Ori Gutwerg
ANI PHARMACEUTICALSAbout Ori Gutwerg
Senior Vice President, Generics at ANI Pharmaceuticals since February 2021; age 51 as of April 10, 2025 . Education: B.S. in Communications and Economics (Tel Aviv College of Management) and M.B.A. (Leon Recanati Graduate School of Business Administration, Tel Aviv University) . Under Gutwerg’s generics leadership, ANI’s Generics net revenues reached $301.0 million in 2024 (+12% YoY), with 17 new product launches; corporate 2024 results included $614.4 million total revenue (+26%) and adjusted non‑GAAP EBITDA of $156.0 million (+17%) . The 2024 bonus plan paid out at 200% of target for all NEOs, reflecting overachievement versus revenue and EBITDA goals; Gutwerg’s individual accomplishments highlighted revenue overperformance and opportunistic capture of supply disruption opportunities .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Taro Pharmaceutical Industries Ltd. | Vice President, Head of US Generics Rx | Apr 2019 – Feb 2021 | Responsible for US Generics Rx business; drove strategies to meet targets, promoted sales growth, and built pipeline portfolio . |
| Xiromed US | Various positions | Oct 2014 – Mar 2019 | Managed sales teams and built commercial operations; led M&A due diligence and negotiated BD/JV agreements . |
| Perrigo Pharmaceuticals | Various positions | Mar 2005 – Sep 2014 | Held roles across generics; details not further specified in proxy biography . |
| Agis Group | Various positions | Nov 2003 – Mar 2005 | Early career positions in generics segment . |
External Roles
No public company directorships or external board roles were disclosed in the executive officer biography for Gutwerg .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $429,217 | $445,254 | $467,900 (4.0% increase YoY) |
| Target Bonus (% of Salary) | 50% | 50% | 50% |
| Cash Target Bonus ($) | $214,609 | $222,627 | $233,950 |
| Actual Cash Incentive Paid ($) | $194,670 | $449,904 | $467,900 (200% of target) |
Performance Compensation
Annual Incentive (2024)
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Net Revenues | 25% | $501–$530 million | $614.4 million | 200% of target | Cash (paid 2025) |
| Adjusted non‑GAAP EBITDA | 25% | $119–$134 million | $156.0 million | 200% of target | Cash (paid 2025) |
| Generics/Brands/Other business objectives | 15% | Operational milestones (ANDAs, pipeline, gov’t channel, NJ footprint) | Overachievement; 17 launches and pipeline strength | 200% of target | Cash (paid 2025) |
| Rare Disease objectives | 15% | Team/indication expansion, studies, compliance | Overachievement (Cortrophin execution, expansion) | 200% of target | Cash (paid 2025) |
| Company-wide efficiency/controls | 10% | Procurement savings, cybersecurity, culture | Substantial procurement savings; org strengthening | 200% of target | Cash (paid 2025) |
| Corporate Development & Strategy | 10% | RD M&A completion and integration; opportunistic BD | Alimera acquisition completed | 200% of target | Cash (paid 2025) |
| CEO vs NEO weighting | — | CEO 100% corporate; NEOs 70% corporate/30% functional | Functional accomplishments: Gutwerg drove $301.0m Generics revenue; seized supply opportunities; partnerships | NEOs at 200% | Cash (paid 2025) |
Long-Term Incentives (2024 grants)
| Instrument | Ori Shares/Target | Target Value ($) | Metrics/Terms | Vesting |
|---|---|---|---|---|
| Restricted Stock Awards (RSAs) | 14,763 | $825,000 | Time-based | 4 equal annual installments on grant anniversaries; grant 2/14/2024 |
| Performance Stock Units (PSUs) | 4,921 (target) | $275,000 | 50% 3‑yr Adjusted EBITDA growth; 50% 3‑yr relative TSR vs S&P 600 Pharma/Biotech/Life Sciences; 50% threshold/200% max; TSR payout capped at target if negative price performance | Cliff vest after 3‑yr performance period (1/1/2024–12/31/2026) upon certification |
The 2024 program used a 75% RSAs / 25% PSUs mix for NEOs to balance retention and performance alignment .
Equity Ownership & Alignment
Beneficial Ownership (as of March 15, 2024)
| Holder | Common Shares Beneficially Owned | % Outstanding |
|---|---|---|
| Ori Gutwerg | 76,254 | <1% |
- Stock ownership guidelines: CEO 4x salary; other executive officers 1x salary; compliance required within five years. All executive officers have achieved the guidelines .
- Anti‑pledging: Insider trading policy prohibits margining or pledging by directors, officers and covered employees . Derivative transactions (equity swaps, puts, calls, collars) and short sales are prohibited under the Insider Trading Policy .
