Eric Benevich
NEUROCRINE BIOSCIENCESAbout Eric Benevich
Eric Benevich is Chief Commercial Officer (CCO) of Neurocrine Biosciences, appointed in May 2015, with over 30 years of pharmaceutical commercial experience at AstraZeneca, Amgen, Peninsula Pharmaceuticals, and Avanir Pharmaceuticals; he holds a BBA in International Business from Washington State University . Company performance metrics relevant to his pay-for-performance alignment include 2024 cumulative TSR of $126.99 on a $100 base, GAAP net income of $341.3 million, and net product sales of $2,330.6 million . The 2024 corporate goals were achieved at 115%, which drove annual incentive payouts, including Benevich’s 115% of target bonus for 2024 . Performance RSUs granted in 2022 paid out only 40% (FDA approval metric met; no new Phase 3 trial initiations), evidencing genuine performance gating .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| AstraZeneca | Commercial/sales and marketing roles | — | Commercialization of Prilosec® |
| Amgen | Commercial/sales and marketing roles | — | Commercialization of Epogen® and Enbrel® |
| Peninsula Pharmaceuticals | Commercial roles | — | Commercial brand management |
| Avanir Pharmaceuticals | Commercial roles | — | Commercialization of Neudexta® |
External Roles
No external public company directorships or committee roles disclosed for Benevich in the latest proxy biography section .
Fixed Compensation
| Metric | 2024 | 2025 |
|---|---|---|
| Base Salary ($) | $636,848 | $668,690 |
| Target Bonus (% of Base) | 50% | 50% |
| Target Bonus ($) | $318,424 | — |
| Actual Bonus (% of Target) | 115% | — |
| Actual Bonus ($) | $366,188 | — |
Performance Compensation
Annual Incentive (2024)
| Metric | Weighting | Target | Actual | Payout |
|---|---|---|---|---|
| Corporate goal achievement | — | 100% of target bonus | 115% achievement | 115% of target → $366,188 |
2024 Long-Term Equity Awards (Target grant values and shares)
| Instrument | Grant date(s) | Shares (#) | Grant date fair value ($) |
|---|---|---|---|
| Stock Options | Feb 13, 2024 | 39,426 | $2,449,932 |
| RSUs | Feb 13, 2024 | 7,846 | $1,050,109 |
| PRSUs (target) | Mar 18, 2024 | 12,550 | $1,749,972 |
| Total | — | — | $5,250,000 (target mix table) |
Vesting mechanics: options vest monthly over 4 years; RSUs vest annually over 4 years; PRSUs vest upon Compensation Committee certification of two performance metrics by Dec 31, 2026 (revenue diversification achievements and business development objectives) .
PRSU Program History and Payouts
| PRSU Grant Year | Target Shares (Benevich) | Performance Period | Metrics | Outcome/Payout |
|---|---|---|---|---|
| 2022 | 4,556 | Jan 1, 2022–Dec 31, 2024 | 40% FDA approval of INGREZZA for HD chorea; 60% new Phase 3 trial initiations | FDA metric achieved at target; no new Phase 3 trials → 40% payout of target |
| 2023 | 13,290 | Jan 1, 2023–Dec 31, 2025 | Regulatory milestones/advancement of clinical programs | Ongoing; targets undisclosed until 2026–2027 |
| 2024 | 12,550 | Jan 1, 2024–Dec 31, 2026 | Revenue diversification & BD objectives | Ongoing; targets undisclosed until after period |
2024 Realized Equity Activity
| Activity (2024) | Shares (#) | Value Realized ($) |
|---|---|---|
| Options Exercised | 169,818 | $11,495,943 |
| RSUs Vested | 8,667 | $1,196,835 |
Equity Ownership & Alignment
Beneficial Ownership (as of March 24, 2025)
| Holder | Shares Beneficially Owned (#) | % of Outstanding |
|---|---|---|
| Eric Benevich | 267,575 | <1% |
Footnote detail: Benevich’s beneficial ownership consists of 44,849 common shares plus 222,726 shares issuable upon options exercisable within 60 days of March 24, 2025 .
Ownership Guidelines and Hedging/Pledging
- Executive ownership guidelines: 6× base salary for CEO; 1× base salary for other executive officers. In-the-money value of vested stock options counts toward compliance; unvested RSUs/PRSUs excluded .
- All executive officers were in compliance as of March 24, 2025 .
- Hedging, short sales, options trading, margining, or pledging of company stock are prohibited; company recorded no hedging, pledging, or margining in 2024. Executives must transact via 10b5‑1 plans with waiting periods; amendments are restricted .
