Adam Logal
Senior Vice President, Chief Financial Officer, Chief Accounting Officer, and Treasurer at 
OPKO HEALTH
OPKO HEALTHExecutive
About Adam Logal
Adam Logal, 46, is OPKO Health’s Senior Vice President, Chief Financial Officer, Chief Accounting Officer, and Treasurer, serving in these roles since March 2014 after progressively senior finance positions at OPKO and earlier leadership at Nabi Biopharmaceuticals (2002–2007) . Company pay-versus-performance disclosures indicate the most important performance measures used to set pay in 2024 were Adjusted Operating Income, Revenue, and Relative TSR, with additional consideration of R&D progress and strategic transactions (e.g., BioReference asset sale) . Over 2019–2024, OPKO’s cumulative TSR (value of $100 investment) was 268.71 (2020), 327.21 (2021), 85.03 (2022), 102.72 (2023), and 100.00 (2024), while reported revenue for those years was 1,435,413; 1,774,718; 1,004,196; 863,495; and 713,142, respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| OPKO Health | Senior VP, CFO, CAO, Treasurer | Mar 2014–present | Not disclosed |
| OPKO Health | VP Finance, CAO, Treasurer | Jul 2012–Mar 2014 | Not disclosed |
| OPKO Health | Director of Finance, CAO, Treasurer | Mar 2007–Jul 2012 | Not disclosed |
| GeneDx, LLC (OPKO subsidiary) | President | Jul 2020–Jun 2021 | Not disclosed |
| Nabi Biopharmaceuticals | Senior Director of Accounting & Reporting | 2002–2007 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Xenetic Biosciences (NASDAQ: XBIO) | Director | 2017–2024 | Not disclosed |
| VBI Vaccines (NASDAQ: VBIV) | Director | 2014–2018 | Resigned Oct 18, 2018 |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 700,000 | 700,000 | 700,000 |
| Bonus ($) | — | 375,000 | 475,000 |
| All Other Compensation ($) | 12,200 | 13,200 | 13,800 |
| Total ($) | 712,200 | 1,809,200 | 1,810,050 |
Notes:
- Committee approved a $500,000 cash bonus to Mr. Logal (for work performed in 2020; approved Feb 19, 2021) and increased his salary from $600,000 to $700,000 effective 2021 .
- Committee approved a $200,000 cash bonus in 2022 for work performed in 2021 .
Performance Compensation
| Incentive Type | Metric(s) Considered | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Discretionary Annual Bonus (2024) | Corporate and individual performance; Company considered Adjusted Operating Income, Revenue, Relative TSR; R&D/strategic progress | Discretionary; no set formula | Not disclosed | $475,000 | Cash (N/A) |
| RSUs (Granted 7/24/2024) | Time-based; no performance metrics | N/A | N/A | Grant-date FV $621,250; 437,500 units | 50% on 7/24/2026; 25% on 7/24/2027; 25% on 7/24/2028 |
Additional context:
- 2023 equity for Mr. Logal was stock options (grant-date FV $721,000) rather than RSUs, highlighting a mix shift to RSUs in 2024 .
