John Pinion
Chief Quality Officer and Executive Vice President of Translational Sciences at 
Ultragenyx Pharmaceutical
Ultragenyx PharmaceuticalExecutive
About John Pinion
John R. Pinion II is Chief Quality Officer and Executive Vice President, Translational Sciences at Ultragenyx (RARE), serving in this role since September 2017 after earlier leadership roles in analytical sciences and quality operations at Ultragenyx and a prior decade at Roche/Genentech leading global quality and compliance. He holds a B.S. in Mechanical Engineering from the University of West Virginia and serves on the board of Aroa Biosurgery (ASX) . Company performance central to his incentives includes 2024 revenue of $560 million (+29% YoY) and corporate goal achievement of 110%, which drove annual bonus funding, and PSU programs tied to revenue, relative TSR, and strategic goals; the 2023 revenue PSUs paid out at 74% based on $995 million aggregate revenue over 2023-2024 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ultragenyx Pharmaceutical Inc. | Chief Quality Officer & EVP, Translational Sciences | Since Sep 2017 | Enterprise quality leadership across development and commercialization; oversight of translational sciences |
| Ultragenyx Pharmaceutical Inc. | EVP, Analytical Sciences & Research | Jan 2016 – Sep 2017 | Built analytical sciences and research capabilities to support pipeline and CMC |
| Ultragenyx Pharmaceutical Inc. | Chief Quality Operations Officer | Jul 2015 – Sep 2017 | Established quality operations framework for a scaling biotech |
| Ultragenyx Pharmaceutical Inc. | SVP, Analytical Sciences & Research | Jul 2015 – Jan 2016 | Early build-out of analytical platforms post-hire |
| Roche/Genentech Pharma Technical Operations | SVP & Global Head of Quality and Compliance | Oct 2009 – Jul 2015 | Led global GMP quality/compliance for pharma operations at scale |
| Genentech | Various increasing-responsibility roles | 2005 – 2015 | Progression through technical quality roles culminating in global leadership |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Aroa Biosurgery (ASX) | Director | Current | External board perspective; soft-tissue regeneration domain insight |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $533,315 | $552,092 | $570,366 |
| Base Salary (as of year-end) | — | $555,000 | $572,000 |
| Base Salary Increase (%) | — | — | 3.1% |
| Target Bonus (% of Base) | — | — | 50% |
| Non-Equity Incentive (Annual Bonus) ($) | $260,678 | $294,761 | $339,768 |
| 2024 Bonus Components | — | — | Corporate score 110%; Individual score 108%; payout 59% of base; $339,768 paid Mar-2025 |
Performance Compensation
| Metric | Weighting | Target/Threshold | Actual/Payout | Vesting |
|---|---|---|---|---|
| 2024 PSU – Revenue | 1/3 of PSUs | 50% threshold; 200% max; 2-year period (CY2024–2025) | Not yet certified | Vests Mar-1-2026 after certification |
| 2024 PSU – Relative TSR (vs Nasdaq Biotech Index) | 1/3 of PSUs | 25th pct=25%; 50th=100%; 75th=150%; 90th=200%; 3-year period (CY2024–2026) | Not yet certified | Vests Mar-1-2027 after certification |
| 2024 PSU – Strategic Goals | 1/3 of PSUs | 2/5=50%; 3/5=100%; 4/5=150%; 5/5=200%; 3-year period (CY2024–2026) | Not yet certified | Vests Mar-1-2027 after certification |
| 2023 PSU – Revenue (2-year) | 50% of PSUs | Threshold $945M; Target $1,050M; Max $1,260M (aggregate 2023–2024 revenue) | Actual $995M; payout 74% | Vested Mar-1-2025 |
| 2023 PSU – Strategic (2-year) | 25% of PSUs | As defined in 2023 grant | Vested (payout level not detailed) | Vested Mar-1-2025 |
| 2023 PSU – Relative TSR (3-year) | 25% of PSUs | Percentile schedule (as above) | In progress | If earned, vests early 2026 |
2024 Equity Grants (Ultragenyx and Amlogenyx)
| Grant | Date | Units/Target | Exercise Price | Notes |
|---|---|---|---|---|
| Options (Ultragenyx) | 3/1/2024 | 31,400 | $53.69 | 10-year term; 25% at 1st anniversary then monthly |
| RSUs | 3/1/2024 | 17,800 | — | 25% annually over four years |
| PSUs (Target) | 3/1/2024 | 17,800 | — | Mix of revenue/TSR/strategic (1/3 each) |
| PSOs (Amlogenyx) | 10/21/2024 | 100,000 | $2.31 | Vest on 4 clinical criteria (25% each); 18-month window to 4/21/2026; forfeiture if unmet |
2024 Grant Date Fair Values (ASC 718)
| Component | Grant-Date Fair Value ($) |
|---|---|
| Options (Ultragenyx) | $953,571 |
| RSUs | $955,682 |
| PSUs | $1,128,866 |
| PSOs (Amlogenyx) | $167,700 |
| Stock Awards (RSU+PSU total per SCT) | $2,084,548 |
| Option Awards (incl. Amlogenyx PSOs per SCT) | $1,121,271 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial ownership (3/7/2025) | 336,097 shares; <1% of outstanding |
| Composition (footnote) | 66,084 shares owned; 270,013 shares via options exercisable within 60 days |
| Stock ownership guidelines | 1x base salary for NEOs; compliance achieved by 12/31/2024 |
