Tina St. Leger
About Tina St. Leger
Tina St. Leger is Chief Human Resources Officer (CHRO) of Immunocore, serving since February 2022; she is 56 and holds a B.Sc. in chemistry from the University of St. Andrews . Her employment with Immunocore commenced January 4, 2022 under an amended and restated UK employment contract dated August 2, 2021 . Company performance during her tenure included a 2024 cumulative TSR value of $68.29 (indexed from the 2/5/2021 IPO) versus Nasdaq Biotech Index TSR $83.72, and a 2024 net loss of $51.1 million; 2023 TSR was $158.15 with a net loss of $55.3 million (company-level metrics) . The corporate 2024 bonus scorecard achieved 100% overall, with “Be the Best Workplace” scoring 108% and “Grow the Business” noting $310 million net sales and $455.7 million year-end cash (company-level) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Immunocore Holdings plc | Chief Human Resources Officer | 2022–present | Corporate “Be the Best Workplace” metric achieved 108% in 2024 (company scorecard) |
| GW Pharmaceuticals plc | Chief Human Resources Officer | 2019–2021 | — |
| GlaxoSmithKline | Various human resources positions | 2005–2019 | — |
External Roles
- None disclosed in company filings reviewed .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base salary ($) | 338,458 | 364,258 |
| Target bonus (% of salary) | 40% | 40% |
| Actual annual bonus ($) | 155,691 | 160,274 |
| Annual equity award target (as % of salary) | 200% (EIP Fair Market Value) | 200% (EIP Fair Market Value) |
| One-time sign-on bonus | £50,000 | — |
Performance Compensation
2024 Corporate Scorecard and Individual Outcome
| Metric | Weight | Achievement | Weighted Achievement |
|---|---|---|---|
| Lead in TCR Innovation | 50% | 95.2% | 47.6% |
| Grow the Business | 40% | 103.5% | 41.4% |
| Be the Best Workplace | 10% | 108.0% | 10.8% |
| Initial calculated achievement | — | — | 99.8% |
| Committee adjustment | — | — | 100% |
| Individual modifier | Target bonus ($) | Payout ($) |
|---|---|---|
| 110% | 145,703 | 160,274 |
- Scorecard examples disclosed: 2024 net sales $310 million, year-end cash $455.7 million, successful $402.5 million convertible notes offering and $52.1 million Pharmakon loan repayment; multiple clinical and publication milestones (company-level) .
2023 Corporate Scorecard and Individual Outcome
| Metric | Weight | Achievement | Weighted Achievement |
|---|---|---|---|
| Lead in TCR Innovation | 50% | 93% | 46.3% |
| Grow the Business | 40% | 114% | 45.5% |
| Be the Best Workplace | 10% | 93% | 9.3% |
| Initial calculated achievement | — | — | 101% |
| Committee adjustment | — | — | 110% |
| Individual modifier | Bonus as % of target | Payout ($) |
|---|---|---|
| 105% | 115% | 155,691 |
Equity Ownership & Alignment
Beneficial Ownership
| As-of date | Shares beneficially owned (#) | % of shares outstanding |
|---|---|---|
| March 31, 2024 | 8,543 | <1% |
| March 21, 2025 | 29,428 | <1% |
- Corporate policy prohibits hedging and pledging (including margin) by officers and directors, mitigating misalignment/pledge risk .
Outstanding Equity Awards (Options) as of December 31, 2024
| Grant date | Vesting commencement | Exercisable (#) | Unexercisable (#) | Exercise price ($) | Expiration |
|---|---|---|---|---|---|
| 4/1/2022 | 4/1/2022 | 8,750 | 26,250 | 29.87 | 3/31/2032 |
| 2/16/2023 | 2/16/2023 | 5,835 | 7,503 | 64.53 | 2/15/2033 |
| 2/16/2024 | 2/16/2024 | — | 14,162 | 70.50 | 2/15/2034 |
- Vesting schedule: 25% on first anniversary, then quarterly (12 equal installments), subject to continued service .
- Option exercises in 2024: 8,750 shares exercised; value realized $323,663 (based on closing price less strike price) .
- At 12/31/2024 (ADS $29.50), Ms. St. Leger’s options were underwater; estimated equity acceleration value under CIC was $0, reflecting exercise prices at/above market (methodology per proxy footnote) .
Employment Terms
- Contract: Amended and restated UK employment contract dated August 2, 2021; Immunocore employment commenced January 4, 2022; position CHRO reporting to CEO .
- Core compensation terms: eligible for annual bonus (target 40% of base salary) and annual equity award targeted at 200% of salary EIP FMV; received £50,000 sign-on bonus and an initial option grant under 2021 EIP .
- Termination mechanics: either party may terminate with six months’ notice (company may pay salary in lieu); immediate termination for cause; severance benefits subject to release and post-termination obligations .
- Clawback: Incentive Compensation Recoupment Policy adopted Oct 2023, compliant with SEC/Nasdaq Rule 10D-1; recovers incentive comp following an accounting restatement; UK Deed applies to executives .
- Hedging/pledging: prohibited by policy (no margin accounts or pledging; no hedging transactions) .
Severance and Change-in-Control (CIC) Economics (as of December 31, 2024)
| Scenario | Base salary ($) | Bonus ($) | Accelerated equity ($) | Benefits continuation ($) | Total ($) |
|---|---|---|---|---|---|
| Termination without cause / Good Reason | 364,258 | — | — | 6,958 | 371,216 |
| Same, in connection with CIC | 546,387 | 364,259 (1.5x target bonus plus 1x target for year of termination) | — (underwater options at $29.50) | 10,437 | 921,083 |
Reference sensitivity to share price (prior year): at 12/29/2023 ADS $68.32, CIC equity acceleration estimated $1,732,739 for Ms. St. Leger .
Compensation Structure Analysis
- Mix and risk: Cash comp (salary + annual bonus) is complemented by option-only equity with an annual equity target equal to 200% of salary, emphasizing upside alignment but increasing risk versus RSUs; options were underwater at 12/31/2024, reducing immediate monetization/selling pressure .
- Goal rigor and alignment: Bonus weighting is 50% TCR innovation, 40% business growth, 10% workplace; 2024 results were 100% overall with her individual modifier at 110%, indicating above-target individual performance within a quantitative framework .
- Governance safeguards: Formal clawback policy, and prohibitions on hedging/pledging reduce misalignment and risk-taking incentives .
- Shareholder voice: Annual Remuneration Report support of 98.42% in 2024; Policy support of 80.97% (2022) .
Investment Implications
- Alignment and incentives: St. Leger’s pay features significant at-risk equity (200% of salary target in options) and a quantitative, scorecard-based annual bonus, aligning rewards with scientific, commercial, and workplace outcomes; her 2024 bonus reflected 100% corporate achievement and a 110% individual modifier .
- Selling pressure: As of year-end 2024, her options were underwater (29.87/64.53/70.50 strikes vs $29.50 ADS), implying minimal forced selling pressure; 2024 option exercise of 8,750 shares was modest in size .
- Retention and CIC economics: Non-CIC severance approximates one year base plus benefits, while CIC economics include 1.5x salary and 2.5x target bonus with potential equity acceleration; value is highly sensitive to share price (zero at $29.50 in 2024; $1.73m equity acceleration in 2023) .
- Ownership and governance: Small direct beneficial stake (<1%); however, alignment is supported by option overhang, clawback provisions, and hedging/pledging prohibitions; strong Say-on-Pay support suggests low governance friction risk .