Mark Snyder
Senior Vice President, General Counsel and Corporate Secretary at HALO
Executive
About Mark Snyder
Senior Vice President, General Counsel, Chief Compliance Officer and Corporate Secretary at Halozyme Therapeutics (HALO) since January 3, 2022; previously Senior Vice President and Deputy General Counsel, Litigation at Qualcomm, leading global litigation strategy and managing antitrust, legal operations, and IP advocacy teams; education includes J.D. and M.B.A. from Boston College and B.S. in Chemical Engineering from University of Rochester . During his tenure, Halozyme delivered strong operating and shareholder results: 2024 stock up 28% and up 223% over five years; record 2024 revenue $1,015.3M (+22% YoY) and Adjusted EBITDA $601.4M (+41% YoY) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Qualcomm Incorporated | SVP, Deputy General Counsel, Litigation | Not disclosed | Led litigation strategy for hundreds of global cases; managed antitrust, legal operations, and IP advocacy teams |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in HALO filings | — | — | No external public-company board roles disclosed for Snyder in HALO proxies/filings |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 525,000 | 546,000 | 579,000 |
| Target Bonus (% of Salary) | 45% | 50% | 50% |
| Target Bonus ($) | 236,250 | 273,000 | 289,500 |
| Actual Bonus Paid ($) | 198,450 | 349,549 | 548,197 |
| All Other Compensation ($) | 16,701 | 17,322 | 17,572 |
| Total Compensation ($) | 3,740,202 | 3,612,927 | 5,394,865 |
Performance Compensation
| Corporate Goal (2024 EBP) | Weight | Threshold | Target | Maximum | Actual | Payout Contribution |
|---|---|---|---|---|---|---|
| Total Revenue from Existing Sources | 40% | $865.0M | $897.0M | $935.0M | $957.5M | 80% |
| New Revenue | 25% | $10M | $50M | $75M | $27M | 17.8% |
| Adjusted EBITDA | 15% | $495M | $561M | $586M | $601.4M | 30% |
| Operational KPIs (production/release) | 10% | 3 of 5 | 4 of 5 | 5 of 5 | Achieved 4 KPIs | 10% |
| New patent filings | 5% | 2 | 4 | 6 | 6 | 10% |
| HVAI clinic readiness | 5% | May 1–Jun 1 | Apr 2–Apr 30 | On/before Apr 1 | Achieved Mar 19, 2024 | 10% |
| Corporate Performance Factor | — | — | — | — | — | 157.8% |
| Snyder 2024 Bonus Calculation | Base Salary ($) | Target % | Target ($) | Corporate Factor | Individual Factor | Final Payout ($) |
|---|---|---|---|---|---|---|
| Values | 579,000 | 50% | 289,500 | 157.8% | 120% (CEO recommendation) | 548,197 |
| 2024 LTI Awards (Grant 2/23/2024) | Type | Shares/Units (#) | Grant-Date Fair Value ($) | Vesting |
|---|---|---|---|---|
| RSUs | Time-vesting RSUs | 28,045 | 1,137,505 | 25% annually over 4 years |
| Options | Stock Options | 29,064 | 487,517 | 25% at 1-year; then monthly over 3 years |
| Options Exercise Price/Term | — | — | — | $40.56 strike; expires 2/23/2034 |
| PSUs (Relative TSR) | Target units | 8,312 | 812,532 | Earn based on Nasdaq Biotech relative TSR; cliff vest at 3 years |
| PSUs (Deals/Nominations) | Target units | 10,017 | 812,538 | Earn based on 2024 deals/target nominations; cliff vest at 3 years |
| Special RSUs (6/12/2024) | RSUs | 20,137 | 1,000,003 | 25% annually; recognition for ENHANZE EU patent issuance |
| 2024 PSU Earnout Status | PSU Type | Measurement | Earned % |
|---|---|---|---|
| Relative TSR PSUs (2024 slice) | FY2024 period | HALO TSR 17.6%; 65.59th percentile vs Nasdaq Biotech subset | 131.18% |
| Deals/Nominations PSUs (2024) | 2024 points credited | 5 new nominations → 15 points | 150% |
Equity Ownership & Alignment
| Beneficial Ownership (as of Mar 4, 2025) | Shares |
|---|---|
| Total beneficially owned | 136,016 |
| Includes options exercisable within 60 days | 107,527 |
| Shares outstanding (for context) | 123,533,310 |
| Ownership % of shares outstanding | ~0.11% (136,016/123,533,310) |
| Key Outstanding Equity (Dec 31, 2024) | Grant Date | Type | Status | Count (#) | Strike/Expiry |
|---|---|---|---|---|---|
| 1/3/2022 options | 1/3/2022 | Options | Exercisable/Unexercisable | 60,623 / 22,519 | $41.06; 1/3/2032 |
| 2/16/2023 options | 2/16/2023 | Options | Exercisable/Unexercisable | 25,187 / 29,768 | $49.26; 2/16/2033 |
| 2/23/2024 options | 2/23/2024 | Options | Unexercisable | 29,064 | $40.56; 2/23/2034 |
| 2/23/2024 RSUs | 2/23/2024 | RSUs | Unvested | 28,045 | Vests 25% annually |
| 6/12/2024 RSUs | 6/12/2024 | RSUs | Unvested | 20,137 | Vests 25% annually |
| 2024 PSUs (TSR) | 2/23/2024 | PSUs | Eligible (earned/unearned portions) | 7,269 (2024 period); 14,538 (future periods at 131.18% max) | Cliff vest year 3 |
| 2024 PSUs (Deals/Noms) | 2/23/2024 | PSUs | Eligible | 30,050 | Cliff vest year 3 |
- Stock ownership guidelines: Non-CEO executives must hold ≥2× base salary; all NEOs were in compliance as of February 1, 2025 .
