Lucy To
About Lucy To
Lucy To, 38, has served as Chief Financial Officer of SAB BIO since August 12, 2024, bringing 18+ years of investment banking and strategic operating experience; she holds a B.A. in finance from Southern Methodist University and advised biopharma clients on transactions totaling over $50 billion in aggregate value . Her compensation framework ties annual cash incentives to Company and personal performance goals set by the Compensation Committee; specific performance metrics (e.g., revenue, EBITDA, TSR) are not disclosed in public filings . Her initial equity grant vests 25% on the one-year anniversary of July 26, 2024 and the remaining 75% in 36 equal monthly installments thereafter, aligning long-term incentives with tenure while creating a gradual vesting cadence .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Wells Fargo (Healthcare Investment Banking) | Managing Director | Oct 2020 – Jun 2024 | Led financing and strategic transactions for biopharma; part of >$50B aggregate transaction value |
| Deutsche Bank (Healthcare Investment Banking) | Director | Jul 2017 – Oct 2020 | Executed M&A, IPOs, equity/debt financings in healthcare sector |
| Intercept Pharmaceuticals | Executive/operational role | Not disclosed | Contributed strategic operational expertise |
| Citigroup | Investment banking | Not disclosed | Healthcare IB experience |
| Cowen | Investment banking | Not disclosed | Healthcare IB experience |
External Roles
- No external public company directorships or committee roles disclosed for Lucy To in available filings .
Fixed Compensation
| Item | Detail |
|---|---|
| Base Salary | $475,000 per annum |
| Signing Bonus | One-time deferred $125,000, payable only after the Company closes ≥$20,000,000 in aggregate net equity financing and contingent on employment in good standing through Oct 31, 2024 |
| Benefits | Eligibility for company benefit plans; reimbursement of reasonable business expenses; 20 days paid vacation annually |
| Travel Policy | Business class permitted for flights >6 hours (or 5–6 hours departing after 9pm) if obtained at reasonable cost |
| Term & Auto-Renewal | Initial term ending Dec 31, 2024; automatically extends for successive 1-year terms unless non-renewal notice ≥90 days prior |
| Location | Home office as designated location; regular travel to Miami, FL and Sioux Falls, SD |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout | Vesting/Timing |
|---|---|---|---|---|---|
| Annual Cash Bonus | Not disclosed | 45% of base salary | Not disclosed | 2024 prorated; must be employed at payment unless noted; based on Company and personal goals set by Compensation Committee | Annual per bonus plan |
- Clawback policy applies to incentive-based compensation tied to financial reporting measures per Dodd-Frank/SOX; Company will not indemnify or advance funds for clawbacks .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Initial Equity Grant | Options to acquire 125,000 shares under the 2021 Omnibus Equity Incentive Plan |
| Vesting Schedule | 25% vests on the one-year anniversary of July 26, 2024 (Effective Date); remaining 75% vests in 36 equal monthly installments thereafter |
| Beneficial Ownership (Aug 1, 2025) | 33,854 shares underlying options exercisable within 60 days; <1% of total |
| Ownership Guidelines | Company discloses robust stock ownership guidelines for executive officers; specific multiples, status, and compliance timing not disclosed |
| Hedging/Pledging | Hedging of Company stock is prohibited for directors, officers, and employees per insider trading policy; pledging not specifically addressed in available filings |
Employment Terms
| Provision | Detail |
|---|---|
| Good Reason | Includes material diminution in status/authority/duties, material base salary reduction, or relocation >50 miles from designated location |
| Non-Compete/Non-Solicit | Subject to standard restrictive covenants via Confidential Information, Assignment of Rights, Non-Solicitation and Non-Competition Agreement (Exhibit A) |
| Severance (Outside CoC) | With release: prior-year accrued bonus (if any); 100% acceleration of unvested equity; lump sum equal to 12 months base salary; COBRA reimbursement for 6 months |
| Severance (During CoC Period, 12 months post-CoC) | With release: prior-year accrued bonus; prorated 100% of target bonus for year of termination; 100% acceleration of unvested equity; lump sum equal to 18 months base salary; COBRA reimbursement for 12 months |
| CoC Look-Back | If qualifying termination occurs ≤60 days pre-CoC, pays CoC-level benefits net of any amounts already paid |
| 280G Excise Tax | “Best net” approach with automatic reduction (cutback) if it avoids 4999 excise tax and results in higher after-tax proceeds; no gross-up |
| 409A Compliance | Agreement intended to comply with or be exempt from 409A; includes 6-month delay for “specified employees” if required |
| Arbitration | AAA employment arbitration; venue in South Dakota or mutually agreed AAA office; 60-day target completion; equitable relief carve-outs |
| Clawback | Incentive-based compensation subject to Company’s clawback policy consistent with Dodd-Frank, SOX, and listing standards |
Investment Implications
- Pay-for-performance structure: Cash bonus targeted at 45% of base and equity options are the primary at-risk levers; specific operational/financial metrics are not disclosed, limiting transparency into pay-performance alignment .
- Retention and selling pressure: Vesting cliff on July 26, 2025 followed by 36 monthly installments creates a steady vesting cadence; combined with full acceleration on certain separations, this can reduce retentive “hook” and may introduce periodic selling pressure once shares vest/exercise, subject to trading windows .
- Governance quality: Presence of a clawback policy, arbitration, and 280G cutback (no gross-up) are shareholder-friendly; hedging prohibitions support alignment, though low personal ownership (<1%) suggests limited “skin-in-the-game” compared to larger equity stakes .
- Change-of-control economics: 18 months of salary, target bonus proration, and full equity acceleration during the CoC period can incentivize transaction support but may create overhang on potential dilution and post-transaction talent risk if not offset by long-term equity awards .
- Contract flexibility and risk: Auto-renewal with Good Reason protections and remote-first designated location provide flexibility, but non-compete/non-solicit scope is referenced as “standard” without detailed duration/scope disclosure, leaving some uncertainty on post-termination restrictions .