Daniel Luckshire
About Daniel J. Luckshire
Daniel J. Luckshire, age 54, is Executive Vice President, Chief Financial Officer, and Corporate Secretary of SIGA, a role he has held since February 2011; he holds an MBA in Finance and Strategic Management from Wharton and a BS from Villanova, and previously worked as a CPA at PwC and an investment banker at Merrill Lynch . SIGA’s pay-versus-performance disclosure shows cumulative total shareholder return (TSR) rising to $159 for a fixed $100 investment in 2024 versus $152–164 in 2020–2022 and relative peer TSR at $114 in 2024, while Product Sales and Supportive Services Revenues grew from $56.34M in 2020 to $133.33M in 2024 and net income moved from $56.34M to $59.21M over the same period . His 2024 compensation reflected a 100% of base salary cash bonus driven by corporate goals focused on U.S. government procurement, international sales infrastructure, regulatory progress for TPOXX, capital management, and operational compliance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| SIGA Technologies, Inc. | EVP, CFO & Corporate Secretary | 2011–present | Finance leadership supporting government contract performance, regulatory compliance, and investor relations used in compensation evaluation |
| Merrill Lynch & Co. | Investment Banker | 1998–2008 | Increasing responsibility in investment banking; foundation for capital markets and strategic finance |
| USI Insurance Services | Management Team Member | Not disclosed | Helped build USI into a national brokerage, operational and growth execution experience |
| PricewaterhouseCoopers LLP | CPA | Not disclosed | Audit and accounting discipline foundational to CFO role |
| Strategic Advisor & Private Investor | Advisor/Investor | Not disclosed | Specialized market segment advisory and investing, strategic perspective |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Various (pre-SIGA) | Strategic advisor and private investor | Not disclosed | Advisory and investment activities in specialized market segments |
Fixed Compensation
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Base Salary ($) | 675,305 | 709,070 | 730,342 |
| Target Bonus % of Salary | Not disclosed | Not disclosed | 100% (transitioned to 75% for 2025 and 50% for 2026+) |
Target Bonus Trajectory (per October 2024 amendment)
| Year | Target Bonus % of Salary |
|---|---|
| 2024 | 100% |
| 2025 | 75% |
| 2026 and thereafter | 50% |
Performance Compensation
2024 Annual Cash Bonus – Payout Determination
| Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|
| Corporate goals: U.S. government procurement; international sales transition; regulatory progress for TPOXX; capital management; operational compliance and ERM | Qualitative | 100% of base salary | 100% of target | $730,342 | Paid December 2024 |
Equity Awards (Luckshire)
| Grant Type | Grant Date | Units | Grant Date Fair Value ($) | Vesting Schedule | Notes |
|---|---|---|---|---|---|
| RSUs | May 11, 2023 | 48,387 | $300,000 (reported stock awards 2023) | 50% on Jul 1, 2024; 50% on Jul 1, 2025 (subject to continued employment) | Recognition of prior contributions; dividend equivalents accrue |
| Options | — | — | — | — | No options reported outstanding for Luckshire as of YE 2024 |
| PSUs | — | — | — | — | No PSUs disclosed for Luckshire |
2024 Equity Vesting/Exercises
| Action | Quantity | Value |
|---|---|---|
| RSUs vested | 24,194 | $182,665 (value realized on vesting) |
| Option exercises | 0 | $0 |
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Total Beneficial Ownership | 263,217 shares (less than 1%) |
| Shares Outstanding (Record Date) | 71,441,083 |
| Ownership % of Outstanding | ~0.37% (263,217/71,441,083) derived from |
| Unvested RSUs (YE 2024) | 24,193 units; remaining vest on Jul 1, 2025 |
| Vested vs Unvested Mix | 24,194 RSUs vested in 2024; 24,193 RSUs unvested at YE 2024 |
| Options (Exercisable/Unexercisable) | None disclosed for Luckshire at YE 2024 |
| Hedging/Pledging | Hedging transactions prohibited unless pre-cleared; short-selling prohibited; no pledging disclosure |
| Ownership Guidelines | No formal written common stock ownership requirement policy |
Employment Terms
| Term | Key Provision |
|---|---|
| Agreement Effective Date | Amended and restated agreement effective Apr 12, 2016 (effective date of Plan of Reorganization) |
| Base Salary Mechanics | Annual base salary with automatic 3% increase each year; automatic increase terminates upon third anniversary post change-of-control; committee may add discretionary increases (excluded from auto-increase base) |
| Term & Renewal | Initial term expired at two-year anniversary from effectiveness; auto-renews for successive one-year periods unless non-renewal notice; no auto-renewal after any term ending following third anniversary post change-of-control |
| Target Bonus & LTI Mix (Amendment Oct 1, 2024) | Target bonus: 2024=100%, 2025=75%, 2026+=50% of salary; annual equity awards target grant date value: 2025=50%, 2026=75%, 2027+=100% of salary |
| Severance (without cause/good reason) | Continued salary for one year; immediate and irrevocable vesting of all equity; equity remains exercisable ≥1 year (or until award expiry) |
| Change-of-Control Severance | Cash = 2×(salary + target bonus); immediate vesting of all equity; 18 months COBRA at active employee rates |
| Non-Compete/Non-Solicit | 12-month post-termination restriction on competitive activity, soliciting employees, and soliciting customers |
| Indemnification/D&O | Company provides indemnification and D&O insurance protection per employment arrangements |
Compensation Structure Analysis
- Mix shift to equity: October 2024 amendment increases long-term equity grant targets starting 2025–2027, reducing cash bonus targets over time and improving alignment with long-term shareholder value creation .
- Pay-for-performance execution: 2024 cash bonus paid at 100% of target driven by corporate goal completion, including procurement performance, international sales transition, and regulatory progress for TPOXX .
- Clawback and trading controls: SEC/Nasdaq-compliant clawback adopted (restatements from Oct 2, 2023 onward), preclearance-required insider trading policy restricting hedging and prohibiting short-selling, supporting governance discipline .
Compensation Peer Group & Say-on-Pay
- Peer group (examples): Emergent BioSolutions, Catalyst Pharmaceuticals, Ligand Pharmaceuticals, Rhythm Pharmaceuticals, Rigel Pharmaceuticals, Vanda Pharmaceuticals, Heron Therapeutics, among others; SIGA targets around market median of sizing criteria in benchmarking .
- Say-on-Pay: Majority support at June 2023 meeting; next say-on-pay in fiscal 2026; say-on-frequency next in fiscal 2029 .
Risk Indicators & Red Flags
- Related party transactions: Ongoing HQ lease with MacAndrews & Forbes and advisory services from a former director’s firm; Audit Committee oversight applied; no Luckshire-specific related party dealings disclosed .
- Insider selling pressure: No option exercises in 2024 by Luckshire; RSU vesting occurred and remaining RSUs vest in July 2025, which may create incremental supply or tax-related sales; Form 4 specifics not provided in proxy .
Investment Implications
- Alignment improving: Reduced cash bonus targets and staged increase of equity grant targets from 2025–2027 enhance long-term alignment and retention via unvested equity; immediate vesting upon termination creates retention leverage balanced by robust non-compete and clawback policies .
- Near-term selling pressure: RSU vesting cadence (remaining tranche July 1, 2025) could add limited supply; monitor Form 4 filings for net selling vs tax withholding dynamics given no 2024 option exercises .
- Governance and discipline: Clawback, insider trading controls, and committee oversight (independent Compensation Committee) reduce execution and governance risks around pay outcomes; say-on-pay support in 2023 suggests investor acceptance of program design .