David Moatazedi
About David Moatazedi
David Moatazedi, 47, has served as President & Chief Executive Officer and a Class III director of Evolus since May 2018, with prior senior leadership roles in Allergan’s U.S. Medical Aesthetics division and earlier commercial roles at Novartis Pharmaceuticals . He holds an MBA from Pepperdine University and a BA from California State University, Long Beach . In 2024, the company exceeded revenue and operating targets used in his incentive plan—net revenue reached $266.3M and non-GAAP operating income was $0.25M—resulting in a 120% bonus payout to NEOs including the CEO . Say-on-pay support was 91% in 2024, and the board maintains a separation of Chair and CEO roles; Moatazedi is not independent due to his executive status .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Allergan, Inc. | SVP, Division Head, U.S. Medical Aesthetics | Mar 2016–May 2018 | Led facial aesthetics, plastic surgery, regenerative medicine, body contouring, and skin care; foundational industry expertise leveraged at Evolus . |
| Allergan, Inc. | VP Sales & Marketing, U.S. Facial Aesthetics | Aug 2014–Mar 2016 | Drove commercial execution in core aesthetics portfolio . |
| Allergan, Inc. | VP Sales & Marketing, U.S. Plastic Surgery | Feb 2013–Aug 2014 | Managed surgical aesthetics portfolio growth . |
| Novartis Pharmaceuticals | District Manager, Dermatology | Prior to Mar 2005 | Early-career leadership in dermatology commercial operations . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Biomerica, Inc. | Director | Dec 2022–Present | Public company director; additional healthcare domain insight . |
| Obalon Therapeutics, Inc. | Director | Mar 2017–Jun 2020 | Public medical device company; exposure to weight-loss device market . |
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $750,000 | $780,000 |
| Target Bonus (%) | 100% of base salary | 100% of base salary (policy continues) |
| Actual Annual Bonus ($) | $900,000 (120% of target) | — |
Performance Compensation
| Metric | Weight | Target | Actual | Payout % | Weighted Contribution |
|---|---|---|---|---|---|
| Net Revenue | 35% (of 60% financial bucket) | $260M | $266.3M | 102.4% | 40.5% |
| Non-GAAP Operating Loss/Income | 25% (of 60% financial bucket) | ($6M) loss threshold; 200% if positive income | $0.25M income | 127% | 31.7% |
| R&D/Regulatory (Evolysse PMAs, CE mark) | 10% | Specific filing/certification goals | Achieved | 100.0% | 10.0% |
| Medical Education HCPs | 5% | Pre-set HCP education goal | 115.6% | 115.6% | 5.8% |
| Customer Adds/Loyalty Enrollments | 10% | Pre-set targets | 120.0% | 120.0% | 12.0% |
| Geographical Expansion | 10% | Pre-set objectives | Achieved | 100.0% | 10.0% |
| Talent (Regrettable Turnover) | 5% | Pre-set threshold | 200.0% | 200.0% | 10.0% |
| Total | 100% | — | — | — | 120.0% |
Long-Term Equity Awards and Vesting (CEO)
| Award Type | Grant Date | Shares/Units | Key Terms |
|---|---|---|---|
| RSU | Feb 7, 2024 | 134,976 | Vests 25% annually over 4 years on each Feb 7; service-based . |
| Stock Options | Feb 7, 2024 | 181,460 | 10-year term; vests 25% annually over 4 years; strike $13.15 . |
| PRSU (Revenue & Non-GAAP Operating Profit) | Feb 7, 2024 | 134,977 target (50% 2024, 50% 2025) | Threshold 50%, Target 100%, Max 200%; earned shares vest 50% on Feb 5, 2026 and 50% on Feb 5, 2027 . |
| Stock Price RSU | May 8, 2023 | 560,000 | Time vesting 25% annually; performance vests 40% at $30 and 60% at $50 average close for 20 consecutive days within five years; no vest achieved as of 12/31/24 . |
| Equity Realization in 2024 | Shares | Value Realized ($) |
|---|---|---|
| Options Exercised | 331,218 | $2,092,268 |
| Stock Vested | 411,351 | $5,078,643 |
Equity Ownership & Alignment
- Beneficial ownership: 1,668,191 shares; 2.5% of outstanding as of April 18, 2025 .
- Components include 1,524,499 options exercisable within 60 days and 30,601 PRSUs deliverable within 60 days .
- Company prohibits pledging, hedging, short sales, and derivatives that offset decreases in Evolus stock; robust clawback compliant with SEC/Nasdaq .
- Ownership guidelines (multiples of salary) not disclosed in proxy; policy focus is anti-hedging/pledging .
