Margaret Horn
About Margaret Horn
Margaret Horn, J.D., 62, has served as Revolution Medicines’ Chief Operating Officer since October 2018, after previously serving as General Counsel (Dec 2014–Sep 2022) and Executive Vice President (Dec 2014–Oct 2018) . Her background includes a B.S. in Pharmacy (University of the Sciences in Philadelphia), a J.D. (Villanova) and an executive MBA (Penn State), and she has been a director of Sangamo Therapeutics since December 2022 . RVMD’s 2024 company performance goals were assessed at 130% of target; for Horn, the Compensation Committee set individual achievement at 145%, yielding a 2024 earned cash incentive of $350,100 on a pro‑rated target of $266,238 . RVMD emphasizes at‑risk compensation, time‑based equity vesting, anti‑hedging/pledging policies, and a clawback framework; it does not provide executive perquisites .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ProLynx LLC | Chief Operating Officer | 2010–Dec 2014 | Senior operating leadership at a biotech startup |
| Kosan Biosciences, Inc. | Senior Vice President, Legal and Corporate Development | — | Senior legal and corporate development leadership |
| Genencor International, Inc. | Senior Vice President, Legal | — | Senior legal leadership |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Sangamo Therapeutics, Inc. (Nasdaq: SGMO) | Director | Since Dec 2022 | Public company directorship |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | $500,000 | $515,000 | $546,000 |
| Target Bonus % of Salary | 45% | 45% | 50% |
| Target Bonus ($) | $225,000 | $231,750 | $273,000 |
Performance Compensation
Annual Cash Incentive Structure and 2024 Outcome
| Component | Weighting | Target Performance | Actual Performance | Target ($) | Actual Payout ($) | Notes |
|---|---|---|---|---|---|---|
| Corporate Objectives | 90% (for NEOs other than CEO) | 100% | 130% | Pro‑rated target $266,238 | Included in total below | Committee assessed corporate performance at 130% |
| Individual Objectives (Horn) | 10% | 100% | 145% | Pro‑rated target $266,238 | Included in total below | Committee assessed Horn’s individual performance at 145% |
| 2024 Earned Annual Cash Incentive Award (Horn) | — | — | — | — | $350,100 | Target pro‑rated from salary increases effective Mar 1, 2024 |
Equity Grants and Vesting (Time‑based)
| Grant Type | Grant Date | Shares/Units | Vesting Schedule | Strike/Grant Price | Notes |
|---|---|---|---|---|---|
| Stock Options | Mar 1, 2024 | 143,500 | 1/48 monthly over 4 years from Mar 1, 2024 | $29.80 | Time‑based; aligns to long‑term value creation |
| RSUs | Mar 15, 2024 | 41,000 | 1/16 quarterly over 4 years from Mar 15, 2024 | N/A | Time‑based; quarterly vesting cadence |
Multi‑Year Compensation (NEO – Margaret Horn)
| Component ($) | 2022 | 2023 | 2024 |
|---|---|---|---|
| Salary | $497,500 | $512,575 | $540,833 |
| Stock Awards (RSUs grant‑date fair value) | $720,128 | $1,060,000 | $1,221,800 |
| Option Awards (grant‑date fair value) | $1,583,971 | $2,522,324 | $2,764,671 |
| Non‑equity Incentive Plan Comp | $271,100 | $291,500 | $350,100 |
| All Other Compensation | $7,000 | $7,000 | $7,000 |
| Total Compensation | $3,079,699 | $4,393,399 | $4,884,404 |
Equity Ownership & Alignment
Beneficial Ownership (as of Mar 31, 2025)
| Measure | Count |
|---|---|
| Shares owned (outstanding) | 64,483 |
| Options exercisable within 60 days | 622,048 |
| Total beneficial ownership | 686,531; less than 1% of shares outstanding |
Outstanding Equity Awards (as of Dec 31, 2024)
| Vesting Commencement | Options Exercisable (#) | Options Unexercisable (#) | Strike ($) | Expiration |
|---|---|---|---|---|
| Mar 4, 2021 | 49,218 | 3,282 | 42.45 | Mar 3, 2031 |
| Mar 1, 2022 | 93,362 | 42,438 | 18.56 | Mar 1, 2032 |
| Mar 1, 2023 | 61,250 | 78,750 | 26.50 | Mar 1, 2033 |
| Mar 1, 2024 | 26,906 | 116,594 | 29.80 | Mar 1, 2034 |
| RSUs (unvested) | — | 33,313 | — | — |
| RSUs market value @ $43.74 (12/31/24) | — | $1,457,111 | — | — |
2024 Realized Equity
| Measure | Count | Value ($) |
|---|---|---|
| Options exercised | 73,671 shares | $3,021,392 |
| RSUs vested | 31,137 units | $1,259,335 |
- Insider trading policy prohibits hedging and pledging of company stock for all covered persons .
- Rule 10b5‑1 plan adoption: On Mar 7, 2025, Horn adopted a plan allowing potential exercise and sale of up to 75,000 shares subject to options; plan terminates upon execution or by Jun 6, 2026 .
Employment Terms
Severance & Change‑in‑Control Structure (non‑CEO NEOs)
- Outside CIC window: 0.75x (base salary + target bonus) cash; 9 months COBRA; subject to release .
- Within CIC window (3 months before to 18 months after CIC): 1.0x (base salary + target bonus) cash; 12 months COBRA; full acceleration of all equity awards; no excise tax gross‑ups; double‑trigger required .
Estimated Payments (as of Dec 31, 2024 @ $43.74/share)
| Scenario | Cash Severance ($) | COBRA ($) | Accelerated Vesting Value ($) | Total ($) |
|---|---|---|---|---|
| Qualifying termination outside CIC period | $609,179 | $9,556 | — | $618,734 |
| Qualifying termination during CIC period | $812,238 | $12,741 | $7,068,429 | $7,893,408 |
- Clawback policy adopted Nov 2023 for current and former officers, requiring recovery of erroneously awarded compensation in connection with restatements, irrespective of misconduct .
Compensation Peer Group and Say‑on‑Pay
Peer Group used for 2024 decisions
Apellis Pharmaceuticals; Arrowhead Pharmaceuticals; Blueprint Medicines; Cerevel Therapeutics; CRISPR Therapeutics; Cytokinetics; Intellia Therapeutics; Intra‑Cellular Therapeutics; Karuna Therapeutics; Madrigal Pharmaceuticals; Arcus Biosciences; Day One Biopharmaceuticals; Denali Therapeutics; Mirati Therapeutics; Relay Therapeutics; SpringWorks Therapeutics; Xencor .
- 2024 Say‑on‑Pay approval: ~99% of votes cast in favor, per proxy disclosure .
Investment Implications
- Strong pay‑for‑performance linkage: 2024 corporate performance at 130% and Horn’s individual achievement at 145% drove cash incentive outcomes; equity is time‑based with multi‑year vesting, aligning incentives to sustained execution .
- Retention dynamics: Significant unvested options/RSUs and double‑trigger CIC acceleration support retention while protecting alignment in strategic transactions; no tax gross‑ups .
- Trading signals: A Rule 10b5‑1 plan to exercise/sell up to 75,000 option shares through mid‑2026 introduces potential scheduled selling; anti‑hedging/pledging mitigates misalignment risk .
- Governance quality: No executive perquisites and an established clawback policy enhance shareholder‑friendly posture; Say‑on‑Pay support (~99%) indicates investor endorsement of compensation design .