Michael MacLean
About Michael MacLean
Michael F. MacLean is Chief Financial Officer of Avidity Biosciences (RNA), serving since May 2020; he also held the Chief Business Officer role from April 2022 through December 2024 . He holds a B.S. in Accounting from Boston College and currently serves on the board of Verve Therapeutics (since June 2021) . As of April 2024 he was 58 years old . Pay-versus-performance disclosures show 2024 company TSR translated into a $162 value of a $100 initial investment (peer group $117) alongside a 2024 net loss of $322.3 million, framing the performance context for incentive outcomes .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Akcea Therapeutics, Inc. | Chief Financial Officer | Sep 2017–Mar 2020 | Led finance during commercialization of rare disease therapies under parent Ionis |
| PureTech Health plc | Chief Financial Officer & EVP | Sep 2015–Aug 2017 | Finance leadership at clinical-stage biopharma platform |
| Iron Mountain Inc. (North American business) | Chief Financial Officer | Jul 2014–Jun 2015 | Regional CFO for information management leader |
| Iron Mountain Inc. | SVP, Worldwide Controller | Oct 2012–Jun 2014 | Global finance operations leadership |
| Biogen Inc. | SVP Finance & Chief Accounting Officer | Not disclosed | Led Biogen’s worldwide finance organization |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Verve Therapeutics | Director | Jun 2021–present | Public company board service |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 451,500 | 471,900 | 490,800 |
| Target Bonus % of Salary | 40% | 40% | 40% |
| Actual Cash Bonus Paid ($) | 234,800 | 188,760 | 331,300 |
| All Other Compensation ($) | 15,336 | 14,082 | 17,010 |
Perquisites detail (2024): Life insurance premiums $1,410; 401(k) match $13,800; work-from-home stipend $1,800 . Company matches 401(k) at 100% up to 4% of eligible compensation . The company does not provide post-employment tax gross-ups .
Performance Compensation
Annual Cash Incentive (Short-Term)
| Year | Metric | Weighting | Target | Actual Payout ($) | Payout vs Target | Vesting |
|---|---|---|---|---|---|---|
| 2024 | Corporate performance goals (with individual adjustment) | 100% corporate with individual multiplier | 40% of base salary; plan-based target shown $238,545 | 331,300 | Paid at 150% of target | Cash paid annually |
| 2023 | Corporate performance goals (with individual) | As above | 40% of base salary | 188,760 | Not disclosed | Cash paid annually |
| 2022 | Corporate performance goals (with individual) | As above | 40% of base salary | 234,800 | Not disclosed | Cash paid annually |
Long-Term Equity Awards (2024 Grants)
| Grant Date | Instrument | Quantity | Exercise Price | Fair Value ($) | Vesting Schedule | Performance Link |
|---|---|---|---|---|---|---|
| 1/20/2024 | Stock Options | 106,000 | $10.16 | 762,172 | Equal monthly over 4 years | Stock price appreciation only |
| 1/20/2024 | RSUs | 22,500 | — | 228,600 | 4 equal annual installments | Time-based |
| 10/30/2024 | PSUs | 72,000 | — | 3,111,840 | 3 equal tranches upon milestone achievement by 12/31/2029 | del‑desiran, del‑brax, del‑zota goals; eligible to vest in full on change-in-control |
Equity vehicle design: options at FMV on grant; options typically vest monthly over 4 years; RSUs vest annually over 4 years; PSUs provide performance-based alignment with product milestones .
