Jacob Liawatidewi
Executive Vice President of Sales and Marketing and Corporate Administration Center; President of Amphastar France Pharmaceuticals, S.A.S.; Corporate Secretary at 
Amphastar Pharmaceuticals
Amphastar PharmaceuticalsExecutive
Board
About Jacob Liawatidewi
Executive Vice President of Sales and Marketing and Executive Vice President of Corporate Administration Center; President of Amphastar France Pharmaceuticals, S.A.S.; Corporate Secretary; and Director (Class I) at Amphastar Pharmaceuticals. Age 51; director since August 2022 with current board term expiring in 2026. Education: B.S. Biology (California State University, Fresno, 1996), M.B.A. (National University, 2014), E.J.D. (Concord Law School, 2022). Company 2024 performance context: sales grew 13.6% to $732.0 million and GAAP net income was $159.5 million, with adjusted net income $200.8 million; stock price declined 40% for 2024, impacting PBB stock appreciation results. Say-on-pay support was ~95% in 2024.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amphastar Pharmaceuticals | Various roles in business development, sales & marketing | 1997–2005 | Early commercial and BD roles supporting product growth |
| Amphastar Pharmaceuticals | Associate Vice President, Sales & Marketing | 2005–2012 | Expanded commercial leadership |
| Amphastar Pharmaceuticals | Vice President, Sales & Marketing | 2012–2013 | Led national sales strategy |
| Amphastar Pharmaceuticals | Senior Vice President, Sales & Marketing | 2013–2014 | Scaled commercial execution |
| Amphastar Pharmaceuticals | Senior Vice President, Corporate Administration Center (and SVP Sales & Marketing) | 2014–2020 | Built administrative infrastructure and supported commercial operations |
| Amphastar Pharmaceuticals | Executive Vice President, Sales & Marketing; EVP Corporate Administration Center | May 2020–present | Executive leadership of revenue growth and corporate administration |
| Amphastar France Pharmaceuticals, S.A.S. | President | Dec 2020–present | Leadership of EU subsidiary operations |
| Amphastar Pharmaceuticals | Corporate Secretary | Jun 2013–present | Corporate governance support |
External Roles
No public company directorships or external board roles disclosed.
Fixed Compensation
| Component | 2024 Amount | Notes |
|---|---|---|
| Base Salary | $480,789 | +4.0% YoY; ~5% below 75th percentile market data |
| Reimbursable benefits cap | $30,000 | Auto, life/disability, tax prep, health/dental/medical (approved Feb 2024) |
| All Other Compensation – 401(k) company contribution | $10,350 | 2024 |
| All Other Compensation – Additional life insurance | $3,589 | 2024 |
| All Other Compensation – Tax preparation fees | $950 | 2024 |
| All Other Compensation – Vehicle allowance | $25,445 | 2024 |
| All Other Compensation – Group life insurance benefit | $1,242 | 2024 |
Multi-year compensation summary (as reported):
| Year | Salary ($) | Bonus ($) | Non-Equity Incentive ($) | Stock Awards ($) | Option Awards ($) | All Other ($) | Total ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 480,789 | 220,375 | 75,000 | 501,997 | 502,025 | 41,576 | 1,821,762 |
| 2023 | 495,545 | 195,851 | 148,000 | 447,978 | 448,023 | 40,702 | 1,776,099 |
| 2022 | 440,348 | 190,851 | 123,000 | 399,996 | 400,017 | 39,956 | 1,594,168 |
Performance Compensation
Short-term program consists of General Annual Bonus, Performance-Based Bonus (PBB), and Special Discretionary Bonus (approved for 2024 cycle).
- General Annual Bonus: Paid based on strategic and individual goals; aggregated within “Bonus” column (actual Jacob 2024 Bonus $220,375). Specific target % not disclosed.
- Special Discretionary Bonus: $100,000 total for 2024 recognizing BAQSIMI integration and product/pipeline progress, production efficiencies, and exceeding $100 million Primatene MIST long-term sales goal.
- PBB structure: March 2024–Feb 2025; metrics and payout ranges below.
PBB metrics, achievement, and Jacob’s payout:
| Metric | Target Ranges | 2024 Actual | Payout (Jacob) |
|---|---|---|---|
| Sales Growth vs 2023 | Min: 5.0–14.0%; Target: 14.1–19.0%; Stretch: 19.1–24.0%; Super: >24.0% | 13.6% (Minimum) | $27,000 |
| Stock Price Appreciation (12/31/23–12/31/24) | Min: 5%; Target: 10%; Stretch: 15%; Super: 20% | (40.0%) Not Achieved | $0 |
| Filing of ANDA/NDA/BLA or BLA progress | Min: 1; Target: 2; Stretch: 3; Super: >3 | One filing (Minimum) | $12,000 |
| Approval of ANDA/NDA/BLA | Min: 1; Target: 2; Stretch: 3; Super: >3 | One approval (Minimum) | $12,000 |
| General Corporate Goals (portfolio of 5 goals) | Min: 1; Target: 2; Stretch: 3; Super: >3 | 3 (Stretch) | $24,000 |
| Total PBB paid | — | — | $75,000 |
Estimated future payout opportunity (grant-date):
| Grant Date | Threshold ($) | Target ($) | Maximum ($) |
|---|---|---|---|
| 3/4/2024 (PBB) | 93,000 | 115,000 | 175,000 |
Long-Term Incentive (LTI) design: Equal mix of stock options and RSUs; 4-year annual vesting; option term 10 years with exercise price at grant-date FMV. Jacob’s 2024 intended RSU value $501,997 and options $502,025; total LTI $1,004,022 (27% below 75th percentile market data).
