Paul Schwichtenberg
About Paul Schwichtenberg
Paul Schwichtenberg is President & Chief Operating Officer (promoted Nov 3, 2025), previously Chief Transformation Officer, Chief Commercial Officer, and Chief Financial Officer at Assertio; he joined in April 2018 as VP Finance. He is 54, holds a B.S. in Business Administration (Roosevelt University) and is a CPA, with prior leadership roles at AbbVie, Takeda, and Radio Flyer, and earlier experience as a senior auditor at Wolf & Company LLP . Company performance context: 2024 product sales were $120.8M, adjusted EBITDA $17.1M, and operating cash flow $26.4M . Pay-versus-performance shows cumulative TSR since 12/31/2021 implied at $40 for a hypothetical $100 investment by 2024 year-end, and 2024 net loss was $(21.6)M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Assertio Holdings, Inc. | President & COO | Nov 2025–present | Operational leadership across integration and commercial execution |
| Assertio Holdings, Inc. | EVP/Chief Transformation Officer; SVP/Chief Transformation Officer; SVP/Chief Commercial Officer; SVP Commercial Pricing, Analytics & Distribution; SVP/CFO; VP Finance | 2018–2025 | Led pricing, analytics, commercial execution, transformation, and finance |
| AbbVie | Director of Pricing & Planning (U.S. Commercial Pricing team lead) | Oct 2013–Apr 2018 | Pricing strategy and commercial analytics leadership |
| Radio Flyer, Inc. | Controller | Oct 2010–Oct 2013 | Financial controls and operational finance |
| Takeda Pharmaceuticals | Roles up to Senior Director & Controller | 2000–Oct 2010 | Business unit finance leadership and controls |
| Wolf & Company LLP | Senior Auditor | Pre-2000 | Audit, controls, and technical accounting foundations |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed for Schwichtenberg |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (%) | Actual Bonus Paid ($) |
|---|---|---|---|
| 2023 | 373,155 | 45% (NEO tier) | 132,363 |
| 2024 | 435,000 | 45% | 185,963 |
Notes:
- 2024 corporate payout multiplier was set at 95% discretionarily, with the bonus for NEOs based solely on Corporate Goals (no individual goals) .
Performance Compensation
2024 Annual Incentive Plan – Corporate Performance Metrics and Outcomes
| Metric | Weighting | Target | Actual | Payout % |
|---|---|---|---|---|
| Net Product Sales (GAAP) | Part of Financial Goals (50% total) | $120.8M | $120.8M | 100% |
| Operating Cash Flow | Part of Financial Goals (50% total) | $21.4M | $26.4M | 200% |
| Adjusted EBITDA | Part of Financial Goals (50% total) | $26.5M | $17.1M | 0% |
| Product Performance (Rolvedon maximization, Indocin erosion mitigation) | 25% of overall Corporate Goals | Programmatic | Actual 100% | 100% |
| Business Growth & R&D | 15% of overall Corporate Goals | Programmatic | Actual 100% | 100% |
| People, Culture & Compliance | 10% of overall Corporate Goals | Programmatic | Actual 92% | 92% |
Corporate payout: weighted achievement was 99%, reduced to 95% by Compensation Committee discretion .
Long-Term Equity Incentive Awards – Grants and Vesting
| Grant Date | Instrument | Shares/Options | Exercise Price | Vesting |
|---|---|---|---|---|
| Feb 7, 2024 | RSU | 75,000 | — | 1/3 annually over 3 years |
| Feb 7, 2024 | Stock Options | 340,000 | $0.79 | 1/3 annually over 3 years |
| Feb 21, 2023 | RSU | 34,300 | — | Time-based; outstanding at YE 2024 |
| Feb 21, 2023 | Stock Options | 18,875 ex / 37,748 unex | $5.18 | Time-based; scheduled vest |
| May 12, 2022 | RSU | 38,017 | — | Time-based; outstanding at YE 2024 |
| May 12, 2022 | Stock Options | 73,100 ex / 36,549 unex | $2.63 | Time-based; scheduled vest |
| May 12, 2022 | Performance-Based Options | 200,000 | $2.63 | Vested as of May 12, 2023 |
| Dec 1, 2021 | Stock Options | 235,000 exercisable | $1.31 | Vested in full by Dec 1, 2024 |
Program design: RSUs and options vest one-third on the first, second, and third anniversaries of grant; awards generally granted in Q1; no coordination with MNPI; minimum one-year vesting applies under plan governance .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (as of Mar 13, 2025) | 146,345 shares; plus 695,732 options currently exercisable or within 60 days; plus 38,017 RSUs vesting within 60 days; total individual ownership less than 1% of outstanding shares |
| Ownership guidelines | CEO 4x salary; other NEOs 2x salary; five years to comply; all NEOs and directors in compliance with timeline as of Dec 31, 2024 |
| Anti-hedging/anti-pledging | Hedging and pledging prohibited by insider trading policy |
| Vested vs unvested overview | YE 2024 outstanding awards listed above; multiple grants vest annually over 3-year schedules |
Related party note: Schwichtenberg’s brother-in-law was employed in Operations and earned above the $120,000 reporting threshold in 2024; otherwise no related party transactions requiring disclosure .
