Peter Boyd

About Peter Boyd

Peter Boyd is Chief People Officer at Aquestive Therapeutics (AQST) as of November 4, 2025, after leading Information Technology, Human Resources, and Communications since December 2022; he joined AQST in August 2013 and previously led Business Process, Manufacturing Operations, and Clinical Operations . He is 59, holds a B.A. from Wittenberg University, an M.B.A. in Finance from Seton Hall University, and an M.S. in Management and Urban Policy Analysis from The New School; his 15-year career at HP Inc included serving as Senior Director of Operations for the Americas and APJ Regions, with a focus on business process improvement and operations . As context for alignment to company performance, AQST revenues rose across FY22–FY24 while EBITDA remained negative; pay-versus-performance disclosures show TSR improvement from 2022 to 2023 .

Company performance context (AQST)

• Values retrieved from S&P Global.

TSR (value of initial fixed $100 investment)

Past Roles

External Roles

Fixed Compensation

• Not disclosed for Boyd in public filings; AQST’s proxy discloses compensation detail for Named Executive Officers (NEOs) only (CEO, CLO, CFO, etc.), not for non-NEO executive officers .

Performance Compensation

• Company executive long-term incentives (program-level design):
  • 2023 Executive PSU Program granted performance stock units to executive officers (including NEOs) with stock-price hurdles measured as 30‑day average at the end of the 3‑year period ending May 5, 2026; vesting at 50% (threshold $1.75), 100% (target $2.50), and 150% (max $3.25), linear between levels .
  • Service-based RSUs introduced in 2023 for retention; vest 25%, 25%, 50% on the first three anniversaries of the grant date; “off‑cycle” grants follow the equity grant policy timing rules .
  • 2024 annual awards combined RSUs and stock options, each vesting 25%, 25%, 50% over three years; mix varied by NEO to balance retention and pay-for-performance; timing governed by equity grant policy to avoid MNPI timing .

Note: Boyd-specific grant quantities are not disclosed; the program structure above applies to executive officers, including NEOs .

Equity Ownership & Alignment

• Registration rights: AQST granted registration rights to certain directors and officers, explicitly including Peter Boyd, enabling participation in registered resales alongside other insiders when the company files registration statements; this facilitates liquidity but is pro-rata limited in underwritten offerings .
• Hedging/pledging: AQST prohibits directors, officers, and employees from hedging or monetization transactions, short sales, holding securities in margin accounts, or pledging company stock as collateral, reducing misalignment risks and potential forced selling .
• Beneficial ownership tables list directors and NEOs; individual line-item beneficial ownership for non-NEO executive officers such as Boyd is not included in those tables (group totals shown), so his specific share count and percentage are not disclosed .

Employment Terms

• Start date and tenure: Joined AQST in August 2013; promoted to Chief People Officer in November 2025; previously led IT/HR/Comms since December 2022 .
• Severance/change-in-control: Material severance terms are disclosed for NEOs (e.g., 12‑month severance period; pro‑rated bonus; immediate vesting of unvested equity; 1.0x salary+target bonus lump sum if terminated during CIC period), but Boyd-specific contract terms are not disclosed in proxies .

Compensation Committee and Governance Notes

• Compensation Committee oversight and composition changed on November 4, 2024: John S. Cochran became Chair, Timothy E. Morris joined; this committee sets goals, approves executive pay, and administers equity plans .
• Indemnification agreements are in place for executive officers, including expense advancement in proceedings arising from service; reinforces retention and risk mitigation for executives .
• Equity plan capacity and design: Significant outstanding options and RSUs under the 2018 Plan; evergreen increases support continued grants; inducement plan exists for new hires under Nasdaq rules .

Investment Implications

• Alignment: Prohibition on hedging/pledging and program-level PSU price hurdles align executive equity outcomes with multi-year stock performance; Boyd has registration rights which can facilitate orderly liquidity but does not imply pledging or margin risk .
• Retention risk: RSU-heavy design introduced in 2023 increases retention value; Boyd’s elevation to Chief People Officer ahead of commercial expansion suggests continuity in HR execution critical to launch readiness; lack of disclosed individual equity quantities limits precision on his unvested/vested exposure and potential selling pressure .
• Trading signals: Monitor upcoming PSU performance measurement date (May 5, 2026) and any Form 4 filings for Boyd to assess vesting milestones and sales; insider registration rights indicate potential participation in registered resales when windows open .
• Execution risk: Company financials show improving revenues but negative EBITDA; TSR improved in 2023; HR-led scaling and talent deployment under Boyd will be pivotal as AQST approaches launch timelines for Anaphylm, magnifying human capital execution as a lever on performance and pay outcomes .