David Clark
AMICUS THERAPEUTICSAbout David Clark
David M. Clark, age 50, is Chief People Officer at Amicus Therapeutics (FOLD), serving in this role since October 2018. He holds a B.S. in political science from Indiana State University and previously led global HR and leadership development at Alibaba and American Express, including service on the White House senior staff as Deputy Assistant to the President, focusing on recruitment and development of senior U.S. government leaders . Company performance under the 2024 corporate scorecard included approximately $458.5 million in net product sales and full-year non-GAAP profitability (GAAP net loss of $56 million), driving a 108% corporate bonus multiplier; the 2022 PRSU cycle paid out at 88.6% of target, with three-year TSR at -12.1% but 72.7th percentile vs. NBI (capped at 100% when absolute TSR is negative) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Alibaba Group | Vice President, Global Human Resources | Sep 2016–Aug 2018 | Led global HR function across a hypergrowth technology enterprise |
| American Express | SVP Human Resources; Chief Learning Officer | 8 years (dates not disclosed) | Transformed learning, leadership development, and performance management |
| The White House | Deputy Assistant to the President | Not disclosed | Led recruitment and development of the ~4,000 most senior U.S. government leaders |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Make-A-Wish Foundation of America | Chairman-Emeritus of the Board | Not disclosed | Governance and fundraising stewardship for national non-profit |
| Boy Scouts of America | National Executive Board Member | Not disclosed | National leadership and youth program oversight |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $469,364 | $483,445 |
| Target Bonus (% of Base) | 45% (Other NEOs) | 45% (Other NEOs) |
| Corporate Bonus Multiplier | — | 108% |
| Individual Bonus Multiplier (Clark) | — | 115% |
| Actual Bonus Paid ($) | — | $270,197 |
Performance Compensation
Annual Cash Incentive (FY 2024)
| Component | Target | Actual | Payout |
|---|---|---|---|
| Corporate Bonus Multiplier | 100% baseline | 108% based on 2024 scorecard | 108% |
| Individual Multiplier (Clark) | 0–133% range | 115% (led people & culture goal; restructuring; HQ build-out; cybersecurity/NIST improvements) | 115% |
| Resulting Cash Bonus ($) | 45% of $483,445 base | Applied 108% corporate × 115% individual | $270,197 |
Long-Term Incentives (FY 2024 grants)
| Instrument | Grant Date | Grant Value ($) | Vesting |
|---|---|---|---|
| Stock Options | Jan 2, 2024 | $699,994 | 4-year vest; 25% at 1-year then monthly; 10-year term |
| RSUs | Jan 2, 2024 | $699,995 | 25% per year over 4 years |
| PRSUs (2024 cycle) | Jan 2, 2024 | $699,995 | 3-year performance period; earned 0–200% based on goals |
| 2024 PRSU Metrics & Weights | — | — | TSR 50%; Revenue 30%; Pipeline 20% |
Performance RSUs – 2022 Cycle Outcome (settled Feb 11, 2025)
| Metric | Weight | Target Definition | Actual | Payout | Vesting/Delivery |
|---|---|---|---|---|---|
| TSR vs. NBI (3-year) | 50% | 50th percentile = 100%; capped at 100% if negative TSR | 72.7th percentile with -12.1% absolute TSR | 100% (cap applied) | Delivered Feb 11, 2025 |
| Pompe regulatory milestones | 20% | Approvals in U.S., EU, U.K. + 2 additional markets (Target) | Achieved target | 100% | Delivered Feb 11, 2025 |
| Profitability (Non-GAAP NI) | 15% | $100M Target | $74M | 74% | Delivered Feb 11, 2025 |
| Pipeline strategy | 10% | Board-approved pipeline beyond Galafold/AT-GAA (Target) | Submitted for approval | 25% | Delivered Feb 11, 2025 |
| People & Culture | 5% | Strengthen recruiting channels; launch interview training (Target) | Achieved | 100% | Delivered Feb 11, 2025 |
