Jerad G. Seurer
About Jerad G. Seurer
Jerad G. Seurer is General Counsel and Corporate Secretary of Avadel Pharmaceuticals plc; age 52 as of June 1, 2025, and has served as GC since September 2020 after joining Avadel in October 2017 as Vice President and Deputy General Counsel; he became a named executive officer in April 2024 . He holds a B.S. and M.A. in Biology and a J.D. from the University of South Dakota, is licensed in Missouri, Minnesota, and South Dakota, and is a registered practitioner at the U.S. Patent & Trademark Office . Company-level performance during his GC tenure: Avadel’s total shareholder return (TSR) rose from $92.40 (base 100 in FY20) to $145.17 by FY24, with net product revenue increasing from $22.334M in FY20 to $169.117M in FY24; net income remained negative at $(48.832)M in FY24 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wyatt Tarrant & Combs LLP; Marsh Fischmann & Breyfogle LLP; Wilhelm Law Service | Attorney (Private Practice) | Dec 1999–Oct 2004 | Litigation/IP practice; foundational legal experience |
| Mallinckrodt plc | Group General Counsel, Generics/API; VP Integration Management | Oct 2004–Apr 2017 | Led legal for Generics/API; integration leadership through portfolio changes |
| Avadel Pharmaceuticals plc | VP & Deputy General Counsel | Oct 2017–Sep 2020 | Built internal legal function prior to commercialization |
| Avadel Pharmaceuticals plc | General Counsel & Corporate Secretary (Compliance Officer) | Sep 2020–Present | Oversight of legal/compliance through LUMRYZ launch and Nasdaq listing |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No public company board roles disclosed |
Fixed Compensation
| Year | Base Salary ($) | Target Bonus (% of Base) | Actual Annual Bonus ($) | Other Compensation ($) | Notes |
|---|---|---|---|---|---|
| 2024 | 420,000 | 45% | 113,400 (annual), plus 87,500 (commercial milestone) | 13,800 (401(k) employer contributions) | Became NEO in Apr 2024 |
Total 2024 compensation: $2,035,159 (Option Awards $1,400,459; Non-Equity Incentive $200,900; All Other $13,800) .
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate goals score (FY2024) | Drives NEO cash bonuses | Achieve LUMRYZ revenue/patient demand, execute financial/organizational plan, portfolio/pipeline expansion | 50% corporate performance score | NEO payouts based on committee assessment (see Jerad’s $113,400) | Annual cash |
| Commercial milestone (FY2024) | Specific milestone bonus | As defined by Compensation Committee | Achieved | 87,500 | Paid in 2024 |
Equity awards (time-based stock options):
| Grant Date | Instrument | Shares | Exercise Price ($) | Vesting Schedule | Grant-Date Fair Value ($) |
|---|---|---|---|---|---|
| 2/20/2024 | Stock options | 125,000 | 13.57 | 31,250 vest on each of Feb 20, 2025–2028 | 1,400,459 |
| 12/7/2021 | Stock options | 47,500 (remaining: 35,625 exercisable; 11,875 unexercisable as of YE2024) | 8.20 | 11,875 vest Dec 7, 2025 | — |
| 8/4/2022 | Stock options | 100,000 (exercisable as of YE2024) | 4.69 | Fully vested (per schedule) | — |
| Earlier grants (2017–2020) | Stock options | 135,000 exercisable (25,000 at $9.67; 30,000 at $7.55; 80,000 at $6.79) | 9.67; 7.55; 6.79 | Fully or partially vested | — |
Options exercised in FY2024: 15,627 shares; value realized $268,784 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 310,670 shares (includes 301,875 options exercisable within 60 days and 8,795 shares held) |
| Ownership % of outstanding | <1% of 96,900,485 shares (as of June 1, 2025) |
| Options – exercisable vs unexercisable | Exercisable: 301,875; Unexercisable: 125,000 (2024 grant) + 11,875 (2021 remaining) |
| In-the-money value (unvested, if CoC at 12/31/2024) | $27,431 intrinsic value of unvested options |
| Pledging/Hedging | Prohibited for executive officers under insider trading policy |
| Ownership guidelines | Disclosed for non-employee directors (3× cash retainer); no executive ownership guideline disclosed |
