Kevin Tan
Solid BiosciencesAbout Kevin Tan
Kevin Tan is Chief Financial Officer and Treasurer of Solid Biosciences, serving since January 9, 2023; he is 47 years old as of April 1, 2025, and holds a B.Comm (Queen’s University), M.Eng. (Princeton), and MBA (Chicago Booth); he is also a CFA charterholder . Prior roles include CFO at Selecta Biosciences (Sep 2021–Nov 2022) and Treasurer/Assistant Treasurer at Sarepta (2018–2021), with earlier experience at CPP Investments, Macquarie, Arrowhawk, and Lehman/Barclays . Company-level performance during his tenure shows the value of an initial $100 investment at $15.24 at 2024 year-end (vs. $23.39 in 2023) and a net loss of $124.7M in 2024 (vs. $96.0M in 2023) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Selecta Biosciences, Inc. | Chief Financial Officer | Sep 2021–Nov 2022 | Not disclosed |
| Sarepta Therapeutics, Inc. | Treasurer | Jul 2020–Sep 2021 | Not disclosed |
| Sarepta Therapeutics, Inc. | Assistant Treasurer | May 2018–Jun 2020 | Not disclosed |
| CPP Investments | Sr. Portfolio Manager – Public Markets | Jun 2012–Nov 2016 | Not disclosed |
| Macquarie Capital (USA) Inc.; Arrowhawk Capital Partners LLC; Lehman Brothers/Barclays | Various finance/investment roles | Not disclosed | Not disclosed |
External Roles
- No public company directorships or external board roles disclosed for Kevin Tan .
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $416,146 (prorated from $425,000 annualized) | $450,500 (annualized) |
| Target Bonus (% of Salary) | 40% | 40% (eligible for up to 40% per employment agreement) |
| Actual Bonus ($) | $170,000 (100% of target) | Not disclosed |
Performance Compensation
| Metric | Weighting | Target | Actual | Payout ($) | Vesting |
|---|---|---|---|---|---|
| Annual discretionary performance-based bonus | Not disclosed | 40% of base salary | 100% of target for FY2023 | $170,000 (FY2023) | Cash; no vesting |
- Equity awards granted to Kevin Tan are time-based (options and RSUs) rather than performance-based; the company notes it does not have formal executive equity ownership guidelines and uses time-based vesting for retention/alignment .
Equity Ownership & Alignment
| Category | Shares/Units | Status/Terms |
|---|---|---|
| Beneficial ownership (3/31/2024) | 39,309 shares; less than 1% of outstanding | Includes 9,308 shares owned plus 30,001 options exercisable within 60 days; <1% of 37,833,689 shares outstanding |
| Options (1/9/2023 grant) | 90,000 options at $6.00 | 25% vests at 1-year; then 1/48 monthly over next 3 years |
| RSUs (1/9/2023 grant) | 45,000 RSUs | 25% per year over 4 years |
| Options (2/2024 annual grant) | 85,000 options | 25% at 1-year; then 1/48 monthly over next 3 years |
| RSUs (2/2024 annual grant) | 42,500 RSUs | 25% per year over 4 years |
| Unvested snapshot (12/31/2023) | 90,000 options unexercisable; 45,000 RSUs unvested | Market value references based on $6.14 at 12/29/2023 |
| Hedging/pledging | Prohibited; pledging only in extraordinary cases with pre-approval (CFO/legal and audit committee for officers/directors) | Insider Trading Policy’s anti-hedging/anti-pledging provisions |
| Rule 10b5-1 plans | May be adopted; trades executed per preset parameters when not in possession of MNPI | Rule 10b5-1 plan framework disclosed |
| Sell-to-cover for RSU taxes | Durable automatic sell-to-cover instruction (eligible Rule 10b5-1 transaction) | Automatic sales to cover withholding upon vesting |
Note: At 12/31/2023 close price $6.14, the 1/9/2023 option exercise price was $6.00, implying $0.14 per-share intrinsic value at that date (derived from and ).
Employment Terms
| Component | Terms |
|---|---|
| Employment start date; status | January 9, 2023; at-will employment |
| Target bonus eligibility | Up to 40% of annual base salary; bonus may be cash/equity/mix, at Board discretion; must be employed on payment date with protective provision if terminated without cause between Jan 1 and payment |
| Non-compete / non-solicit | 1-year post-termination non-compete and non-solicit; confidentiality obligations apply |
| Severance (no change-in-control) | If terminated without cause or for good reason: 12 months base salary continuation and up to 12 months COBRA premium contributions (subject to eligibility and nondiscrimination rules) |
| Change-in-control severance (double-trigger, within 12 months) | 12 months base salary continuation; up to 12 months COBRA; lump sum 100% of target bonus (year of termination or higher pre-CIC target); full acceleration of all time-based unvested equity |
| Clawback policy | Nasdaq 5608-compliant compensation recovery policy (effective Oct 2, 2023) covering erroneously awarded incentive-based compensation (including stock-price/TSR measures) |
| 401(k) | Company matches 60% of employee contributions up to 6% of salary+bonus |
Investment Implications
- Pay-for-performance linkage: Kevin’s cash incentive is discretionary and targeted at 40% of salary; 2023 payout hit 100% of target ($170K), while equity is predominantly time-based (RSUs/options), indicating retention-focused design rather than explicit financial/TSR performance conditioning .
- Insider selling pressure: Routine sell-to-cover sales around RSU vesting are likely given the durable automatic instruction (Rule 10b5-1-eligible), but these are withholding-driven rather than directional; broader 10b5-1 plans may be used for discretionary trading when compliant .
- Alignment and risk: Beneficial ownership is de minimis (<1%); anti-hedging/pledging policy reduces misalignment risk, and double-trigger CIC terms with time-based acceleration create standard retention incentives while avoiding single-trigger windfalls .
- Company performance context: During his tenure, company net losses widened in 2024 ($124.7M) and the proxy TSR metric declined (value of $100 investment to $15.24), underscoring execution and financing dependence typical for clinical-stage biotech; the compensation framework (time-based equity + discretionary cash) reflects this stage .
Sources: Company DEF 14A (2024, 2025) and 10-K excerpts:
- Executive biography, roles, and age: **[1707502_0001193125-25-096695_d929796ddef14a.htm:32]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:33]**
- Start date and employment agreements (CFO): **[1707502_0001193125-24-118079_d804494ddef14a.htm:39]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:38]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:40]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:41]**
- Compensation details (2023): **[1707502_0001193125-24-118079_d804494ddef14a.htm:33]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:36]**
- Equity grants and vesting: **[1707502_0001193125-24-118079_d804494ddef14a.htm:37]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:40]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:42]**
- Ownership and options exercisable: **[1707502_0001193125-24-118079_d804494ddef14a.htm:49]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:52]**
- Insider trading policy (anti-hedging/pledging): **[1707502_0001193125-24-118079_d804494ddef14a.htm:24]**
- Rule 10b5-1 framework: **[1707502_0001193125-24-118079_d804494ddef14a.htm:47]**
- Durable sell-to-cover instruction (tax withholding): **[1707502_0000950170-24-030508_sldb-ex10_52.htm:3]**
- Clawback policy: **[1707502_0001193125-24-118079_d804494ddef14a.htm:24]** **[1707502_0001193125-25-096695_d929796ddef14a.htm:24]**
- 401(k) matching policy: **[1707502_0001193125-24-118079_d804494ddef14a.htm:46]**
- Pay-versus-performance (TSR; net income): **[1707502_0001193125-25-096695_d929796ddef14a.htm:42]** **[1707502_0001193125-24-118079_d804494ddef14a.htm:44]**