| Hedging/pledging | Prohibited for employees, including executive officers |
| Clawback policy | Recovery of excess incentive comp after restatements; recoupment for fraud/intentional misconduct |
Outstanding Equity Awards at December 31, 2024 (Pinion)
| Grant Date | Options Exercisable (#) | Options Unexercisable (#) | Unearned Options (#) | Exercise Price ($) | Expiration | Unvested RSUs/ Earned PSUs (#) | Market Value ($) | Unearned PSUs (# at target) | Market/Payout Value ($) |
|---|---|---|---|---|---|---|---|---|---|
| 10/21/2024 (Amlogenyx PSOs) | — | — | 100,000 | 2.31 | 10/21/2034 | — | — | — | — |
| 3/1/2024 | — | 31,400 | — | 53.69 | 3/1/2034 | 17,800 | $748,846 | 17,800 | $748,846 |
| 3/1/2023 | 17,238 | 22,162 | — | 45.65 | 3/1/2033 | 31,471 | $1,323,985 | 7,029 | $295,710 |
| 3/1/2022 | 17,119 | 7,781 | — | 67.37 | 3/1/2032 | 10,472 | $440,557 | — | — |
| 3/1/2021 | 10,313 | 687 | — | 142.47 | 3/1/2031 | 1,375 | $57,846 | — | — |
| 3/1/2020 | 22,000 | — | — | 56.08 | 3/1/2030 | — | — | — | — |
| 3/1/2019 | 23,000 | — | — | 67.55 | 3/1/2029 | — | — | — | — |
| 3/1/2018 | 27,000 | — | — | 48.43 | 3/1/2028 | — | — | — | — |
| 3/1/2017 | 18,000 | — | — | 88.80 | 3/1/2027 | — | — | — | — |
| 6/3/2016 | 11,000 | — | — | 69.53 | 6/3/2026 | — | — | — | — |
| 6/1/2016 | 17,800 | — | — | 70.57 | 6/1/2026 | — | — | — | — |
| 7/16/2015 | 90,000 | — | — | 124.87 | 7/16/2025 | — | — | — | — |
Vesting and Sales Activity Indicators
| Year | Options Exercised (#) | Stock Awards Vested (#) | Value Realized on Vesting ($) |
|---|---|---|---|
| 2023 | — | 14,488 | $661,377 |
| 2024 | — (none for all NEOs) | 11,620 | $623,878 |
Employment Terms
| Scenario (as of 12/31/2024) | Base ($) | Bonus ($) | Equity Acceleration ($) | COBRA ($) | Total ($) |
|---|---|---|---|---|---|
| Qualifying Termination | $572,000 | $286,000 | — | $39,974 | $897,974 |
| Qualifying Termination following Covered Transaction (Double Trigger) | $858,000 | $429,000 | $3,615,790 | $59,961 | $4,962,751 |
| Scenario (as of 12/31/2023) | Base ($) | Bonus ($) | Equity Acceleration ($) | COBRA ($) | Total ($) |
|---|---|---|---|---|---|
| Qualifying Termination | $555,000 | $277,500 | — | $38,552 | $871,052 |
| Qualifying Termination following Covered Transaction (Double Trigger) | $832,500 | $416,250 | $3,096,102 | $57,828 | $4,402,680 |
- Offer letter severance (non-CEO): 12 months base + target bonus, 12 months COBRA; enhanced to 18 months base + 1.5x target bonus, 18 months COBRA, double-trigger equity acceleration and 12-month option exercise extension if terminated within 18 months post “covered transaction” .
- Definitions include “cause,” “constructive termination,” and “good reason” constructs; employment is at-will .
Deferred Compensation
| Year | Executive Contributions ($) | Company Contributions ($) | Aggregate Earnings ($) | Balance at FYE ($) | Notes |
|---|---|---|---|---|---|
| 2023 | $183,239 | — | $34,125 | $217,365 | Deferral of 4,014 RSUs at vest |
| 2024 | $86,011 | — | $29,798 | $333,174 | Deferral of 1,602 RSUs at vest |
Compensation Structure Analysis
- Equity-heavy pay mix with RSUs, options, and PSUs; 2024 stock awards of $2.08M and option awards of $1.12M vs salary $0.57M and bonus $0.34M, emphasizing long-term alignment and performance sensitivity .
- 2024 PSUs shift weight away from revenue to broader TSR/strategic goals (each 1/3) and longer performance windows, increasing rigor and reducing single-metric risk; relative TSR percentile schedule caps at 200% payout .
- No tax gross-ups on change-of-control; clawback policy covers restatements and misconduct; hedging/pledging prohibited, aligning with governance best practices .
Investment Implications
- Alignment: Pinion’s incentives are tightly linked to corporate outcomes (revenue, TSR, strategic goals) and 2024 corporate performance scoring (110%) directly impacted bonus; significant PSU dependence adds multi-year performance exposure .
- Supply overhang: PSU tranches vested on March 1, 2025 (including 2023 revenue/strategic components; e.g., 14,971 earned PSUs from 2023 and 3,472 earned PSUs from 2022 vested for Pinion), which can contribute to insider selling pressure near vest dates; no options exercised in 2024 reduces immediate selling signals .
- Retention/M&A: Double-trigger acceleration plus 18-month cash severance in a covered transaction provides retention through deal close but raises post-deal equity acceleration risk; severance totals increased materially YoY (2023: $4.40M → 2024: $4.96M) primarily from larger equity acceleration values .
- Ownership/skin-in-the-game: Beneficial ownership of 336,097 shares (including 270,013 options exercisable within 60 days) and compliance with ownership guidelines support alignment; prohibited hedging/pledging lowers governance risk signals .