Benjamin Halladay
Esperion TherapeuticsAbout Benjamin Halladay
Benjamin Halladay, 39, is Chief Financial Officer of Esperion Therapeutics, serving in the role since November 2022 after a progression through finance leadership roles at the company; he holds a BA in History from Syracuse University and an MBA from Fordham Gabelli School of Business . Under his finance leadership in 2024, Esperion executed a $304.7M royalty monetization with OMERS and completed debt restructuring, supporting operational runway and deleveraging; he was awarded 110% of his target bonus for these contributions . Company fundamentals improved materially over his tenure window: revenues rose from $75.5M in FY2022 to $332.3M in FY2024; EBITDA moved from losses in 2022–2023 to positive $54.5M in FY2024 (values with asterisks from S&P Global)*.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $75,475,000 | $116,334,000 | $332,314,000 |
| EBITDA ($USD) | -$179,001,000* | -$155,399,000* | $54,465,000* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Esperion Therapeutics | Chief Financial Officer | Nov 2022 – present | Led capital structure actions and runway extension; oversees risk management with audit committee interface . |
| Esperion Therapeutics | Senior Director, Finance | Aug 2022 – Nov 2022 | Prepared for CFO transition; supported equity/option grant cycle . |
| Esperion Therapeutics | Senior Director, FP&A | Jul 2021 – Aug 2022 | Budgeting and performance management aligned to commercial ramp . |
| Esperion Therapeutics | Finance Manager | Jan 2020 – Jul 2021 | Built planning processes during commercialization . |
| NOV Inc. | Global Finance Manager | May 2017 – Jan 2020 | Led global finance in energy equipment technology provider . |
| BMC Software | Senior Financial Analyst | Feb 2016 – May 2017 | Analytics supporting enterprise software operations . |
| Pfizer | Multiple finance roles | Jun 2009 – Sep 2015 | Big-cap pharma financial operations experience . |
External Roles
No external directorships or public company board roles are disclosed for Halladay in the latest proxy .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $429,000 | $475,000 |
| Target Bonus (% of Base) | 45% | 45% |
| Target Bonus ($) | — | $213,750 |
| Actual Bonus Paid ($) | — | $235,125 (110% of target, committee discretion) |
Notes:
- Employment agreement (Nov 16, 2022) sets target bonus at 45% of base salary .
- 2024 bonus uplift reflects personal achievements, including litigation settlement and debt restructuring .
Performance Compensation
Corporate Performance Goals and Outcomes (2024)
| Metric | Weighting (%) | Target | Actual Achievement (% of Target) | Weighted Performance (%) |
|---|---|---|---|---|
| U.S. net sales (NEXLETOL/NEXLIZET) | 50 | 100% | 70% | 35 |
| Market access optimization | 20 | 100% | 125% | 25 |
| FDA/EMA CV risk reduction label approvals | 10 | 100% | 120% | 12 |
| Manage cash used in operations ≤ $212M | 10 | 100% | 180% | 18 |
| Product supply continuity | 5 | 100% | 100% | 5 |
| Culture focus | 5 | 100% | 100% | 5 |
| Approved Corporate Base Performance Level | 100 | — | — | 100 |
Executive Payout
| Executive | 2024 Target Bonus (%) | Target ($) | Actual Payout ($) | Payout vs Target |
|---|---|---|---|---|
| Benjamin Halladay (CFO) | 45% | $213,750 | $235,125 | 110% (committee discretion for personal achievements) |
Equity Awards (2024 Grants)
| Award Type | Grant Date | Shares/Units | Exercise/Base Price | Vesting Schedule | Grant Date Fair Value ($) |
|---|---|---|---|---|---|
| Stock Options | 3/14/2024 | 200,000 | $2.05 | Four years, equal quarterly installments starting 6/15/2024 | $305,969 |
| RSUs | 3/14/2024 | 170,000 | $2.05 | Four years, equal quarterly installments starting 6/15/2024 | $348,500 |
Equity Ownership & Alignment
Beneficial Ownership (as of April 1, 2025)
| Component | Shares |
|---|---|
| Common shares held | 90,724 |
| Options exercisable within 60 days | 106,621 |
| RSUs vesting within 60 days | 27 |
| Total beneficial ownership | 197,372 |
- Ownership as % of shares outstanding: less than 1% .
- Hedging/pledging: Company policy prohibits short sales, derivatives, margin purchases; pledging requires advance audit committee approval . No pledges are indicated in the ownership table/footnotes .
- 10b5-1 plans permitted under policy; sales may occur pursuant to such plans .
Outstanding Equity Awards (FY2024 Year-End)
| Instrument | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price | Expiration | Unvested RSUs (#) | RSU Market Value at 12/31/24 ($2.20) |
|---|---|---|---|---|---|---|---|
| Options | 12/9/2022 | 33,000 | 33,000 | $5.09 | 12/09/2032 | — | — |
| Options | 3/14/2023 | 17,059 | 21,941 | $4.02 | 3/14/2033 | — | — |
| Options | 3/14/2024 | 37,500 | 162,500 | $2.05 | 3/14/2034 | — | — |
| RSUs (aggregate) | Various | — | — | — | — | 138,125 | $303,875 |
Note: In 2024 Halladay had 50,903 RSUs vest ($119,764 realized) .
