Dana Boyle
LiquidiaAbout Dana Boyle
Dana Boyle is Chief Accounting Officer (CAO) of Liquidia Corporation, appointed effective July 1, 2025; she is age 41, holds a B.S. in accounting from Rutgers University, and is a certified public accountant licensed in New York . She signed the company’s Q3 2025 Form 10‑Q as Principal Accounting Officer, confirming current status . Her compensation includes a $425,000 base salary and eligibility for a discretionary annual cash bonus targeted at 50% of base; she also received a time‑vested RSU grant valued at $300,000 on appointment . Companywide annual bonuses have historically been tied to corporate goals set by the Compensation Committee, with achievement of 150% in 2023 and 72% in 2024, indicating variable payout potential under the Bonus Plan .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Liquidia Corporation | SVP, Finance and Controller | Jan 2021–Jul 2025 | Led controllership and finance ahead of commercialization activities . |
| Aerami Therapeutics, Inc. | Controller | Feb 2019–Jan 2021 | Built finance controls at a respiratory‑focused biotech (including PAH) . |
| Aralez Pharmaceuticals Inc. | Director of FP&A | Sep 2017–Oct 2018 | Led FP&A at specialty pharma during restructuring/new initiatives . |
| Deloitte & Touche LLP | Auditor | Not disclosed | Early career audit training and public company reporting exposure . |
External Roles
None disclosed in company filings for Dana Boyle .
Fixed Compensation
| Component | Amount/Terms | Effective Date |
|---|---|---|
| Base Salary | $425,000 annually | Jul 1, 2025 |
| Target Annual Bonus | 50% of base salary; discretionary under Bonus Plan | Jul 1, 2025 |
Performance Compensation
| Incentive Type | Metric | Weighting | Target | Actual | Payout Mechanics | Vesting |
|---|---|---|---|---|---|---|
| Annual Cash Bonus | Corporate goals set by Compensation Committee under Bonus Plan | Not disclosed | 50% of base | Not disclosed | Discretionary based on corporate and individual performance | N/A |
| RSUs (Appointment Grant) | Service‑based | N/A | $300,000 grant value | N/A | Equity grant under 2020 LTIP | 25% vests on Jul 11, 2026; remaining 75% vests in equal quarterly installments over the following 3 years, subject to continued employment |
Company context for bonus outcomes: Named executive officers’ annual bonuses reflected achievement of 150% of corporate goals for 2023 and 72% for 2024, illustrating variability in Bonus Plan payouts based on performance .
Equity Ownership & Alignment
- Appointment equity: RSUs valued at $300,000 granted under the 2020 Long‑Term Incentive Plan; vesting per schedule above .
- Insider policy: Anti‑hedging and anti‑pledging policy prohibits short sales, options transactions, and pledging/margin use of company stock without prior written approval from the CFO administering the policy .
- Clawback: Nasdaq‑compliant clawback policy adopted Nov 2, 2023, covering incentive compensation earned/vested based on financial reporting measures for the three fiscal years preceding any required restatement .
- Beneficial ownership: No individual ownership disclosure for Dana Boyle identified in the 2025 proxy beneficial ownership table (covers NEOs and directors by record date) . Section 16 compliance for FY2024 reported timely for covered insiders .
Employment Terms
| Provision | Outside Change‑in‑Control Period | Within Change‑in‑Control Period |
|---|---|---|
| Severance Cash | 12 months base salary, paid over 12 months | Lump sum equal to 12 months base salary + target annual incentive, paid within 60 days of termination |
| Equity | Not specified | 100% acceleration of unvested outstanding equity |
| Benefits (COBRA) | Employer portion of COBRA premiums for 12 months (subject to timely election/eligibility) | Lump sum COBRA payment equal to premium differential × 12 months |
| Conditions | Must sign and not revoke release of claims; per Amended & Restated Executive Severance and Change in Control Plan | Same |
280G “better‑of” provision: Change‑in‑control payments/benefits may be reduced to avoid excise taxes if doing so yields a greater after‑tax amount for the executive under Sections 280G/4999 of the Code .
Investment Implications
- Retention and selling pressure: The RSU grant has a 25% cliff vest on Jul 11, 2026, then quarterly vesting for three years, creating predictable potential liquidity windows that can translate into periodic insider selling pressure; anti‑pledging limits leverage risks around holdings .
- Alignment and governance: Time‑based RSUs, CFO‑administered anti‑hedging/pledging policy, and a Nasdaq‑compliant clawback framework suggest stronger pay‑risk alignment and recovery mechanisms if financial restatements occur .
- Change‑in‑control economics: Double‑trigger acceleration (termination within CIC period) and cash severance (base + target bonus) reduce transition risk for a key reporting officer but can modestly raise cost of turnover; these terms are consistent with market practices for senior finance roles .
- Performance‑linked cash outcomes: Bonus payouts depend on annual corporate goals; recent companywide achievement ranged from 150% (2023) to 72% (2024), signaling variable incentive realizations with commercial and regulatory milestones as key drivers .