Nikita Shah
Amneal PharmaceuticalsAbout Nikita Shah
Nikita Shah is Executive Vice President, Chief Human Resources Officer at Amneal (AMRX), overseeing Human Resources, Internal Communications and ESG, and partnering with the Co-CEOs on long-term corporate strategy; she has served as EVP CHRO since August 2020 after earlier HR leadership roles at the company and prior roles at Warner Chilcott, AT&T, and Deloitte; she holds Master’s degrees in Accounting and Auditing (Gujarat University, India) and is a CPA . 2024 annual incentive (AIP) for Shah was tied primarily to adjusted EBITDA and individual goals; with company performance at 104.6% of target (committee-set 110% multiplier) and a 110% individual multiplier, her AIP paid $332,451 on a $499,550 base and 55% target bonus . Long-term incentives (LTI) mix emphasizes performance: in 2024, targeted equity grant value was $1.55M split 50% PSUs (stock price growth metric) and 50% RSUs, with grant-date pricing at $5.40 (Mar 4, 2024) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Amneal Pharmaceuticals | EVP, Chief Human Resources Officer | Aug 2020 – Present | Leads HR, Internal Comms, ESG; partners on long-term corporate strategy . |
| Amneal Pharmaceuticals | SVP, Chief Human Resources Officer | May 2018 – Jul 2020 | Led enterprise HR through growth and reorganization phases . |
| Amneal Pharmaceuticals | SVP, Human Resources and Corporate Affairs | Jan 2014 – May 2018 | Built HR and corporate affairs capabilities to support scaling . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Warner Chilcott (global specialty pharma) | Led internal audit and human resources; supported M&A, process and systems improvements | — | Supported M&A and operational efficiency initiatives . |
| AT&T | Roles of increasing responsibility | — | Functional and leadership development experience . |
| Deloitte | Roles of increasing responsibility | — | Foundation in accounting/audit and controls . |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Salary) | Notes |
|---|---|---|---|
| 2024 | 499,550 | 55% | AIP paid $332,451 based on 110% company and 110% individual multipliers . |
| 2023 | 496,752 | 55% | — |
| 2022 | 485,000 | 55% | — |
Performance Compensation
Annual Incentive (AIP) Structure and 2024 Outcome
| Component | Metric/Scale | Threshold | Target | Maximum | 2024 Outcome |
|---|---|---|---|---|---|
| Company performance multiplier | Adjusted EBITDA vs targets | 13.75% of salary (for Shah) | 55% of salary | 82.5% of salary | Co. adj. EBITDA $627.4m = 104.6% of target; committee-set 110% multiplier . |
| Individual performance multiplier | Functional/strategic goals | 0% | 100% | 150% | Shah approved at 110% for HR readiness for CREXONT, biosimilars team growth, 88% global engagement . |
| Resulting AIP payout (2024) | Calculation | — | — | — | $332,451 on $499,550 base (55% target x 110% Co. x 110% Individual) . |
Long-Term Incentives (LTI)
- 2024 LTI target value and mix for Shah: $1,550,000; 50% PSUs (stock price growth metric) and 50% RSUs; grants converted using $5.40 close on Mar 4, 2024 .
- PSU design/performance periods:
- 2022 PSU cycle: Performance period Mar 1, 2022 – Feb 28, 2025; payout estimated at 100% of target as of 12/31/24 .
- 2023 PSU cycle: Performance period Mar 1, 2023 – Feb 28, 2026; table shows maximum shares outstanding for monitoring .
| Grant Year | Vehicle | Target/Max or Shares | Performance/Vesting | Notes |
|---|---|---|---|---|
| 2024 | PSUs | 50% of $1.55M target | Vest on stock price growth over cycle | Grant-priced at $5.40 on 3/4/2024 . |
| 2024 | RSUs | 50% of $1.55M target | Time-vest; schedule specified in Outstanding Awards | See footnotes (2)-(5) below . |
| 2023 | PSUs | $600,000 target of $1.2M total (100% PSUs for CEOs; 50/50 for NEOs) | Stock price growth metric | 2023 awards priced using 2022 12-mo avg ($3.27) to preserve share pool . |
| 2023 | RSUs | $600,000 target of $1.2M total | Time-based | Same pricing methodology as above . |
| 2022 | PSUs | Target 144,928; Max 289,856 shares | Market-based; Monte Carlo valuation | Vests on performance over 3/1/22–2/28/25 . |
| 2022 | RSUs | 144,928 shares | 4 equal annual installments | Time-vest beginning 1st anniversary of grant . |
Equity Ownership & Alignment
Beneficial Ownership (as of March 14, 2025)
| Holder | Common Shares | Options | RSUs | Total | % of Class |
|---|---|---|---|---|---|
| Nikita Shah | 483,069 | 131,856 | — | 614,925 | * (<1%) |
- Shares outstanding: 313,382,260 as of March 14, 2025 .
