$30.04	Time-based, four-year annual vesting .
Feb 26, 2024	Time-vesting RSUs	33,289	—	Time-based, four-year annual vesting .
Feb 26, 2024	Performance-vesting RSUs (target)	33,289	—	3-year performance period with relative TSR modifier .

Reported 2024 compensation values: Stock Awards $1,699,940; Option Awards $1,986,944 .

Equity Ownership & Alignment

Item	Detail
Beneficial ownership (as of Mar 14, 2025)	201,368 issued shares; 643,205 shares issuable within 60 days via options/RSUs; total 844,573; less than 1% of shares outstanding .
Outstanding unexercised options (12/31/2024)	Unexercisable tranches include: 134,771 @ $30.04 exp. 2/26/2034; 104,853 @ $26.82 exp. 2/23/2033; 71,172 @ $24.59 exp. 2/18/2032; 39,556 @ $19.34 exp. 2/22/2031; plus multiple older grants (various prices) .
Unvested RSUs and PRSUs (12/31/2024)	Time-vesting RSUs outstanding include 9,694; 17,793; 26,214; 33,289 units; PRSUs (unearned) outstanding include 34,393; 26,212; 24,967 units (market values disclosed in table) .
Ownership guidelines	Officers must hold minimum ownership and retain 50% of net shares until compliant; as of Jan 2, 2025, all officers (incl. Jackson) were in compliance .
Hedging/pledging	Company policy prohibits hedging and pledging by officers and directors .
Clawback/recoupment	Equity and certain cash incentives subject to Clawback Policy (expanded 2021) and Recoupment Policy adopted Oct 2023 per SEC/Nasdaq rules .

Employment Terms

Provision	Terms for Blair C. Jackson
Severance (without cause/good reason; non‑CIC)	12 months of base salary plus average of prior two years’ annual cash incentive; continued health benefits for 12 months .
Change-in-control (CIC) severance (double trigger)	Lump sum 1.5x (base salary + average of prior two years’ annual cash incentive) if terminated without cause or resigns for good reason within 2 years post‑CIC; pro‑rata base salary and bonus for year of termination; 18 months health benefits .
Equity acceleration	Since Feb 2023 grants, equity vests on a double trigger: only if terminated without cause/for good reason within 2 years post‑CIC; if awards are not assumed/continued, plan provides for acceleration mechanics at or prior to closing .
Potential payouts (illustrative, 12/31/2024)	Non‑CIC: cash severance $1,184,500; benefits $28,096; total $1,212,596. CIC: cash severance $2,246,250; equity value $6,360,659; benefits $42,145; total $8,649,054 (shares at $28.76) .
Tax gross‑up	Eligible for excise tax gross‑up on excess parachute payments (legacy provision; discontinued for new hires after 2009) .

Investment Implications

Alignment signals: High proportion of at‑risk pay, increased use of performance‑vesting equity, multi‑year financial/pipeline goals, and relative TSR modifier indicate strong pay‑for‑performance design; 2024 company performance hit objectives and delivered significant EBITDA and cash, supporting credibility of incentives . Prohibitions on hedging/pledging and confirmed compliance with ownership guidelines reduce misalignment risk .
Retention and overhang: Large unvested option and RSU/PRSU balances, with four‑year vesting and a new 2024 option grant at $30.04, create meaningful retention hooks but may also lead to periodic selling pressure as tranches vest; watch option exercise behavior around windows .
Red flags to monitor: Legacy excise tax gross‑up for CIC is shareholder‑unfriendly relative to current best practices . One late Form 4 in 2024 (admin error) is minor but worth tracking for pattern risk . Equity acceleration in a non‑assumption CIC scenario can magnify dilution/event‑risk, though awards since 2023 are double‑trigger .
Net view: Jackson’s incentives are tightly linked to profitability, pipeline execution, and TSR, and his operational track record in 2024 (profitability guidance, capital allocation, pipeline advancement) supports alignment; investors should model vesting/option overhang and CIC economics in downside scenarios while recognizing the program’s increasing performance rigor (e.g., higher PRSU mix for NEOs in 2025) .