Evert Schimmelpennink
About Evert Schimmelpennink
Evert Schimmelpennink (age 53) is President, Chief Executive Officer, Secretary, and a director of LENZ Therapeutics, serving as CEO/director since March 2024 (CEO of LENZ OpCo since March 2021). He holds an M.Sc. in Bioprocess Engineering (Wageningen University, NL) and a business degree from Arnhem Business School, with prior CEO roles at Pfenex (sold to Ligand in 2020) and Alvotech, and senior roles at Pfizer, Hospira, and Synthon BV . Company execution during his tenure includes Phase 3 success for LNZ100, NDA submission in Aug 2024, and an FDA PDUFA target action date of Aug 8, 2025 (pre-commercial; revenue/EBITDA metrics not applicable) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| LENZ Therapeutics Operations (LENZ OpCo) | President & CEO; Director | 2021–Mar 2024 | Led late-stage development of LNZ100 prior to merger into public LENZ |
| Pfenex, Inc. | President & CEO; Director; Acting PFO/PAO (from Nov 2019) | Aug 2017–Oct 2020 | Led to company’s sale to Ligand Pharmaceuticals (late 2020) |
| Alvotech | Chief Executive Officer | Oct 2015–Aug 2017 | Led biosimilars platform; executive leadership scaling operations |
| Pfizer; Hospira; Synthon BV | Senior leadership roles (specialty injectables) | — | Global specialty injectables leadership experience |
External Roles
| Organization | Position | Years |
|---|---|---|
| iBio, Inc. (NYSE: IBIO) | Director | Current |
| Contineum Therapeutics (f/k/a Pipeline Therapeutics) | Director | Current |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base salary earned ($) | 537,438 | 607,125 (base increased from 538,500 to 630,000 on 3/21/24) |
| Target annual bonus (% of base) | 50% | 55% |
| Non-equity incentive (cash bonus for FY) ($) | — | 450,450 (paid early 2025) |
| All other compensation ($) | 13,200 (401k match) | 13,800 (401k match) |
Additional changes approved for 2025 (effective Jan 1, 2025): base salary $690,000; target bonus 60% of base .
Performance Compensation
- 2024 bonus plan structure: 100% based on corporate performance goals; Compensation Committee determined 130% achievement for 2024; paid early 2025 .
| Component | Metric/Plan | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual cash incentive (FY 2024) | Corporate performance goals (aggregate) | 100% | 55% of base | 130% of target | $450,450 | N/A (cash; paid early 2025) |
Equity awards (time-based options under 2020/2024 plans):
| Grant date | Type | Shares | Exercise price | Vesting schedule | Expiration |
|---|---|---|---|---|---|
| 3/8/2021 | Stock option (2020 Plan) | 342,106 total; 317,911 exercisable; 24,195 unexercisable | $1.04 | 25% vested 3/8/2022; then monthly 1/36 thereafter | 3/7/2031 |
| 11/24/2022 | Stock option (2020 Plan) | 82,723 total; 77,552 exercisable; 5,171 unexercisable | $5.05 | 25% vested 3/6/2024; then monthly 1/36 thereafter | 11/23/2032 |
| 6/20/2023 | Stock option (2020 Plan) | 315,864 total; 138,190 exercisable; 177,674 unexercisable | $6.04 | 25% vested 3/6/2024; then monthly 1/36 thereafter | 6/19/2033 |
| 3/21/2024 | Stock option (2024 Plan) | 475,000; all unexercisable at 12/31/24 | $15.05 | 25% vests 3/21/2025; then monthly 1/36 thereafter | 3/20/2034 |
Grant-date fair value of 2024 option awards to CEO: $5,912,135 .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total beneficial ownership | 786,043 shares; 2.9% of outstanding as of 4/14/2025 |
| Direct shares | 49,200 shares |
| Options exercisable within 60 days | 736,843 shares via options |
| Ownership guidelines | Not specifically disclosed; Compensation Committee monitors compliance with any stock ownership guidelines |
| Hedging/pledging | Prohibited: no short sales, options/derivatives (other than company awards), hedging instruments, or pledging/margin |
| Trading controls | Quarterly/special blackout periods; pre-clearance required for directors/officers; 10b5-1 plans permitted with 90–120 day cooling-off; minimum 1-year term |
Vested vs unvested detail: See Outstanding Equity Awards table above (as of 12/31/2024) for exercisable/unexercisable quantities and schedules .