Equity Ownership & Alignment
Beneficial ownership and alignment policies:
- Beneficial ownership: 157,712 shares total; includes 52,753 directly, 2,459 via Yakob and Sunmoon Family Trust, and 102,500 options exercisable within 60 days of March 31, 2025; <1% of outstanding shares.
- Stock ownership guidelines: Exec officers must hold shares valued at 1× base salary; all named executive officers with >3 years of service currently meet guidelines.
- Hedging/pledging policy: Prohibits short sales, options/derivatives, and hedging; limits pledging to ≤25% of individual holdings or ≤5% of total outstanding shares, whichever is lower. No pledge disclosures for Jacob.
Outstanding equity awards (as of 12/31/2024):
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSU Market Value ($) |
|---|---|---|---|---|---|---|
| 3/16/2020 | 10,962 | — | 13.03 | 3/16/2030 | — | — |
| 6/4/2020 | 7,091 | — | 19.19 | 6/4/2030 | — | — |
| 3/17/2021 | 34,065 | 11,355 | 17.99 | 3/17/2031 | 4,836 | 179,561 |
| 3/15/2022 | 13,284 | 13,283 | 34.74 | 3/15/2032 | 5,757 | 213,757 |
| 3/6/2023 | 6,719 | 20,154 | 35.13 | 3/6/2033 | 9,564 | 355,111 |
| 3/4/2024 | — | 22,655 | 46.68 | 3/4/2034 | 10,754 | 399,296 |
Vesting schedules (remaining tranches):
- RSU tranches vest: Mar 17, 2025; Mar 15, 2025; Mar 6, 2025; Mar 4, 2025 (four-year schedules thereafter).
- Options generally vest in four equal annual installments beginning first anniversary of grant.
2024 realized equity events (trading pressure indicator):
| Event (2024) | Shares | Value |
|---|---|---|
| Options exercised | 5,214 | $203,450 |
| RSUs vested | 16,345 | $713,413 |
Employment Terms
- Employment agreement / severance: Company has severance/change-in-control agreements with CEO (Zhang), COO/Chair (Luo), and CFO (Peters), but not with Mr. Liawatidewi; therefore Jacob has no contractual severance or change-in-control benefits disclosed.
- Clawback: Company can recover erroneously awarded incentive comp upon certain restatements caused by gross negligence, intentional misconduct, or fraud.
- Deferred compensation: 2024 activity shows $14,756 aggregate earnings and $16,608 withdrawals; no registrant contributions or executive contributions in 2024; cumulative deferrals (salary/bonus) for 2022–2024 total $148,027.
- Ownership guideline compliance: Named executive officers with >3 years service meet guideline; Jacob is an EVP since 2020.
Board Governance
- Board service: Director (Class I) since August 2022; term expires 2026. Not listed as a member of audit, compensation, or nominating committees; employee director (non-independent).
- Board attendance: All directors attended ≥75% of board and committee meetings in 2024.
- Board leadership and independence: Chairman is an employee (Dr. Mary Luo); CEO is Dr. Jack Zhang; Lead Independent Director is Richard Prins, who presides over executive sessions of independent directors.
- Director compensation: Employee directors do not receive additional cash/equity for board service.
Compensation Peer Group and Shareholder Feedback
- Peer group for 2024 decisions (revenues ~$0.2–$1.7B): Alnylam, Amarin, ANI, Coherus, Collegium, Corcept, Eagle, Emergent, Exelixis, Halozyme, Intercept, Ironwood, Ionis, Pacira, Prestige Consumer Healthcare, PTC Therapeutics, Sarepta, Supernus.
- Consultant: Willis Towers Watson engaged; compensation committee determined no conflicts of interest.
- Market positioning: 2024 base salary for Jacob ~5% below 75th percentile; 2024 LTI ~27% below 75th percentile; 2024 target total cash comp ~6% below 75th percentile.
- Say-on-Pay: ~95% approval at 2024 annual meeting.
Investment Implications
- Alignment: Strong pay-for-performance framing via PBB metrics tied to sales growth, pipeline filings/approvals, and corporate goals; however stock price metric zeroed out in 2024 given -40% TSR, demonstrating sensitivity to market outcomes. RSU/option 50/50 mix balances retention certainty with upside alignment.
- Retention risk: Absence of severance/change-in-control protections for Jacob increases potential retention risk versus peers (agreements exist for CEO/COO/CFO only).
- Near-term trading pressure: Multiple RSU tranches vest beginning March 2025 and options continue vesting annually; 2024 exercises/vests indicate periodic supply; insider trading policy bans hedging/derivatives, mitigating misalignment risk.
- Ownership skin-in-the-game: Beneficial ownership <1% suggests limited personal downside; nonetheless executive ownership guidelines are met and pledging is restricted (no pledges disclosed for Jacob).
- Governance: Dual roles of senior executives and non-independent chair alongside an employee director reduce board independence; mitigated by independent committees and lead independent director structure.