| Aggregate PRSU outcome | — | — | — | 88.6% of target (Clark earned 52,338 of 59,071 target PRSUs) | Delivered Feb 11, 2025 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership (shares) | 681,504 (less than 1% of 307,923,069 outstanding) |
| Components of Ownership | 483,084 options exercisable within 60 days; 198,420 shares held of record |
| Stock Ownership Guidelines | Other executive officers: 1× base salary; 5-year attainment window; recalculated bi-annually thereafter; all NEOs on track or met |
| Hedging/Pledging | Prohibited for directors, executive officers, and employees |
| Insider Trading Controls | Pre-clearance required; trading windows; 10b5-1 plans with required cooling-off period; policy filed with 10-K |
| 2024 Equity Activity | Options exercised: 0; Stock vested: 103,337 shares; value realized $1,200,604 |
Selected Outstanding Awards (as of Dec 31, 2024)
| Award | Quantity | Exercise Price | Grant Date | Status |
|---|---|---|---|---|
| Options | 83,221 | $14.24 | Jan 2, 2024 | Unexercisable (standard 4-year vest) |
| Options | 91,439 | $9.55 | Jan 2, 2030 expiration noted | Exercisable |
| RSUs (unvested lots) | 48,209 | N/A | Jan 2, 2024 | Unvested |
| RSUs (unvested lots) | 44,529 | N/A | Jan 3, 2023 | Unvested |
Employment Terms
| Scenario | Salary Continuation | Bonus | Benefits | Equity Vesting | Non-Compete |
|---|---|---|---|---|---|
| Termination without cause (non-CIC) | 12 months ($483,445 for Clark) | Pro-rated target ($217,550 for Clark) | 12 months premiums ($46,457 for Clark) | Accelerate equity scheduled within 12 months ($1,016,201 for Clark); options spread if applicable | 12 months post-termination |
| Termination w/o cause or resignation for good reason within 12 months of CIC | 18 months ($725,168 for Clark) | Target annual bonus ($217,550 for Clark) | 18 months premiums ($69,826 for Clark) | Full vest of outstanding equity; PRSUs vest at target or higher per Board ($2,229,705 for Clark) | 12 months post-termination |
| Death or Disability | — | — | 12 months premiums ($30,971 for Clark) | RSUs/PRSUs accelerate per plan ($1,862,819 for Clark) | — |
Notes:
- Individual NEO agreements include non-disclosure, inventions transfer, non-solicit, and non-compete covenants; severance benefits require a general release .
- Under equity plans, PRSUs/RSUs have specified acceleration upon death, disability, retirement, or CIC, with detailed mechanics and caps outlined in plan documents .
Investment Implications
- Strong alignment with shareholders: meaningful equity mix (options, RSUs, PRSUs) with rigorous performance metrics (TSR vs. NBI; revenue; pipeline) and conservative governance (no repricing, hedging/pledging prohibited, clawback aligned to Nasdaq 10D) .
- Retention risk appears contained: double-trigger CIC severance (18 months salary, target bonus, full equity vesting) and 12-month non-compete, plus stock ownership guidelines with compliance on track; however, full vesting under CIC can create “golden handcuff” incentives and potential payout concentration in transaction scenarios .
- Trading signals: 2024 vesting of 103,337 shares and multiple unvested RSU lots suggest periodic supply from scheduled deliveries; sales are governed by 10b5-1 and pre-clearance, reducing signaling risk from opportunistic trading .
- Performance execution: 2024 corporate multiplier of 108% driven by revenue, commercialization and profitability execution; 2022 PRSU payout at 88.6% (TSR capped at 100% due to negative absolute TSR) underscores balanced pay-for-performance design with downside sensitivity to stock performance .
- Governance backdrop: strong say-on-pay support (97% approval) and use of independent comp consultant/peer benchmarking (targeting ~50th percentile) mitigate pay inflation risk and support investor confidence .