Hans van Houte
About Hans van Houte
Hans van Houte, age 59, is Chief Financial Officer of Nurix Therapeutics (NRIX), serving as CFO since June 2020 after leading the company’s finance team since 2015; he holds a B.S. in Business Administration (Finance and Accounting) from Babson College and previously held senior finance roles in biotech including Vertex and Trubion . During his tenure, company TSR (value of an initial fixed $100 investment) improved to 76.72 in FY2024 from 21.58 in FY2023, and 42.99 in FY2022, while net income remained negative at -$194M in FY2024 (vs. -$144M FY2023 and -$180M FY2022) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Bionation LLC | Managing Partner; acted as CFO for multiple biotech companies | Not disclosed | Provided executive-level finance leadership as acting CFO for multiple biotechnology companies |
| Trubion Pharmaceuticals, Inc. | Vice President, Finance & Operations | Not disclosed | Senior finance and operations leadership at a biotechnology company |
| Vertex Pharmaceuticals Incorporated | Controller, Treasurer, Principal Accounting Officer | Not disclosed | Corporate accounting and treasury leadership at a global biotechnology firm |
External Roles
- No current public-company directorships or external board roles disclosed in the executive officer biography .
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary Rate ($) | — | $484,100 | $500,000 |
| Salary Paid ($) | $465,417 | $482,925 | $498,675 |
| Target Bonus % of Base | 40% | 40% | 40% |
| Actual Bonus Paid ($) | $171,080 | $193,640 | $230,000 |
| All Other Compensation ($) | $14,244 | $5,418 | $4,460 |
Notes:
- Base salary rate reflects annualized rates; salary paid reflects actual amounts recognized in the Summary Compensation Table .
- Target bonus % unchanged at 40% across periods .
Performance Compensation
| Metric Category | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Corporate performance (clinical, research, business goals) | 70% | 100% of target | 115% of target | $230,000 total payout with corporate multiplier applied | N/A (cash) |
| Individual performance (non-CEO NEOs) | 30% | 100% of target | 115% of target | Included in total payout above | N/A (cash) |
Program design highlights:
- Corporate goals (unweighted) spanned advancing NX‑5948/NX‑2127/NX‑1607 trials, collaboration milestones (Sanofi, Gilead, Pfizer), and cash runway/engagement; achievement was determined at 115% of target for 2024 .
- Non-CEO NEO individual performance multiplier set at 115% for 2024 based on contributions to corporate goals .
Equity Ownership & Alignment
| Item | Value/Detail |
|---|---|
| Total beneficial ownership | 535,863 shares (33,724 common; 8,636 RSUs settleable within 60 days of Mar 21, 2025; 493,503 options exercisable within 60 days) |
| Ownership as % of shares outstanding | <1% of 76,235,594 shares outstanding (as of Mar 21, 2025) |
| Stock ownership guidelines | Not disclosed in proxy |
| Hedging/pledging policy | Hedging prohibited; pledging prohibited absent pre-approval; bans derivative transactions |
| Clawback policy | Compensation recovery policy adopted July 2023, compliant with SEC/Nasdaq; applies to incentive-based compensation on accounting restatements |
| Insider activity (FY2024) | RSUs vested: 27,044 shares ($502,966 realized); no option exercises |
Equity Grants and Vesting (Selected 2024 Awards)
| Award Type | Grant Date | Shares/Units | Exercise Price | Expiration | Vesting Schedule | Status at FY-end | Market Value (FY-end) |
|---|---|---|---|---|---|---|---|
| Stock Options | 2/13/2024 | 150,000 | $8.72/share | 2/12/2034 | 1/36 monthly over 36 months | 37,500 exercisable; 112,500 unexercisable as of 11/29/2024 | N/A |
| RSUs | 2/13/2024 | 45,000 | N/A | N/A | Quarterly over 3 years; first vest 7/30/2024 | 37,500 units unvested as of 11/29/2024 | $829,125 at $22.11/share |
Other outstanding awards (prior years) include RSUs granted 1/19/2022 (vest quarterly over 4 years) and 2/14/2023 (vest quarterly over 3 years) .
