Dana T. Aftab
EXELIXISAbout Dana T. Aftab
Dana T. Aftab, Ph.D., age 62, is Executive Vice President, Discovery and Translational Research and Chief Scientific Officer at Exelixis, a role he has held since December 2022; he joined Exelixis in 1998 and previously led Drug Discovery and Translational Research, as well as Business Operations (2016–2022). He holds a B.A. in Pharmacology (UC Santa Barbara) and a Ph.D. in Pharmacology (Yale), with postdoctoral work at UC Berkeley in oncogene signaling . Company performance context: cumulative TSR (value of $100) improved from 94 (2022) to 141 (2023) to 200 (2024), Net Product Revenues rose from $1,401.2m (2022) to $1,628.9m (2023) to $1,809.4m (2024), and Net Income reached $521.3m in 2024 .
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|
| Cumulative TSR (Value of $100) | 118 | 107 | 94 | 141 | 200 |
| Net Product Revenues ($m) | 741.6 | 1,077.3 | 1,401.2 | 1,628.9 | 1,809.4 |
| Net Income ($m) | 111.8 | 231.1 | 182.3 | 207.8 | 521.3 |
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Exelixis | EVP, Discovery & Translational Research and CSO | Dec 2022–present | Leads discovery and translational research; expanded oncology pipeline; advanced small molecule and biotherapeutics DCs toward INDs; drove in-licensing initiatives . |
| Exelixis | EVP, Business Operations | Feb 2016–Dec 2022 | Oversaw corporate site development, new labs in Alameda, and “Exelixis East” buildout (Greater Philadelphia) . |
| Exelixis | SVP, Translational Research | 2009–2016 | Streamlined transition from discovery to clinical; supported development of approved medicines including cabozantinib . |
| Exelixis | Drug Discovery (leader) | 1998–2007 | Led discovery teams enabling development of approved medicines including cabozantinib . |
External Roles
- Prior to Exelixis: senior scientist roles at biotech start-ups (company names not disclosed in the proxy) .
Fixed Compensation
| Year | Base Salary ($) | Target Bonus % | Corp vs Individual Weighting | Approved Corp Perf % | Individual Perf % | Payout (% of Target) | Bonus Paid ($) |
|---|---|---|---|---|---|---|---|
| 2024 | 628,993 | 50% | 70% / 30% | 115% | 115% | 115% | 361,671 |
| 2023 | 577,920 | — | — | — | — | — | 294,112 |
Notes:
- 2024 base salary increase vs 2023: +8.0% .
- Annual cash bonus plan caps payouts at 200% of target; clawback policies cover variable comp and restatements .
Performance Compensation
Annual Cash Bonus (2024)
| Metric | Weight | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Corporate Goals (aggregate, incl. pipeline/DCs) | 70% | 100% | 115% (Committee set payout at 115% despite 116.9% calc) | 115% of target | Cash paid following FY results . |
| Individual Performance (Discovery leadership, DCs toward INDs, pipeline in-licensing) | 30% | 100% | 115% | Included in 115% overall | Cash paid following FY results . |
Long-Term Incentive Plan (LTIP)
| Award | 2024 Allocation | Grant Date | Target/Max | Performance Metric | Performance Period | Vesting |
|---|---|---|---|---|---|---|
| PSUs (2024 grant) | ~50% of LTI | 2/23/2024 | Target 63,350; Max 110,862 | Relative TSR vs Nasdaq Biotechnology Index | Dec 30, 2023–Jan 1, 2027 | 50% on certification post-period; 50% on first quarterly vest date after 1-year from certification . |
| RSUs (2024 grant) | ~50% of LTI | 2/23/2024 | 63,350 units | Time-based | — | 1/4 on May 15, 2025, then 1/4 each May 15 until fully vested . |
| 2021 PSUs (prior award) | N/A | — | Earned at 125% of target | Cabozantinib revenue over 4 qtrs + TSR modifier | 2021 period (certified Jan 11, 2024) | 50% vested at certification; remaining 50% vested Feb 15, 2025 . |
| 2022 PSUs (prior award) | N/A | — | Certified at Maximum by Jan 3, 2025 | Relative TSR | Through FY24 | 50% at certification; 50% one year later on first quarterly vest date . |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 258,700 shares as of Feb 28, 2025 (includes 5,835 shares held in the 401(k) Plan) . |
| Ownership % of Outstanding | ~0.09% (258,700 / 278,345,734 shares outstanding ). |
| Unvested RSUs (1/3/2025) | 12,645 (3/4/2021) ; 29,746 (3/4/2022) ; 75,000 (1/5/2023; promotion) ; 51,249 (4/3/2023) ; 63,350 (2/23/2024) . |
| Unearned/Earned PSUs Outstanding (1/3/2025) | 31,612 (2021 PSU Certified Shares basis) ; 104,106 (2022 PSU, certified max) ; 119,578 (2023 PSU) ; 110,862 (2024 PSU max) . |