Outstanding Equity (as of Dec 31, 2024)
| Instrument | Grant Date | Exercisable (#) | Unexercisable (#) | Exercise Price ($) | Expiration | Unvested Shares/Units (#) | Market Value ($) |
|---|---|---|---|---|---|---|---|
| Options | 2/2/2021 (vc 1/1/2021) | 90,083 | 1,917 | 22.34 | 2/2/2031 | — | — |
| Options | 1/21/2022 (vc 1/3/2022) | 95,703 | 35,547 | 14.22 | 1/21/2032 | — | — |
| Options | 1/20/2023 | 70,916 | 77,084 | 22.47 | 1/20/2033 | — | — |
| Options | 9/11/2023 | 9,250 | 50,875 | 6.57 | 9/11/2033 | — | — |
| Options | 1/20/2024 | 24,291 | 81,709 | 10.16 | 1/20/2034 | — | — |
| RSUs | 1/20/2023 | — | — | — | — | 13,875 | 403,485 |
| RSUs | 9/11/2023 | — | — | — | — | 25,000 | 727,000 |
| RSUs | 1/20/2024 | — | — | — | — | 22,500 | 654,300 |
| PSUs | 10/30/2024 | — | — | — | — | 72,000 | 2,093,760 |
Vesting mechanics: Options vest monthly over 4 years; RSUs vest annually over 4 years; PSUs vest in three performance tranches; PSUs eligible for full vesting at change-in-control .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 473,232 shares; less than 1% of outstanding |
| Options included in Beneficial Ownership | 465,514 options exercisable within 60 days of 4/15/2024 |
| Ownership Guidelines | Not disclosed |
| Hedging/Pledging | Hedging and pledging prohibited by Insider Trading Policy |
| Clawback | Company maintains clawback policy per SEC/Nasdaq rules |
Employment Terms
| Provision | Outside CIC Termination | CIC Termination (Double Trigger) | Post-Termination Option Window |
|---|---|---|---|
| Salary Severance | Lump sum equal to 12 months base salary | Lump sum equal to 18 months base salary | If terminated for cause: 3 months to exercise vested options; without cause or for good reason: 6 months; never beyond original expiration |
| Bonus Severance | — | 150% of target bonus (lump sum) plus prorated target bonus (lump sum) | — |
| Health Benefits | COBRA premiums paid up to 12 months | COBRA premiums paid up to 18 months | — |
| Equity Acceleration | None (time-based awards not accelerated) | Accelerated vesting of unvested time-based awards; PSUs eligible for full vest on CIC | |
| CIC Window | Not applicable | Termination occurs within 59 days prior to or 24 months after a CIC | — |
Potential payments (assuming event on 12/31/2024):
| Scenario | Cash Severance ($) | Accelerated Equity ($) | Health Benefits ($) | Total ($) |
|---|---|---|---|---|
| Involuntary Termination Without Cause/Good Reason apart from CIC | 490,800 | — | 11,013 | 501,813 |
| Involuntary Termination Without Cause/Good Reason in connection with CIC | 1,030,680 | 7,620,350 | 16,520 | 8,667,550 |
| CIC (No Termination) | — | 2,820,760 | — | 2,820,760 |
Key definitions (from employment agreement): “Cause,” “Good Reason,” and “Change of Control” terms detailed; agreement includes relocation assistance provisions (historical) .
Investment Implications
- Pay-for-performance alignment: Annual cash incentives paid at 150% of target in 2024 indicate strong corporate goal achievement; long-term mix emphasizes options and RSUs with added PSUs tied to specific asset milestones, reinforcing equity-driven alignment .
- Retention and selling pressure: Monthly option vesting and annual RSU vesting provide ongoing retention; sizable 2024 PSU grant (72,000 units) eligible to vest in full upon a change-in-control could create event-driven supply if a CIC occurs, but performance gating to 2029 mitigates near-term release risk .
- Change-in-control economics: Double-trigger severance with 18 months salary + 150% target bonus, prorated bonus, and accelerated time-based vesting raises retention value but increases potential CIC costs; PSUs’ CIC eligibility further amplifies CIC-related payouts .
- Governance safeguards: No tax gross-ups, anti-hedging/anti-pledging policy, and clawback framework reduce governance risk; no disclosed stock ownership guideline metrics for executives limits the ability to assess mandated “skin-in-the-game” thresholds .
Overall: MacLean’s package is levered to milestone execution and stock performance, with material CIC protections and PSU exposure. Monitoring PSU milestone progress (del‑desiran, del‑brax, del‑zota) and any CIC signals is critical for anticipating compensation outcomes and potential insider selling dynamics .