Jeannine Lynch
About Jeannine Lynch
Jeannine Lynch, 60, is Vice President of Market Access and Strategy at Lifeward Ltd. (LFWD), serving since August 2021. She previously led patient access at BioMarin (2009–2021) and held roles at Genentech and Pfizer/Agouron; she holds a BA from UC Berkeley and an MPH from the University of Michigan . Company performance during her tenure shows revenues rising from $5.5M in FY2022 to $25.7M in FY2024, with EBITDA and net income losses narrowing vs FY2023*, and TSR (value of $100 investment) moving from $61.80 (2022) to $20.09 (2024) ; revenues: FY2022 $5.51M , FY2023 $13.85M , FY2024 $25.66M .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BioMarin Pharmaceuticals | Senior Director, Patient Access Services | 2009–2021 | Built customized patient services for rare/ultra-rare conditions; led access strategy |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MVP (non-profit) | Advisor | Not disclosed | Mentorship for education and early careers; community engagement |
Fixed Compensation
| Metric | FY 2023 | FY 2024 |
|---|---|---|
| Base Salary ($) | $351,104 | $359,004 (actual paid); base increased to $361,637 effective 4/1/2024 |
| Target Bonus (%) | 35% of base | 35% of base |
| Actual Bonus Paid ($) | $113,058 | $0 |
Performance Compensation
Annual Bonus Structure (FY 2024)
| Metric | Weighting | Target | Actual | Payout (Jeannine) | Vesting |
|---|---|---|---|---|---|
| Revenue | 30% | Not disclosed | Not disclosed | $0 | N/A |
| Market Development | 15% | Not disclosed | Not disclosed | $0 | N/A |
| Net Loss | 30% | Not disclosed | Not disclosed | $0 | N/A |
| Personal Performance | 25% | Not disclosed | Not disclosed | $0 | N/A |
Structure per Compensation Policy (applies company-wide); the committee reviewed 2024 performance and approved bonuses accordingly .
Equity Awards (Time-Based RSUs)
| Grant Date | RSUs (#) | Vesting Schedule | Market Value at 12/31/2024 ($) |
|---|---|---|---|
| 8/31/2021 | 4,465 | 25% annually 8/31/2022–8/31/2025 | $7,724 (at $1.73/share) |
| 8/2/2022 | 9,823 | 25% annually 8/2/2023–8/2/2026 | $16,994 |
| 6/30/2023 | 14,732 | 25% annually 6/30/2024–6/30/2027 | $25,486 |
Note: No options disclosed for Lynch in the outstanding awards table; RSUs are time-based (no performance conditions) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 22,079 shares; includes 3,438 RSUs vesting within 60 days of June 23, 2025 |
| Ownership % of Outstanding | ~0.19% (22,079 / 11,602,266) |
| Unvested RSUs Outstanding (12/31/2024) | 4,465 + 9,823 + 14,732 = 29,020; cumulative market value ~$50,204 at $1.73/share |
| Pledging/Hedging | Not disclosed in proxy; equity award agreements restrict transfer/pledge of restricted shares during the restriction period |
Stock ownership guidelines and compliance status not disclosed.
Employment Terms
| Term | Key Provisions |
|---|---|
| Employment Start | Agreement dated 7/22/2021; effective 8/31/2021 |
| Base Salary | $320,000 initially; increased to $361,637 effective 4/1/2024; subject to compensation committee adjustments |
| Target Bonus | Up to 35% of base, subject to objectives set by compensation committee |
| Severance (non-COC) | If terminated other than for cause, death, or disability—or upon specified adverse changes—six months of salary + bonus + benefits (replacement cost) |
| Change-of-Control (COC) | If terminated during the 12 months post-closing, 100% acceleration of then-unvested outstanding equity awards |
| Restrictive Covenants | Non-solicit and non-compete for 12 months post-termination; trade secrets/inventions clauses; MA governing law |
| Clawback Policy | Company-wide Dodd-Frank-compliant clawback adopted 9/13/2023 |
Performance & Track Record
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | $5,511,000 | $13,854,000 | $25,663,000 |
| EBITDA ($) | $(18,900,000)* | $(22,080,000)* | $(16,311,000)* |
| Net Income ($) | $(19,569,000)* | $(22,133,000)* | $(28,942,000)* |
| TSR – Value of $100 Investment ($) | $61.80 | $63.23 | $20.09 |
*Values retrieved from S&P Global.
Qualitative highlights: Lynch led market access strategy and patient services initiatives; broader governance context includes Aon as independent compensation consultant and an active compensation committee chaired by Dr. Poduska .
Compensation Committee Analysis, Peer & Say‑on‑Pay
- Compensation governance: Compensation committee (Richner, Turk, Poduska) oversees executive pay; Aon Hewitt retained as independent advisor; committee met five times in 2024 .
- Pay-for-performance structure: 2024 bonus metrics weighted 30% revenue, 15% market development, 30% net loss, 25% personal; bonuses approved after performance review .
- Say‑on‑Pay history: 2024 approval 18.3% (down from 26.1% in 2023); board engaged with shareholders; concerns centered on CEO pay-performance linkage .
Investment Implications
- Alignment: Lynch’s meaningful unvested RSUs vest through 2027, creating retention incentives; all unvested equity accelerates upon COC if terminated within 12 months, which can reduce post-transaction retention unless separately addressed .
- Cash vs equity mix: No equity grants in 2024 due to plan lapse; the 2025 Plan restored grant capacity, with ongoing RSU/option eligibility for executives, potentially rebalancing toward long-term equity .
- Pay outcomes: No FY2024 bonus for Lynch vs FY2023 payout, consistent with underperformance (TSR $20.09 in 2024) and loss metrics; signals tighter pay-performance alignment .
- Governance risk: Very low say‑on‑pay support in 2024 indicates investor dissatisfaction; monitor for changes in incentive design and disclosure clarity .