Employment Terms
| Scenario | Cash Severance | Healthcare Continuation | Equity Vesting | Total (as of 11/30/2024) |
|---|---|---|---|---|
| Termination without cause / for good reason (outside change-of-control period) | 0.75× base salary ($375,000) plus any prior-year earned bonus (paid separately) | 9 months continuation ($23,012) | No acceleration | $398,012 |
| Termination without cause / for good reason (within 12 months post-change-of-control) | Base salary + target bonus ($700,000) plus prior-year earned bonus (paid separately) | 12 months continuation ($30,683) | Full acceleration of time-based awards; performance awards per plan | $4,337,323 (includes $3,606,639 accelerated equity value) |
| Equity not assumed by successor in change-of-control | Automatic full acceleration regardless of termination | — | Full acceleration | — |
Additional terms:
- Double-trigger required for cash severance in change-of-control; 280G “best-net” cutback applies to parachute payments .
- Definitions of “cause” and “good reason” set forth in Executive Severance Plan; cure and notice periods apply .
- NEOs are at-will; severance plan supersedes prior agreements regarding severance/equity acceleration .
Compensation Committee & Benchmarking
- Compensation Committee (independent directors) oversees executive pay and engaged Aon’s Human Capital Solutions as independent consultant; no conflicts identified .
- 2024 peer group (23 pre-commercial biotech companies) used for benchmarking (e.g., Arcus, Arvinas, C4, Kymera, Relay, Revolution Medicines, Tango, Zentalis) .
- 2024 Say-on-Pay approval: ~88.3% “For” .
Compensation Structure Analysis
- Pay mix emphasizes variable, at-risk pay: non-CEO NEO target pay with 75% at-risk in 2024 (mix of cash bonus and equity) .
- Shift toward retention-focused RSUs for non-CEO NEOs (30% of LTI), alongside options (70% of LTI) to balance alignment and retention; options have 10-year terms, at-market strikes, and monthly vesting .
- Clawback compliant with SEC/Nasdaq; no excise tax gross-ups; hedging/pledging restrictions; no guaranteed compensation; no special retirement benefits .
Risk Indicators & Red Flags
- Full acceleration of time-based equity upon change-of-control termination (and automatic acceleration if awards are not assumed) increases potential change-of-control costs and dilution risk .
- No related-party transactions >$120,000 involving executives disclosed in FY2024; Section 16 filings deemed timely, reducing governance risk .
- Company maintains anti-hedging/anti-pledging policy; pledging requires pre-approval—no pledges disclosed for Mr. van Houte .
- 2025 secondary offering included lock-up provisions and permitted 10b5‑1 plans; could influence timing of insider liquidity but subject to restrictions (not specific to Mr. van Houte) .
Investment Implications
- Incentive alignment: A balanced mix of options (upside-linked) and RSUs (retention) with meaningful annual cash bonus tied to corporate and individual milestones (115% achievement in 2024) suggests strong focus on execution of clinical and collaboration goals; cash bonus sensitivity to milestone attainment provides near-term motivation .
- Retention risk: Material unvested equity (2024 RSUs and options) with multi-year vesting supports retention; FY2024 showed RSU vesting with no option exercises, indicating limited near-term selling pressure from options; however, change-of-control acceleration provisions could create near-term liquidity incentives in M&A scenarios .
- Governance quality: High Say-on-Pay support (88.3%), independent committee oversight with external benchmarking, clawback compliance, and anti-hedging/pledging constraints are positives for pay-for-performance credibility .
- Performance context: TSR improved in FY2024 alongside continued losses typical of pre-commercial biotech; compensation levers emphasize clinical progress and strategic partnerships over financial metrics, consistent with stage of development .