Todd Anderman
OCULAR THERAPEUTIXAbout Todd Anderman
Todd D.C. Anderman, age 43, serves as Chief Legal Officer and Secretary of Ocular Therapeutix, Inc. (OCUL) since October 2024, after founding Anderman LLC to provide legal services to biotech companies earlier that year . His background includes senior legal leadership at IVERIC bio, Inc. from 2015–2023 and prior corporate law roles at WilmerHale and Cravath; he holds a B.A. in Government and Philosophy from Cornell University and a J.D. from the University of Pennsylvania Law School . OCUL’s 2024 corporate performance achieved key clinical/commercial milestones and delivered 9.0% revenue growth versus 2023, indicative of ongoing execution momentum under the current leadership team . As an OCUL executive, Anderman signed a 45‑day lock‑up tied to a September 2025 offering, constraining near‑term selling, pledging, and swaps during the lock-up period .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ocular Therapeutix, Inc. | Chief Legal Officer and Secretary | Oct 2024–present | Executive legal leadership; corporate secretary responsibilities |
| Anderman LLC | Founder; provided general legal services to biotech companies | Feb 2024–Sep 2024 | General biotech legal services |
| IVERIC bio, Inc. | SVP, Chief Legal Officer & Secretary (Jan 2023–Aug 2023); SVP, General Counsel & Secretary (Jan 2021–Dec 2022); VP, General Counsel & Secretary (Feb 2018–Dec 2020); other roles since Apr 2015 | 2015–2023 | Corporate legal leadership across multiple phases |
| Wilmer Cutler Pickering Hale and Dorr LLP | Counsel and Senior Associate, Corporate group | Apr 2012–Apr 2015 | Corporate transactions and advisory |
| Cravath, Swaine & Moore LLP | Associate, Corporate group | Oct 2007–Apr 2012 | Corporate transactions and advisory |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| None disclosed in OCUL biography | — | — | No public company board roles disclosed in biography |
Equity Ownership & Alignment
- Executive lock-up: Anderman signed the offering lock-up (Exhibit B), covering “Sell or Offer to Sell,” pledging, swaps, and related securities for 45 days post final prospectus supplement .
- Insider trading policy: Prohibits short sales and derivatives (puts/calls), margin purchases, borrowing against company stock, and pledging as collateral absent express CFO approval .
- Hedging policy: “We do not have any practices or policies regarding hedging,” while the insider trading policy restricts derivatives for officers .
- Clawback: Company will seek recovery of excess incentive-based compensation from executive officers for three completed fiscal years preceding a required restatement, per Nasdaq Rule 5608 (effective Oct 2, 2023) .
- Beneficial ownership disclosure: Proxy provides beneficial ownership for directors and named executive officers; Anderman is not a 2024 NEO and does not have an individual line item in that table .
Employment Terms
- Role/tenure: Chief Legal Officer and Secretary since October 2024; executive officers are elected by and serve at the discretion of the board .
- Policies affecting employment and separation: Company-wide clawback policy (restatement-triggered) ; insider trading policy restrictions including prohibitions on short sales/derivatives, margin, and pledging without CFO approval .
- Severance/change‑in‑control specifics for Anderman: Not disclosed; proxy provides detailed severance economics for other executives (CEO, CDO, CSO), but no individualized disclosure for Anderman .
Performance Compensation
- Annual bonus structure: The company emphasizes pay‑for‑performance via specified annual corporate goals across clinical, commercial, and operational areas; payouts are subject to board/committee discretion and peer-informed target percentages at hire/promotion . 2024 payout decisions for NEOs were at 110% of target based on achievement of stretch goals; Anderman was not a 2024 NEO .
- Peer group and benchmarking: Compensation committee engages Aon as independent consultant; uses peer groups without targeting a fixed percentile; peer group was updated in 2025 to reflect OCUL’s market cap growth .
Company Performance During Anderman’s Tenure Start
| Metric | 2024 Outcome |
|---|---|
| Revenue growth vs 2023 | 9.0% |
| 2024 corporate milestones (examples) | SOL‑1 randomized and completed ahead of expectations; HELIOS 40‑week data; OTX‑TIC Phase 2 topline; SOL‑R design activated and FDA feedback confirming adequacy; DEXTENZA execution and reimbursement maintained |
Governance and Trading Constraints
- Lock‑up agreement definitions and parties: Underwriting lock-up includes executives listed in Exhibit B (including Anderman) and defines activities restricted during the lock‑up (sell, pledge, swaps, etc.) .
- Insider trading policy governance: Short sales and derivatives prohibited; pledging requires CFO approval; policy aims to ensure compliance with laws and Nasdaq standards; policy filed as an exhibit to the 2024 10‑K .
Investment Implications
- Alignment: Anderman’s lock‑up participation and the company’s clawback policy enhance alignment and mitigate near‑term selling/hedging risk; pledging is restricted absent CFO approval, reducing collateral‑driven sell pressure .
- Retention/contract risk: Individual severance and change‑of‑control economics for Anderman are not disclosed, leaving retention economics opaque vs. CEO/CDO/CSO where terms are explicit; monitor future 8‑Ks for any amendments or disclosures .
- Trading signals: The September 2025 offering lock‑up constrained executive transactions for 45 days post final prospectus supplement; ongoing insider activity should be monitored via Form 4s for selling pressure or accumulation once lock‑up periods lapse .
- Pay‑for‑performance context: Company‑level bonus design tied to corporate goals and peer‑informed targets, with discretionary adjustments, suggests linkage to execution milestones; Anderman‑specific targets/payouts are not disclosed, limiting precision in pay‑performance analysis for him .