Employment Terms
| Provision | Economics/Terms |
|---|---|
| Employment Agreement | Provides confidentiality, non-compete, non-solicit, non-disparagement; details not enumerated publicly |
| Severance (without Cause or for Good Reason) | 1.0× base salary ($420,000) paid over 12 months + up to 12 months COBRA ($52,239 est.) |
| Change-of-Control (double-trigger) | If terminated during CoC period: immediate vesting of 100% unvested equity; extended option exercise window to 18 months; cash severance equals 12 months base salary ($420,000) + up to 12 months COBRA ($52,239 est.) |
| Clawback | Dodd-Frank/Nasdaq-compliant clawback adopted Oct 2023; recovers excess incentive comp upon restatement for prior 3 years |
| Tax gross-ups | None for severance or CoC payments |
| Anti-hedging/pledging | Hedging, short sales, and pledging prohibited for officers/directors |
Company Performance Context (FY20–FY24)
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 |
|---|---|---|---|---|---|
| Total Shareholder Return (value of $100 investment) | $92.40 | $110.77 | $98.90 | $195.03 | $145.17 |
| Net Product Revenue ($) | 22,334,000 | — | — | 27,963,000 | 169,117,000 |
| Net Income ($) | 7,028,000 | (77,329,000) | (137,464,000) | (160,276,000) | (48,832,000) |
Compensation Committee Analysis
- Independent consultant: Aon Human Capital Solutions advised on peer group, equity design, and competitive assessments for 2024 and prior years .
- Peer groups used:
- 2024 peers included Harmony Biosciences, Ardelyx, Axsome, Catalyst, Collegium, Deciphera, Dynavax, Harrow, Liquidia, Mirum, Rhythm, Sage, TG Therapeutics, Amicus, Anika .
- 2023 peers included Amylyx, Intercept, Liquidia, Mirum, Rhythm, Collegium, Harmony, Harrow, Axsome, Deciphera, Aldeyra, Anika, BioXcel, CymaBay, Marinus .
- 2022 peers included Albireo, Aldeyra, Ardelyx, BioXcel, Chimerix, CymaBay, EyePoint, G1 Therapeutics, Liquidia, Marinus, Oyster Point, Provention, VBI Vaccines, Y-mAbs .
- Risk controls: capped incentives; multi-objective performance; long-term vesting; anti-hedging/pledging; committee discretion .
Say-on-Pay & Shareholder Feedback
| Meeting | Say-on-Pay Approval | Say-on-Frequency | Notes |
|---|---|---|---|
| 2024 AGM | ~90% of votes cast supported NEO compensation | Biennial vote approved in 2022; next say-on-pay in 2026 | |
| 2022 AGM | ~93% approval | Biennial frequency adopted; next frequency vote in 2028 |
Risk Indicators & Red Flags
- Legal proceedings: None involving officers/directors in past 10 years disclosed .
- Hedging/Pledging: Prohibited; no exceptions disclosed .
- Tax gross-ups: None on severance or CoC .
- Option repricing: Not disclosed; PSUs granted in 2023 were largely forfeited (1/3 in Feb 2024; 2/3 in Feb 2025), indicating performance discipline .
- Related party transactions: No related person transactions involving executives disclosed since Jan 1, 2023; financing transactions noted with RTW (shareholder), not executive-related .
Investment Implications
- Alignment: Jerad’s compensation mix in 2024 skewed to equity (option grant $1.40M fair value) with cash bonus tied to corporate score and specific commercial milestones—supporting pay-for-performance and retention via four-year vesting .
- Retention/pressure: Unvested options are modestly in-the-money (aggregate intrinsic value $27k as of 12/31/2024 for unvested tranches), reducing near-term selling pressure; he exercised 15,627 options in 2024, a limited liquidity event .
- CoC economics: Double-trigger protection with full acceleration and 12-month cash/benefits could motivate transaction neutrality while protecting continuity; no tax gross-ups and a strong clawback reduce governance risk .
- Company trajectory: The 2024 revenue ramp to $169.1M post-LUMRYZ launch and improved net loss trend provide a constructive backdrop; TSR retraced from FY23 highs, underscoring execution-dependent equity value—legal/compliance stability under GC is a positive but not a direct financial driver .