Employment Terms
| Term | CEO (Evert Schimmelpennink) |
|---|---|
| Employment status | At-will; confirmatory employment letter at merger closing |
| Base salary | $630,000 effective 3/21/2024; $690,000 effective 1/1/2025 |
| Target bonus | 55% (2024); 60% (2025) |
| Severance (non-CIC Qualified Termination) | 12 months base salary + up to 12 months COBRA; unvested equity kept outstanding up to 3 months (forfeited if no CIC occurs within 3 months) |
| Severance (CIC Qualified Termination) | 18 months base salary + 150% of target bonus + up to 18 months COBRA + 100% acceleration of all unvested equity (performance at target unless specified) |
| 280G treatment | Best-net (“best results”) cutback vs. paying full amount subject to excise tax—whichever yields higher after-tax value |
| Clawback | Dodd-Frank–compliant compensation recovery policy adopted 3/21/2024; applies to incentive-based comp on accounting restatements (no-fault) |
Board Governance
- Role and independence: CEO, President, Secretary, and Class II director; not independent due to executive role .
- Board structure: Independent Chair (Jeff George); roles of Chair and CEO are separated .
- Committees: Audit, Compensation, and Nominating committees are fully independent; CEO is not listed as a member .
- Attendance: Following the merger through 12/31/2024, the board held 6 meetings; each director attended at least 75% of board/committee meetings .
- Director compensation: CEO received no additional pay for board service in 2024 (executive compensation only) .
Dual-role implications: Separation of Chair/CEO mitigates concentration of power and independence concerns; CEO is not on key committees, preserving independent oversight .
Director Compensation (context)
Non-employee director retainers and option grants are governed by an Outside Director Compensation Policy; CEO does not receive director fees. 2024 non-employee director cash retainers: $40,000 base; committee and chair retainers as disclosed; annual option awards with vesting; change-in-control full vesting for non-employee directors .
Performance & Track Record
- Clinical/Regulatory: LNZ100 achieved primary/secondary endpoints in Phase 3 (CLARITY 1/2); strong onset and duration; NDA submitted Aug 2024; PDUFA target action date Aug 8, 2025 .
- Safety: No drug-related serious AEs over >30,000 treatment days across CLARITY program .
- Commercial readiness: U.S. self-pay commercialization strategy; salesforce plan; ECP focus; sampling and e-pharmacy preparation .
Say-on-Pay & Shareholder Votes
- Emerging Growth Company status allows reduced executive compensation disclosures and exemption from nonbinding say-on-pay votes; 2025 annual meeting did not include say-on-pay .
- 2025 Annual Meeting results: Four directors elected; E&Y ratified as auditor .
Related Party / Conflicts
- Legacy LENZ OpCo voting agreement (including Evert as a party) terminated at closing of the merger; no continuing special nomination rights .
- Related-person transactions section disclosed historical financing transactions with significant shareholders and board affiliates; none specific to CEO compensation beyond standard indemnification .
Risk Indicators & Red Flags
- Hedging/pledging prohibited; robust blackout and pre-clearance regime reduces opportunistic trading risk .
- CIC severance includes full equity acceleration on double trigger; balanced by 280G best-net provision and clawback policy .
Compensation Structure Analysis
- 2024 pay mix includes substantial long-term equity (option grant FV $5.9M) alongside at-risk annual bonus paid at 130% of target based on corporate goals .
- Shift to higher guaranteed pay in 2025 (base to $690k; target bonus to 60%) reflects scale-up into pre-commercial phase; still predominantly at-risk via options .
- No tax gross-ups disclosed; clawback policy in place .
Investment Implications
- Alignment: CEO owns 2.9% beneficially (primarily options) with strict anti-hedging/pledging and pre-clearance, indicating meaningful exposure to equity upside and structured trading controls .
- Retention: Double-trigger CIC benefits (18 months base + 150% target bonus + full vesting) are market-aligned for small/mid-cap biotech; outside CIC, equity does not accelerate (stays outstanding for up to 3 months), moderating walk-away risk .
- Execution: Track record of progressing LNZ100 through Phase 3 and NDA submission with an Aug 2025 PDUFA suggests execution competency; compensation outcomes tied to corporate goal achievement (130% payout for 2024) and substantial equity provide incentives to deliver on launch milestones if approved .