| Stock Options Outstanding | None listed for Dr. Aftab in outstanding awards table as of 1/3/2025 . |
| Ownership Guidelines | Other NEOs: 3x base salary; 5-year compliance window; all NEOs met targets as of Feb 28, 2025 . |
| Hedging/Pledging | Hedging and margin purchases prohibited; pledging fully prohibited since Dec 2024; no pledges by executives in 2024 . |
| Vesting Calendar (Selling Pressure) | RSUs: 2023 promotion grant vests each Feb 15 (2024–2027) ; 2024 RSU vests each May 15 (2025–2028) . PSUs: 50% at certification and 50% one year later on first quarterly vest date (quarterly vest dates: Feb 15, May 15, Aug 15, Nov 15) . |
Employment Terms
| Element | Terms |
|---|---|
| Employment Agreement | None; NEOs do not have individual employment agreements . |
| Severance Plan | Change in Control and Severance Benefit Plan with double-trigger CIC benefits; release required; no 280G tax gross-ups . |
| Potential Payments (Assuming 1/3/2025) | CIC Termination: Base $943,490; Bonus $471,745; Equity acceleration $16,964,244; COBRA $50,269; Outplacement $30,000; Total $18,459,748 . Non-CIC Termination: Base $628,993; Bonus $361,671; COBRA $33,513; Total $1,024,177 . CIC w/o Termination (certain transactions): Equity acceleration $16,964,244 . |
| Implied Multiples | CIC appears to provide ~1.5x salary ($943,490 vs $628,993 base) and ~1.5x target bonus ($471,745 vs $314,497 target), plus equity acceleration and benefits . Non-CIC includes 1x salary and a bonus calculated at 115% of target per committee determination (corporate-only factor) . |
| Clawbacks | Variable comp recoupment for misconduct causing material harm; supplemental Dodd-Frank recoupment for restatements (3-year lookback), regardless of fault . |
Performance & Track Record
- 2024 Discovery execution: Led expansion of oncology pipeline; advanced multiple small molecule and biotherapeutic DCs toward future INDs; spearheaded in-licensing initiatives—contributed to 115% corporate performance assessment and 115% individual assessment for bonus purposes .
- TSR and financials: Cumulative TSR reached 200 in 2024; Net Product Revenues grew to $1,809.4m; Net Income $521.3m in 2024 .
Compensation Structure Analysis
- Mix and risk: For 2024, other NEOs (incl. Aftab) had ~83% of compensation at risk (cash bonus, RSUs, PSUs), with LTI split ~50% PSUs and ~50% RSUs—shifting leverage toward time-based equity for retention while tying half of LTI to Relative TSR .
- Options vs RSUs: No stock options granted to NEOs in 2024; RSUs carry lower risk versus options, improving retention but potentially reducing upside leverage; 2017 Plan prohibits option repricing and imposes 7-year option term when options are granted .
- Governance guardrails: Double-trigger CIC, no 280G gross-ups, hedging/pledging prohibitions, robust clawbacks and ownership guidelines—all supportive of alignment .
Compensation Committee Analysis
- Committee and advisor: Compensation Committee comprised independent directors Julie A. Smith (Chair), S. Gail Eckhardt, Robert L. Oliver, Jr., and Stelios Papadopoulos; committee engages an independent compensation consultant .
Investment Implications
- Alignment and incentives: Aftab’s incentives balance retention (multi-year RSUs) with performance via Relative TSR PSUs; recent certifications (2021 at 125%, 2022 at maximum) indicate realized value from performance awards, aligning outcomes with shareholder returns .
- Supply/vesting calendar: Watch for vest-driven liquidity windows around Feb 15 and May 15 due to RSU and PSU delivery schedules; these could create episodic selling pressure, though hedging/pledging is prohibited and ownership guidelines are met .
- Transaction sensitivity: In a CIC, Aftab has substantial unvested equity subject to acceleration (~$17.0m), and cash multiples (~1.5x salary and target bonus), which both support retention and create M&A-event sensitivity for insider supply and alignment during transitions .
- Execution risk: Positive discovery throughput (DCs advanced, in-licensing) supported 2024 over-target corporate performance; continued value creation is tied to pipeline conversion and TSR relative to the biotech index, the core metric for PSUs .