Erin Burkhart
About Erin Burkhart
Erin Burkhart, age 46, is Senior Vice President, Controllership and Gilead’s principal accounting officer effective September 22, 2025. She is a licensed CPA and holds a B.S. in Accounting from Butler University, with prior senior accounting roles at BioMarin (Group VP & Chief Accounting Officer) and Eli Lilly (increasing responsibility in accounting/finance), and earlier public accounting experience at Arthur Andersen and Deloitte . Upon appointment, her initial Form 3 reported no beneficial ownership of Gilead securities . Gilead’s executive incentive architecture emphasizes performance alignment via annual financial and strategic metrics and multi‑year PSU goals anchored to relative TSR (vs. S&P Healthcare Sub-Index) and financial targets; for 2025, PSUs moved to multi-year adjusted EPS while annual incentive weighting increased to 60% financial (35% net product revenue, 25% adjusted non-GAAP operating income) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BioMarin Pharmaceutical Inc. | Group Vice President & Chief Accounting Officer | May 2022 – Sep 2025 | Led controllership/accounting for a commercial-stage biotech; C-suite business partner for reporting and controls |
| Eli Lilly and Company | Various accounting and finance roles (increasing responsibility) | Aug 2014 – Apr 2022 | Advanced financial reporting and controls at large-cap pharma |
| Arthur Andersen; Deloitte | Public accounting (early career) | 2001 onward (early years) | Foundation in audit/accounting standards and internal controls |
External Roles
No public company directorships or external board roles disclosed for Burkhart .
Fixed Compensation
Not specifically disclosed for Burkhart to date. Gilead’s executive program uses base salary and annual cash incentive, with target incentives typically set by role and the corporate plan; however, no individual salary/target bonus for Burkhart has been filed .
Performance Compensation
Gilead’s executive incentives tie pay to short- and long-term performance. The annual incentive plan (AIP) and PSU framework below illustrate current design and rigor:
- 2025 AIP changes: Financial metrics weight increased to 60% (35% Net Product Revenue; 25% Adjusted non-GAAP Operating Income); remaining 40% Strategic (pipeline, product, people) .
- PSUs: Starting 2025 grants, multi-year adjusted EPS replaces annual revenue goals; relative TSR PSUs remain, with negative absolute TSR capping payouts at 100% even if relative performance is strong .
| Metric (AIP/PSUs) | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Net Product Revenue (AIP 2025) | 35% | Pre-set annually | Not disclosed for 2025 | N/A | Cash, annual payout timeline |
| Adjusted non-GAAP Operating Income (AIP 2025) | 25% | Pre-set annually | Not disclosed for 2025 | N/A | Cash, annual payout timeline |
| Relative TSR vs S&P Healthcare Sub-Index (PSUs) | 50% of PSU mix (2024 design) | 50th percentile=100% | 3-year assessment | 0–200%; capped at 100% if absolute TSR negative | Equity, earned over ~3 years |
| Multi-year Adjusted EPS (PSUs 2025 onward) | PSU tranche | Multi-year targets set at grant | Not disclosed | 0–200% | Equity, earned over ~3 years |
2024 corporate AIP calibration example (context for rigor; not specific to Burkhart): overall corporate performance factor certified at 123% of target; financial goals based on net product revenue and non‑GAAP operating income excluding Veklury/Livdelzi; strategic goals covered pipeline/product/people .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Beneficial Ownership (Form 3) | “No securities are beneficially owned” as of event date 09/22/2025 |
| Hedging/Pledging | Prohibited for all directors and employees, including executive officers |
| Stock Ownership Guidelines | Meaningful ownership required as a multiple of base salary for NEOs; newly hired/appointees have specified years to reach compliance; unvested RSUs and earned PSUs count; options and unearned PSUs do not |
| Clawbacks | Two policies: mandatory recovery for restatements; discretionary recoupment for significant misconduct causing material harm, including sales proceeds from equity; public disclosure of recoupment actions subject to constraints |
Typical vesting structures at Gilead:
- RSUs: Vest over four years beginning one year after grant, with quarterly vesting after year one .
- Stock options: 4-year vest, quarterly after year one; value only if stock exceeds exercise price .
- PSUs: Three-year performance period; TSR vs S&P Healthcare Sub-Index and financial goals (2025 onward, multi-year adjusted EPS) .
Employment Terms
Burkhart’s role is Senior Vice President; severance governed by the Gilead Sciences, Inc. Severance Plan (amended and restated July 29, 2025). SVP benefits are specified in Appendix C.
| Provision | Non-Change-in-Control (SVP) | Change-in-Control (SVP) |
|---|---|---|
| Eligibility trigger | Involuntary termination without cause; certain relocations >50 miles; exclusions apply | Double-trigger: qualifying termination within 6 months before to 18 months after a Change in Control |
| Cash severance | 1.5× annual Regular Earnings plus 1.0× target annual bonus | 2.0× annual Regular Earnings plus 2.0× target annual bonus |
| Pro‑rata bonus | Pro‑rated bonus for year of termination; timing as specified | Pro‑rated bonus for year of termination |
| Health care (COBRA cash equivalent) | Lump sum equal to 18× monthly COBRA premium at termination | Lump sum equal to 24× monthly COBRA premium at termination |
| Outplacement | 6 months minimum | 6 months minimum |
| 280G treatment | “Best net” or safe harbor reduction framework; no excise tax gross‑ups | |
| Double‑trigger requirement | Plan provides benefits only if qualifying termination occurs in connection with a change of control (double trigger) |
Additional governance and agreements:
- Indemnity Agreement: Gilead maintains a standard indemnity form for directors and executive officers (Exhibit 10.52) .
- Insider Trading Policy: Comprehensive policy governing trading windows and prohibitions, included in 10‑K exhibits; hedging and pledging prohibited .
- Employee Proprietary Information & Invention Agreement form maintained (Exhibit 10.53) .
Investment Implications
- Alignment: Strong clawbacks, anti‑hedging/pledging rules, and stock ownership guidelines reduce misaligned risk-taking; PSU shift to multi‑year EPS increases bottom-line focus, improving pay‑for‑performance linkage .
- Retention: SVP severance provides balanced protections (1.5×/2.0× salary and 1.0×/2.0× target bonus non‑CIC/CIC) with double‑trigger CIC terms; no excise tax gross‑ups mitigate shareholder-unfriendly optics .
- Selling pressure: Initial Form 3 shows no holdings; near-term insider selling pressure is minimal; future RSU/PSU settlements may include share withholding for taxes (company practice reflected in quarterly repurchase/withholding table) .
- Execution risk: As a new principal accounting officer, focus areas include sustaining strong controls, reporting quality, and integration with evolving incentive metrics; governance environment (Compensation & Talent Committee oversight, robust policies) supports disciplined financial execution .
Note: Individual compensation amounts (base salary, target bonus %) and any specific equity grant details for Burkhart have not been disclosed in public filings to date. All program features, severance economics, and policies cited are Gilead-wide and apply to executive officers at her level per referenced exhibits and proxy disclosures.