Outstanding Equity Awards and Vesting (at 12/31/2024)
| Type | Quantity (#) | Terms | Market/Payout Value |
|---|---|---|---|
| Stock options | 36,331 | Exercisable; $2.75 strike; exp. 5/7/2028 | — |
| Stock options | 95,525 exercisable; 23,882 unexercisable | $2.75 strike; exp. 3/1/2029 | — |
| RSUs | 28,958 | Vest 3/1/2025 | $229,347 (at $7.92) |
| RSUs | 72,464 | Vest 50% on 3/3/2025; 50% on 3/3/2026 | $573,915 (at $7.92) |
| RSUs | 137,615 | Vest 1/3 on 3/3 in 2025/2026/2027 | $1,089,911 (at $7.92) |
| RSUs | 143,519 | Vest 1/4 on 3/4 in 2025/2026/2027/2028 | $1,136,670 (at $7.92) |
| PSUs (2022 cycle) | 144,928 (target) | Performance period 3/1/2022–2/28/2025; payout est. 100% | $1,147,830 (at $7.92) |
| PSUs (2023 cycle) | 366,972 (maximum) | Performance period 3/1/2023–2/28/2026 | $2,906,418 (max, at $7.92) |
- Pricing reference: $7.92 closing price on 12/31/2024 .
2023 and 2024 Vesting/Realization
| Year | Options Exercised (#) | Value Realized on Exercise ($) | Shares Vested (Stock Awards) (#) | Value Realized on Vesting ($) |
|---|---|---|---|---|
| 2024 | — | — | 146,680 | 810,888 |
| 2023 | — | — | 112,539 | 231,540 |
Ownership Policies
- Stock ownership guidelines for executive officers: 2x base salary for “other executive officers”; compliance required within 5 years; all NEOs in compliance .
- Anti-hedging: Prohibits short sales and hedging instruments for directors, executive officers, and all employees (executives/directors expressly prohibited) .
- Anti-pledging: Directors and executive officers who are not Amneal Group members are prohibited from pledging company stock .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Dated July 29, 2020; EVP, CHRO role; base salary $450,000 from Aug 1, 2020; $485,000 from Jan 1, 2021; 55% target annual bonus with 0–150% personal performance multiplier; eligible for LTI . |
| Modification No. 1 | Effective Mar 1, 2023; term extended to Mar 31, 2025 with auto-renewal for successive one-year terms unless 90-day prior notice; administrative amendment post-reorganization to reflect employment by Amneal LLC . |
| Severance (non-CoC) | If terminated without cause or resigns for good reason: 150% of base salary; pro-rated AIP based on actual results; 18 months COBRA/benefits; acceleration of equity to the extent it would have vested by first anniversary post-termination (and options remain exercisable for one year, if applicable); 12 months outplacement . |
| Severance (change in control) | If terminated without cause or for good reason within 3 months prior to or 12 months after a CoC: same cash/benefits as above; full acceleration of equity with performance determined based on actual achievement as of termination; options exercisable ≥12 months post-termination (if applicable) — double-trigger structure . |
| Clawback | Company adopted SEC/Nasdaq-compliant clawback for erroneously awarded incentive-based compensation following restatements . |
| Say-on-Pay | 2024 advisory vote support: 99.5% . |
Multi‑Year Compensation (Summary Compensation Table Extract)
| Year | Salary ($) | Stock Awards ($) | Non-Equity Incentive Plan Comp ($) | All Other Comp ($) | Total ($) |
|---|---|---|---|---|---|
| 2024 | 499,550 | 1,522,737 | 332,451 | 18,926 | 2,373,664 |
| 2023 | 496,752 | 684,403 | 333,550 | 18,528 | 1,533,232 |
| 2022 | 485,000 | 1,501,454 | 255,519 | 16,886 | 2,258,859 |
Compensation Structure Analysis
- Pay mix shifted toward performance in 2024: 50% PSUs and 50% RSUs for NEO LTI, reinforcing at-risk equity orientation vs guaranteed cash; PSUs tied to stock price growth, RSUs time-based for retention .
- AIP framework is formulaic and anchored to adjusted EBITDA with disclosed thresholds and multipliers; committee applied modest discretion to set the company multiplier at 110% reflecting execution in a challenging macro backdrop .
- Clawback, anti-hedging and anti-pledging policies strengthen alignment and reduce governance risk .
- Say-on-pay support at 99.5% indicates investor endorsement of compensation design and outcomes .
Performance & Track Record
- 2024 achievements cited for Shah include preparing people strategy for CREXONT launch, scaling the biosimilars team, and delivering an industry-leading 88% global engagement rate, prompting a 110% individual performance multiplier .
- Company adjusted EBITDA for 2024 was $627.4 million (104.6% of target), supporting above-target company multiplier of 110% under the AIP .
Investment Implications
- Near-term vesting events may create selling pressure: sizable RSU tranches vest in March 2025–2028 and the 2022 PSU cycle paid out at approximately target (100%) post-2/28/2025; monitor Form 4s around these dates .
- Alignment appears strong: AIP and PSU designs are performance-based (EBITDA and stock price growth); stock ownership guidelines (2x salary) and anti-hedging/anti-pledging policies reinforce long-term orientation; all NEOs are in compliance .
- Retention risk moderated: automatic one-year renewals and severance protections (1.5x salary, pro-rata bonus, partial acceleration; full acceleration on double-trigger CoC) provide stability without excessive cash multiples; terms suggest balanced retention economics .
- Governance risk low: robust clawback policy and strong say-on-pay support (99.5%) reduce controversy risk around pay-for-performance .