- Hedging and pledging of Company stock are prohibited; executive clawback policy in place per SEC/Nasdaq rules .
- 2024/2023 exercises and vesting indicate Snyder did not exercise options and had RSU/PSU vestings of 12,407 shares (2024) and 7,611 shares (2023) .
Employment Terms
| Provision | Key Terms |
|---|---|
| Severance (non-CIC) | If terminated without cause: cash severance = 1× base salary, plus pro‑rated target bonus; Company-paid healthcare over severance period; vested options exercisable for 1 year; PSUs for completed periods fully vest; ongoing periods continue pro‑rata and vest based on performance |
| Change-in-Control (double trigger) | If terminated without cause/for good reason/death/disability within 12 months of a CIC: cash = 1.5× (salary + target bonus) for non-CEO; lump-sum healthcare (18 months); unvested equity fully vests (PSUs accelerate based on greater of target or actual earned through date); PSUs at CIC credit based on actual TSR and target for deals/nominations with time-based vesting through 3rd anniversary unless unassumed or terminated post‑CIC |
| 2024 hypothetical payouts (CIC termination on 12/31/2024) | Equity: $7,970,244; Cash severance: $1,302,750; Healthcare: $95,791; Total: $9,368,785 |
| 2024 hypothetical payouts (non-CIC termination on 12/31/2024) | Lump-sum severance: $868,500; Healthcare: $42,570; Accelerated equity: $2,968,668; Total: $3,879,738 |
Compensation Structure Analysis
- Mix shifted toward performance equity in 2024: PSUs increased to 50% of LTI (from 25% for non-CEO NEOs in 2023), with 15% options and 35% RSUs, strengthening pay-for-performance and retention via 3-year cliff vesting .
- 2024 corporate bonus metrics emphasize revenue and Adjusted EBITDA with operational milestones; Snyder’s individual factor (120%) reflected contributions to patent issuance preserving EU royalties and expanding IP filings .
- No tax gross-ups, no single-trigger CIC, robust clawback, and prohibitions on hedging/pledging align incentives with shareholders .
Related Party Transactions and Governance
- No related party transactions requiring disclosure since the prior fiscal year; Compensation Committee comprised of independent directors; say‑on‑pay support was 97.9% at the 2024 annual meeting .
Say‑on‑Pay and Shareholder Feedback
- Say‑on‑pay approval 97.9% (2024), with regular shareholder outreach informing compensation design; committee continued similar frameworks in 2025 given high support .
Expertise & Qualifications
- Legal and IP leadership across complex regulatory, antitrust, and litigation domains; advanced degrees (J.D., M.B.A.) and engineering background strengthen cross-functional credibility in drug delivery IP strategy and partner agreements .
Work History & Career Trajectory
| Organization | Role | Time at Organization | Notable Impact |
|---|---|---|---|
| Halozyme Therapeutics | SVP, General Counsel, Chief Compliance Officer & Corporate Secretary | Jan 3, 2022–present | Led successful EU ENHANZE manufacturing method patent issuance, preserving DARZALEX SC royalty rates in 37 EU countries to Mar 2029; oversaw multiple new patent applications |
| Qualcomm Incorporated | SVP, Deputy General Counsel, Litigation | Not disclosed | Led litigation strategy globally; managed antitrust and IP advocacy teams |
Investment Implications
- Alignment: Elevated PSU mix tied to relative TSR and strategic deal activity, strong ownership guidelines, and clawback/hedging prohibitions reduce misalignment risk .
- Retention and selling pressure: Three-year cliff vesting on PSUs and staged RSU/option vesting create meaningful unvested equity; no option exercises reported in 2023–2024, and 2024 special RSU grant reinforces retention following critical IP wins .
- Change-of-control economics: Double-trigger protections provide balanced retention without single-trigger acceleration; quantified CIC payouts underscore meaningful but standard competitive severance .