Employment Terms
| Provision | Base Case | Change-in-Control (Double Trigger) |
|---|---|---|
| Salary Severance | 18 months of base salary lump sum | 24 months of base salary lump sum |
| Bonus Severance | Target annual bonus (100% of base) | 150% of target annual bonus |
| COBRA | Lump sum for 18 months of COBRA premiums | Lump sum for 18 months of COBRA premiums |
| Outplacement | $15,000 lump sum | $15,000 lump sum |
| Equity | Time-based awards vest; performance per award terms | Time-based vest accelerates; PRSUs at ≥ target or as specified; acceleration if awards not assumed, or upon qualifying termination within two years |
| Excise Tax Gross-up | None; best-net cut or pay approach | None; best-net cut or pay approach |
Estimated values at 12/31/2024:
| Scenario | Total Estimated Benefits ($) |
|---|---|
| Involuntary Termination w/o Cause in Connection with CIC | $18,395,128 |
| Involuntary Termination w/o Cause (No CIC) | $1,940,843 |
| Death or Disability | $9,905,778 |
Board Governance
- Board service: Class III director since 2018; term ends at 2027 annual meeting .
- Independence: Not independent due to executive role; board majority independent .
- Leadership: CEO and Chair roles separated; Vikram Malik serves as non-executive Chair .
- Committees: CEO is not listed as a committee member; Compensation Committee comprised of David Gill (Chair), Vikram Malik, Karah Parschauer, Albert White III .
- Attendance: Board held six meetings in 2024; all directors met ≥75% attendance; CEO director compensation is not paid (no incremental pay for board service) .
Compensation Peer Group & Consultant Usage
- Consultant: Radford (Aon) engaged; assessed market practices; no conflicts found .
- 2024 peer group included aesthetics, beauty, and device/commercial-stage companies (e.g., Revance Therapeutics, Glaukos, Establishment Labs, The Beauty Health Company) .
Say-on-Pay & Shareholder Feedback
- 2024 say-on-pay approval: 91% of votes cast; committee maintained similar policies into 2025 .
Risk Indicators & Red Flags
- Clawback policy adopted per SEC/Nasdaq; recovery of incentive compensation upon restatement .
- Hedging/pledging prohibited; mitigates alignment violations .
- No excise tax gross-ups; shareholder-friendly severance tax treatment .
- Equity award repricing prohibited without shareholder approval .
Equity Award Detail (Grant Values)
| Award | Year | Grant Date Fair Value ($) | Maximum Performance Value ($) |
|---|---|---|---|
| CEO PRSU | 2024 | $1,774,948 | $3,549,896 |
| CEO PRSU | 2023 | $1,568,301 | $1,568,301 |
| CEO Stock Price RSU | 2023 | $3,774,000 (Monte Carlo) | $5,000,800 |
Pay Mix, Trends, and Structure
| Component | 2024 ($) |
|---|---|
| Salary | $743,750 |
| Stock Awards | $3,549,882 |
| Option Awards | $1,777,038 |
| Non-Equity Incentive (Bonus) | $900,000 |
| All Other Compensation | $28,207 |
| Total | $6,998,877 |
Ownership Snapshot
| Beneficial Owner | Shares | % |
|---|---|---|
| David Moatazedi (incl. 1,524,499 options exercisable in 60 days; 30,601 PRSUs deliverable) | 1,668,191 | 2.5% |
Employment Agreement Notes
- CEO target bonus equal to 100% of base salary; at-will status; eligibility for standard executive benefits .
- Equity acceleration and severance conditioned on release; best-net excise tax treatment .
Investment Implications
- Strong pay-for-performance alignment: 2024 incentives tied to revenue and operating profitability; achieved above-target payout, signaling execution momentum in core aesthetics franchise . Vesting of 2024 PRSUs deferred to 2026/2027, reducing near-term selling pressure but concentrating potential liquidity events around those dates .
- Significant equity exposure and historical exercises: CEO exercised 331K options and had over $5.1M vest value in 2024; continued sizable unvested RSUs/PRSUs and price-based RSUs create a blend of retention and stock-price alignment; failure thus far to hit the $30/$50 price RSU hurdles indicates ongoing focus on TSR improvement .
- Retention risk moderated by CIC/severance economics: 24 months salary + 150% target bonus and equity acceleration in CIC creates meaningful retention value; no tax gross-up reduces shareholder costs but best-net approach preserves executive economics .
- Governance: Separation of Chair/CEO, majority independent board, anti-hedging/pledging, clawback, and no option repricing policies support investor confidence in compensation governance .
- Trading signals: Watch for Form 4 activity around annual equity vest dates (Feb 7 time-based awards; Feb 5 PRSU tranches in 2026/2027) and any approach to price RSU triggers ($30/$50 for 20-day averages); these can indicate upcoming supply/demand shifts or confidence changes .