Outstanding Equity Awards (as of December 31, 2024)
| Award | Grant Date | Status | Quantity | Terms |
|---|---|---|---|---|
| Stock Options | 2/15/2021 | Exercisable | 6,752 | Exercise price $31.49; expire 2/14/2031; vests in 4 equal annual installments |
| Stock Options | 2/15/2021 | Unexercisable | 6,752 | Same as above; remaining tranches vest on anniversary schedule |
| Restricted Stock | Multiple prior grants | Unvested | 3,227; 9,714; 3,238; 13,027; 14,763 (2024 grant) | Each RSA vests in 4 equal annual installments on first four anniversaries of grant |
| PSUs | 2023 grant | Unvested (at target) | 5,789 | 3‑yr period; payout 50%–200% based on metrics; see PSU terms |
| PSUs | 2024 grant | Unvested (at target) | 4,921 | 3‑yr period ending 12/31/2026; see PSU terms |
| 2024 Vesting/Realized Value | 2024 | Stock Awards Vested | 14,045 shares; realized $911,551 | No option exercises reported for Gutwerg in 2024 |
Employment Terms
Employment Agreement Highlights (Gutwerg)
- Termination without good cause / resignation for good reason (non‑CIC): 12 months base salary; COBRA premium reimbursement up to 12 months; if termination after June 30, pro‑rated maximum target bonus for year of termination; lump‑sum payment equal to annual maximum bonus on first payroll date after first anniversary; time‑based equity vests equivalent to 12 months of post‑termination vesting; vested options exercisable up to 18 months post‑termination .
- Change in control (CIC) “double trigger”: 24 months base salary; pro‑rated annual maximum bonus for year of termination; two annual target bonus lump sums on next two anniversaries; COBRA premium reimbursement during CIC severance period; immediate acceleration of unvested time‑based equity; performance‑based awards earned based on performance level achieved as of CIC date; outplacement services up to $10,000 .
- 280G/4999 excise tax treatment: payments reduced to achieve greatest after‑tax benefit (no tax gross‑up) .
Potential Payments (as of December 31, 2024)
| Scenario | Base Salary Continuation ($) | Bonus Payments ($) | Benefits Continuation ($) | Outplacement ($) | Equity Awards ($) | Total ($) |
|---|---|---|---|---|---|---|
| Qualifying Termination (non‑CIC) | 467,900 | 935,800 | 30,000 | — | 1,457,579 | 2,891,279 |
| Qualifying Termination within CIC Period | 935,800 | 1,403,700 | 60,000 | 10,000 | 3,233,302 | 5,642,802 |
Clawback and Governance
- Dodd‑Frank compliant clawback policy adopted December 2, 2023 requiring recoupment of erroneously awarded incentive‑based compensation upon a required accounting restatement; applies to NEOs and three completed fiscal years preceding restatement .
- 2024 Say‑on‑Pay: 95.5% approval of votes cast .
Investment Implications
- Pay‑for‑performance alignment is strong: 2024 annual incentive paid at 200% driven by clear beats on revenue ($614.4m) and adjusted EBITDA ($156.0m) targets; Gutwerg’s functional overachievement in Generics ($301.0m, +12% YoY) supports payout integrity .
- Equity mix balances retention and performance: 75% RSAs with 4‑year ratable vesting drive retention; 25% PSUs tied to 3‑year Adjusted EBITDA growth and relative TSR introduce multi‑year performance discipline; TSR leg capped at target if absolute TSR is negative to avoid windfalls .
- Retention risk appears moderate: Non‑CIC severance is 12 months base plus one maximum bonus lump; CIC provides 24 months base and two target bonus lumps with full acceleration of time‑based awards and performance‑based awards earned based on actual performance as of CIC, which can reduce flight risk but also represents meaningful CIC economics; no excise tax gross‑up (280G cutback) reduces shareholder‑unfriendly features .
- Selling pressure signals: RSAs from 2024 grant vest annually through 2028 and 2021 options continue to vest on the four‑year schedule; while insider trading and anti‑pledging policies constrain risk behaviors, periodic vesting creates recurring liquidity events that investors should monitor around anniversaries; no option exercises reported by Gutwerg in 2024 and anti‑pledging restrictions apply .
- Alignment and governance: Executives have met stock ownership guidelines (1x salary for NEOs), anti‑pledging policy in place, and clawback adopted; 2024 Say‑on‑Pay support at 95.5% indicates shareholder acceptance of program design .
Citations: All data and statements above are sourced from ANI Pharmaceuticals’ Proxy Statements and SEC filings: **[1023024_0001023024-25-000035_anip-20250410.htm:0]** **[1023024_0001023024-25-000035_anip-20250410.htm:1]** **[1023024_0001023024-25-000035_anip-20250410.htm:29]** **[1023024_0001023024-25-000035_anip-20250410.htm:30]** **[1023024_0001023024-25-000035_anip-20250410.htm:32]** **[1023024_0001023024-25-000035_anip-20250410.htm:33]** **[1023024_0001023024-25-000035_anip-20250410.htm:36]** **[1023024_0001023024-25-000035_anip-20250410.htm:37]** **[1023024_0001023024-25-000035_anip-20250410.htm:38]** **[1023024_0001023024-25-000035_anip-20250410.htm:39]** **[1023024_0001023024-25-000035_anip-20250410.htm:40]** **[1023024_0001023024-25-000035_anip-20250410.htm:44]** **[1023024_0001023024-25-000035_anip-20250410.htm:45]** **[1023024_0001023024-25-000035_anip-20250410.htm:49]** **[1023024_0001023024-25-000035_anip-20250410.htm:50]** **[1023024_0001023024-25-000035_anip-20250410.htm:52]** **[1023024_0001023024-24-000037_anip-20240405.htm:76]** **[1023024_0001104659-22-038151_tm223557-1_def14a.htm:43]** **[1023024_0001104659-21-024879_tm217035d1_8k.htm:2]** **[1023024_0001104659-21-024879_tm217035d1_ex99-1.htm:2]**.