Employment Terms
| Provision | Non-CIC Termination | CIC Termination (Double-Trigger) |
|---|---|---|
| Cash severance | 12 months base salary (non-CEO) | 1.5x base salary + 1.5x target bonus (non-CEO) |
| Health benefits | Company-paid COBRA for 12 months (non-CEO) | Company-paid COBRA for 18 months (non-CEO) |
| Bonus | Earned but unpaid prior-year bonus payable | Earned but unpaid prior-year bonus payable |
| Outplacement | Up to three months, max $5,000/month | Up to three months, max $5,000/month |
| Equity | No automatic acceleration (non-CIC) | 100% acceleration of unvested equity upon qualifying termination in CIC period; if termination occurs pre-CIC and awards are forfeited, cash make-whole of forfeited value |
| Trigger mechanics | Requires termination without Cause or for Good Reason; no single-trigger vesting | |
| Clawback | Nasdaq Rule 10D-1 compliant clawback policy; Board may recoup incentive pay/equity for misconduct; no recoupment required for FY2024 |
Performance & Track Record
- 2024: Product sales $120.8M; adjusted EBITDA $17.1M; operating cash flow $26.4M; business pivot to Rolvedon as lead asset amid Indocin generic erosion .
- Q3 2025: Net product sales $49.5M; adjusted EBITDA $20.9M; Rolvedon net sales $38.6M; FY2025 guidance narrowed to $110–$112M net product sales and $14–$16M adjusted EBITDA .
- Corporate governance and compensation program emphasize pay-for-performance, clawback, ownership guidelines, and anti-hedging/pledging .
Compensation Structure Analysis
- Mix shift: 2024 long-term awards balanced between RSUs and stock options, with a $2 share price floor to limit dilution and encourage retention; performance-based options from 2022 vested in 2023 .
- Annual incentive calibration: Corporate financial and business goals equally weighted at 50/50; despite weighted achievement of 99%, corporate payout multiplier reduced to 95% via committee discretion .
- Governance: Clawback policy in place; anti-hedging/pledging; stock ownership guidelines (2x salary for NEOs) with compliance tracking .
Risk Indicators & Red Flags
- Anti-pledging and anti-hedging policy mitigates alignment risk .
- Related party employment disclosure of a family member (brother-in-law) in Operations; oversight by Audit Committee per related party policy .
- No disclosures of tax gross-ups, SEC investigations, or option repricings; plan prohibits option/SAR repricing without shareholder approval .
Compensation Peer Group & Committee
- Compensation Committee engages independent consultant (Pearl Meyer); committee affirms no conflicts and assesses incentive risk; program deemed not reasonably likely to create material adverse risk .
- 2014 Omnibus Plan amended and restated proposal sought to add 8.2M shares to maintain competitive equity capacity; burn rate and overhang metrics disclosed to balance dilution and talent retention .
Equity Vesting and Potential Insider Selling Pressure
| Award | Next Key Vesting Windows |
|---|---|
| Feb 7, 2024 RSU (75,000) | First, second, third anniversaries beginning Feb 7, 2025 (one-third annually) |
| Feb 7, 2024 Options (340,000 @ $0.79) | One-third annually on anniversaries beginning Feb 7, 2025 |
| 2023/2022 RSUs and Options | Ongoing scheduled vests per time-based schedules noted; monitor annual anniversaries and open trading windows per policy |
Investment Implications
- Alignment and retention: Strong alignment policies (ownership guidelines, anti-hedging/pledging) and double-trigger CIC economics reduce misalignment risk; annual vesting cadence provides predictable retention hooks and potential Form 4 activity around anniversaries .
- Pay-for-performance: Bonus framework tied to Net Product Sales, OCF, and adjusted EBITDA with balanced business goals; 2024 payout discretion suggests disciplined committee oversight amidst mixed EBITDA outcome .
- Equity capacity and dilution: Expanded share reserve facilitates ongoing RSU/option grants to retain key operators like Schwichtenberg; burn rate/overhang disclosures highlight managed dilution approach .
- Operational execution: Promotion to President & COO and Q3 2025 uplift in adjusted EBITDA and Rolvedon sales indicate continued operational traction under leadership; monitor FY2025 guidance delivery and integration milestones for execution risk and incentive realizations .