Employment Terms
- Start date in role: CFO since November 2022; employment agreement dated November 16, 2022 .
- At-will employment per amended employment agreements .
- Severance (no CoC within 12 months): 12 months base salary (paid in installments) plus monthly cash for COBRA-equivalent health premiums up to 12 months .
- Change-in-control (sale event) cash severance (double trigger): If terminated without cause or resigns for good reason within 12 months post-sale event, lump-sum of base salary plus target bonus, plus 12 months health cash payments .
- Equity vesting on sale event: Under the 2022 Plan, time-based awards become vested/exercisable upon a sale event if awards are not assumed/continued/substituted; performance awards may vest per committee discretion or award terms .
- Non-compete/non-solicit: During employment and for one year after termination .
- Clawback: Compensation recovery policy adopted November 8, 2023 for incentive-based compensation upon financial restatement (three-year lookback) .
- No tax gross-ups or single-trigger cash severance; option repricing prohibited without shareholder approval .
Potential Payments (illustrative as of 12/31/2024)
| Scenario | Cash (Base + Bonus) | Health Continuation | Equity Acceleration | Total |
|---|---|---|---|---|
| Termination by Company without cause | $475,000 base | $22,348 | — | $497,348 |
| Sale event (no termination) | — | — | $392,624 | $392,624 |
| Double-trigger (termination within 12 months post-sale event) | $475,000 base + $213,750 target bonus | $22,348 | — | $711,098 |
Compensation Structure Analysis
- Cash vs equity mix: 2024 equity grants comprised both options (200,000) and RSUs (170,000), vested quarterly over four years, aligning with long-term stockholder value creation .
- Shift to RSUs: 2024 awards included substantial RSUs alongside options; options remain performance-levered (value only if price exceeds strike), whereas RSUs provide lower risk retention value .
- Ownership alignment: Beneficial ownership includes shares, near-the-money options ($2.05 strike), and ongoing RSU vesting; company prohibits hedging and pledging, supporting alignment .
- Peer benchmarking: Compensation philosophy targets ~50th percentile versus a defined biotech peer group; committee retained independent consultant Compensia .
- Say-on-pay: 74% approval in 2024, with program maintained; committee continues monitoring .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 197,372 shares (including options exercisable within 60 days and RSUs vesting within 60 days) |
| Ownership guidelines | Not disclosed in proxy; compensation recovery policy and insider trading rules in place |
| Hedging/pledging | Prohibited (short sales, derivatives, margin); pledging requires audit committee approval |
| 10b5-1 plans | Permitted; trades under plans may occur irrespective of event timing |
Performance & Track Record
- 2024 business outcomes include expanded FDA/EMA labels for CV risk reduction, OMERS royalty monetization (~$304.7M gross proceeds), RIPA payoff, and new term loan/convertible financing supporting repayment of prior convertibles; operational cash usage better than base plan target and supply continuity maintained .
- CFO-specific recognition: Bonus at 110% of target reflecting improvements to the company’s financial runway via litigation settlement and debt restructuring .
- Company financial trajectory: Revenues increased significantly FY2022→FY2024; EBITDA turned positive in FY2024 (values with asterisks from S&P Global)*.
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $75,475,000 | $116,334,000 | $332,314,000 |
| EBITDA ($USD) | -$179,001,000* | -$155,399,000* | $54,465,000* |
*Values retrieved from S&P Global.
Employment & Contracts
| Term | Detail |
|---|---|
| Employment agreement date | November 16, 2022 |
| Contract term | At-will |
| Severance (no CoC) | 12 months base salary + monthly cash for COBRA-equivalent premiums up to 12 months |
| CoC (double trigger) | Lump-sum base + target bonus + 12 months health cash payments if terminated without cause or resigns for good reason within 12 months post-sale event |
| Equity acceleration | Time-based awards vest upon sale event if not assumed/continued/substituted under 2022 Plan |
| Restrictive covenants | Non-compete and non-solicit during employment and for one year thereafter |
| Clawback | Adopted Nov 8, 2023; restatement-based recovery of incentive compensation (3-year lookback) |
Investment Implications
- Alignment: Quarterly-vesting RSUs and near-the-money options create ongoing retention value; hedging/pledging restrictions reduce misalignment risk .
- Retention risk: Severance is moderate (12 months base; double-trigger cash in CoC), with one-year non-compete/non-solicit—adequate but not overly protective; monitor equity value realization as RSUs vest and option moneyness evolves .
- Trading signals: Expect periodic Form 4 activity from scheduled RSU vesting or 10b5-1 plans; quarterly vest cadence starting June 15 each year for 2024 grants .
- Execution track record: Halladay’s elevated 2024 bonus and the company’s financing actions/label expansions suggest strong financial execution; continued revenue/EBITDA improvement supports pay-for-performance narrative .
- Governance: No tax gross-ups, option repricing prohibited, and clawback policy adopted—positive governance profile; say-on-pay support at 74% indicates generally acceptable shareholder sentiment .