Outstanding Equity Awards (as of Dec 31, 2024) – Benevich
| Grant Date | Exercisable Options (#) | Unexercisable Options (#) | Exercise Price ($) | Expiration | RSUs Unvested (#) | RSUs MV ($) | PRSUs Target (#) | PRSUs MV ($) |
|---|---|---|---|---|---|---|---|---|
| Feb 5, 2016 | 12,830 | — | 35.99 | Feb 5, 2026 | — | — | — | — |
| Feb 6, 2017 | 3,194 | — | 43.24 | Feb 6, 2027 | — | — | — | — |
| Feb 5, 2018 | 27,519 | — | 81.49 | Feb 5, 2028 | — | — | — | — |
| Feb 7, 2019 | 1,233 | — | 81.05 | Feb 7, 2029 | — | — | — | — |
| Feb 6, 2020 | 61,347 | — | 102.90 | Feb 6, 2030 | — | — | — | — |
| Feb 8, 2021 | 47,005 | 2,044 | 117.63 | Feb 8, 2031 | 1,860 | $253,890 | — | — |
| Jan 31, 2022 | 18,225 | 16,922 | 79.02 | Jan 31, 2032 | 4,588 | $626,262 | 4,556 | $621,894 |
| Feb 13, 2023 | 23,733 | 28,049 | 103.52 | Feb 13, 2033 | 6,249 | $852,989 | — | — |
| May 19, 2023 | — | — | — | — | — | — | 13,290 | $1,814,085 |
| Feb 13, 2024 | 8,214 | 31,212 | 133.84 | Feb 13, 2034 | 7,846 | $1,070,979 | — | — |
| Mar 18, 2024 | — | — | — | — | — | — | 12,550 | $1,713,075 |
Notes: Options generally vest monthly over 4 years; RSUs vest annually over 4 years; PRSUs vest on performance certification within each grant’s 3‑year performance period .
Employment Terms
2015 Employment Agreement (in effect during 2024)
- Base salary initially $365,000 (2015), adjusted over time; 2024 base salary was $636,848; target annual bonus 50% of base .
- Severance (no CIC): 1.0× annual base salary plus target bonus (paid over 12 months), 12 months COBRA, and acceleration of time‑vesting equity scheduled to vest over 12 months post‑termination; performance awards vest at committee discretion .
- Severance (within 6 months post‑CIC): 1.5× salary+target bonus (lump sum), cash equal to value of all unvested and vested outstanding stock awards, 18 months COBRA; “best‑after‑tax” reduction may apply vs 280G excise tax .
2025 Severance Plan and Amended Employment Agreement (effective Feb 7, 2025)
- Base salary set to $668,690; target annual bonus remains 50% of base .
- CIC double‑trigger severance (covered employees): 1.5× (salary + target bonus), pro‑rata target bonus, up to 18 months COBRA premiums, and full acceleration of outstanding equity; PRSUs vest at greater of target or actual performance as of termination (committee discretion) .
- Clawbacks: compensation subject to both legacy and current incentive compensation recoupment policies (pre‑ and post‑Oct 2, 2023), exchange‑listing mandated clawbacks, and any additional company clawback policies .
Investment Implications
- Alignment and retention: Benevich is in compliance with ownership guidelines; in‑the‑money vested options count toward guidelines, improving alignment while prohibitions on hedging/pledging reduce misalignment risk .
- Selling pressure: 2024 saw significant option exercises (169,818 shares; $11.5M value realized), which can indicate scheduled 10b5‑1 selling and tax‑motivated liquidity; continued vesting of sizeable RSUs/PRSUs implies ongoing potential supply, albeit governed by blackout windows and plans .
- Pay-for-performance: 2022 PRSUs paid only 40% due to missed clinical trial initiations, demonstrating genuine downside to performance equity; 2024 PRSUs focus on revenue diversification/BD through 2026, aligning with commercial leadership objectives .
- Change-in-control economics: Double‑trigger CIC protection at 1.5× salary+target bonus with full equity acceleration materially increases separation value ($10.55M illustrated as of 12/31/24) and reduces retention risk during strategic events; pre‑CIC severance ~$3.59M scenario value as of 12/31/24 contextualizes baseline protections .
- Benchmarking discipline: Compensation decisions reference a robust peer group (ACADIA, Alkermes, Alnylam, BioMarin, Exelixis, Incyte, Ionis, Jazz, Organon, Sarepta, Ultragenyx, United Therapeutics, argenx, BeiGene, Horizon, Karuna), indicating market‑based pay positioning and potential upward pressure tied to peer medians .
Appendix: Scenario Economics (Benevich, as of 12/31/2024)
| Scenario | Salary ($) | Bonus ($) | Accrued Comp ($) | Stock Awards ($) | Medical ($) | Total ($) |
|---|---|---|---|---|---|---|
| Termination (no CIC) | $636,848 | $318,424 | $91,854 | $2,508,611 | $32,424 | $3,588,161 |
| CIC Termination | $955,272 | $477,636 | $91,854 | $8,972,500 | $48,636 | $10,545,898 |
| Disability | $636,848 | $318,424 | $91,854 | $2,508,611 | $32,424 | $3,588,161 |
| Death | — | $318,424 | $91,854 | $2,508,611 | — | $2,918,889 |
Note: CIC severance terms in the 2025 Severance Plan provide 1.5× salary+target bonus, pro‑rata bonus, 18 months COBRA, and full equity acceleration with PRSUs vesting at target or actual—superseding prior agreements .