- Company states equity awards are determined without fixed performance criteria and rely on committee judgment and CEO recommendation for NEOs .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 2,104,162 common shares; <1% of 671,601,520 outstanding at Feb 24, 2025 |
| Stock Ownership Guidelines | Not disclosed |
| Hedging/Pledging Policy | Directors/officers prohibited from pledging, short selling, or derivatives without prior written consent; trades limited to permitted windows |
| 2024 Vesting/Exercises | No option exercises and no RSU/restricted stock vested for any NEO in 2024 |
| Change-in-Control (COC) Acceleration Value | Approx. $1,000,000 for Mr. Logal’s stock options if COC occurred on Dec 31, 2024 |
Options Outstanding (as of Dec 31, 2024)
| Grant Date | Status | Shares | Exercise Price ($) | Expiration | Vesting Footnote |
|---|---|---|---|---|---|
| 3/18/2015 | Exercisable | 250,000 | 14.42 | 3/17/2025 | Issued 3/18/2015; 4 equal annual tranches from 3/18/2016 |
| 4/01/2016 | Exercisable | 250,000 | 10.41 | 3/31/2026 | Issued 4/01/2016; 4 equal annual tranches from 4/01/2017 |
| 6/21/2018 | Exercisable | 300,000 | 4.46 | 6/20/2028 | Issued 6/21/2018; 4 equal annual tranches from 6/21/2019 |
| 7/01/2019 | Exercisable | 250,000 | 2.47 | 6/30/2029 | Issued 7/01/2019; 4 equal annual tranches from 7/01/2020 |
| 6/04/2020 | Exercisable | 350,000 | 2.27 | 6/03/2030 | Issued 6/04/2020; 4 equal annual tranches from 6/04/2021 |
| 2/19/2021 | Exercisable | 350,000 | 4.81 | 2/18/2031 | Issued 2/19/2021; 4 equal annual tranches from 2/19/2022 |
| 5/18/2023 | Exercisable | 175,000 | 1.58 | 5/17/2033 | Issued 5/18/2023; 4 equal annual tranches from 5/18/2024 |
| 5/18/2023 | Unexercisable | 525,000 | 1.58 | 5/17/2033 | Same as above |
Employment Terms
| Term | Disclosure |
|---|---|
| Employment Agreement | None for current executive officers (no individual employment agreement for Mr. Logal) |
| Severance | None for Mr. Logal; severance is provided only for Drs. Zerhouni/Nabel (12 months salary/benefits) |
| Change-of-Control | 2007 and 2016 Equity Incentive Plans provide single-trigger full acceleration upon COC; awards must be assumed or replaced post-COC per plan terms |
| Clawback | Not disclosed in proxy |
| 401(k) and Benefits | Standard benefits; 401(k) safe harbor contributions (company match policy); all safe harbor contributions are immediately vested |
| Non-Compete/Non-Solicit | Not disclosed |
Compensation Structure Analysis
- Mix shift: 2024 equity grants were time-based RSUs (grant-date FV $621,250) versus option awards in 2023 (grant-date FV $721,000), reducing performance leverage and increasing retention-oriented equity .
- Cash pay stability: Base salary held flat at $700,000 in 2022–2024; discretionary bonuses resumed in 2023 ($375,000) and increased in 2024 ($475,000) .
- No formulaic metrics: Committee uses judgment without set weights; metrics considered include Adjusted Operating Income, Revenue, and Relative TSR; plus R&D/strategic progress .
- Risk controls: Company prohibits pledging/hedging without prior written consent; trading restricted to windows .
Say-on-Pay & Compensation Governance
| Item | Disclosure |
|---|---|
| 2024 Say-on-Pay Result | ~97% approval; no changes deemed necessary based on vote |
| Compensation Committee | Richard M. Krasno (Chair), Prem A. Lachman, Roger J. Medel; met six times in 2024; independence affirmed |
| Benchmarking | Internally generated survey across biotech/pharma/lab companies; no third-party consultant historically engaged |
Risk Indicators & Related Party Transactions
- Insider selling pressure: No option exercises or RSU vesting in 2024 for NEOs, dampening near-term mechanically driven selling pressure .
- Pledging/hedging: Prohibited without prior written consent; no disclosure indicating Mr. Logal pledged shares .
- Related party transactions: Multiple related party arrangements disclosed (e.g., Frost Holdings lease, Danaher purchases), but none specific to Mr. Logal; transactions reviewed/approved under policy .
- Legal/SEC issues: Not disclosed for Mr. Logal in proxy .
Investment Implications
- Alignment and retention: Large unvested 2023 options (525k at $1.58) and 2024 RSUs (vesting 2026–2028) align Mr. Logal with multi-year value creation and create retention hooks; single-trigger COC acceleration (~$1.0M option value) adds event-driven sensitivity .
- Pay-for-performance rigor: Discretionary bonus framework with qualitative metrics (Adjusted Operating Income, Revenue, Relative TSR) offers flexibility but reduces transparency; investors should monitor consistency between outcomes and disclosures .
- Selling pressure: With no 2024 vesting or exercises, mechanical selling pressure appears limited; watch 2025–2026 timelines for expiring higher-strike options (2025–2026) and RSU vesting starting mid-2026 .
- Governance signals: Strong say-on-pay support (~97%) and independent compensation committee oversight reduce governance risk; absence of individual employment/severance for Mr. Logal limits fixed-cost exit liabilities .