Charles Newhall III - Chairman of the Board | SUPERNUS PHARMACEUTICALS (SUPN) Executive Profile & Compensation

About Charles W. Newhall, III

Independent Chairman of the Board at Supernus Pharmaceuticals (SUPN); age 80; director since 2005 and elected Chairman in August 2016. Co‑founder of New Enterprise Associates (NEA) with a long track record across healthcare and technology; founder and Chairman Emeritus of the Mid‑Atlantic Venture Capital Association (MAVA); former Vice President at T. Rowe Price; Vietnam veteran with Silver Star, Bronze Star, and Purple Heart; B.A. (Honors) in English from University of Pennsylvania and MBA from Harvard Business School . The Board has determined he is independent under Nasdaq rules .

Past Roles

Organization	Role	Tenure	Committees/Impact
New Enterprise Associates (NEA)	Co‑founder; Director of ~60 venture‑backed companies	1977–2012 (retired Dec 31, 2012)	Built leading VC platform in medical/life sciences and IT
Mid‑Atlantic Venture Capital Association (MAVA)	Founder; Chairman Emeritus	Founded 1986; ongoing emeritus	Grew association to 500+ VC firm members
Greenspring Associates	Advisor	2012–2021	Advisory role to fund-of-funds VC platform
T. Rowe Price	Vice President	Prior to NEA	Public markets investment leadership
United States Army (Vietnam)	Platoon Commander	Historical	Decorations: Silver Star, Bronze Star V (1st OLC), Purple Heart

External Roles

Organization	Role	Status
MAVA	Chairman Emeritus	Current emeritus honor
Various venture‑backed companies	Director	Historical service (~60 boards)

Board Governance

Current roles: Chairman of the Board; member of Compensation Committee and Governance & Nominating Committee; Chair of Governance & Nominating Committee .
Independence: Board determined all directors except the CEO are independent; Newhall is independent .
Leadership structure: SUPN separates CEO (Khattar) and Chairman roles; Newhall provides oversight and presides over Board meetings .
Attendance: Board met six times in 2024; all directors except Ms. Sensenig attended at least 75% of Board and committee meetings during their service (indicates Newhall met ≥75%) .
Committee activity in 2024: Audit (5 meetings), Compensation (7), Governance & Nominating (0), Science (4) .
Director resignation policy: Majority vote standard with required tender of resignation if not receiving a majority in uncontested elections .

Fixed Compensation

Component (2024)	Amount ($)	Notes
Board annual retainer	50,000	Standard non‑chair director
Chairman of the Board add’l retainer	35,000	Paid to Newhall
Governance & Nominating Chair fee	12,000	Paid to Newhall
Compensation Committee member fee	10,000	Paid to Newhall
Total cash fees earned	107,000	Sum of above for Newhall

Performance Compensation

Grant Type	Grant Date	Shares/Units	Fair Value ($)	Exercise Price ($)	Vesting	Notes
Restricted Stock Units (RSUs)	02/22/2024	—	150,010	—	Vests fully after 1 year	50% of annual equity award; forfeitable if service ends before vest date
Stock Options	02/22/2024	—	142,678	27.94	Vests fully after 1 year; 10‑year term	50% of annual equity award; exercise price = closing price on grant date

Equity mix is weighted to options/RSUs to align director incentives with long‑term shareholder value and stock price appreciation .

Other Directorships & Interlocks

Company	Role	Committee Roles	Interlock/Conflict Notes
None disclosed (public companies)	—	—	No current public company directorships for Newhall disclosed in proxy .
Board‑level context (SUPN peers)	—	—	Other SUPN directors hold roles at scPharmaceuticals (Khattar: Chairman; Hudson: Audit Chair), but no related transactions disclosed with SUPN .

Expertise & Qualifications

Venture capital and healthcare expertise; extensive boardroom experience across ~60 venture‑backed companies .
Governance leadership as independent Chairman and Governance & Nominating Chair .
Financial acumen from T. Rowe Price background; strategic capital allocation perspective .
Distinguished military leadership credentials; advanced education (UPenn; Harvard MBA) .

Equity Ownership

Metric	Value
Beneficial ownership (shares)	223,687 (includes options exercisable within 60 days)
Ownership as % of outstanding	<1% (“*” less than one percent per proxy table)
Options exercisable within 60 days	88,043
Hedging/Pledging	Prohibited under Insider Trading Policy; margin accounts and pledges prohibited
Director stock ownership guidelines	Required to hold $150,000 in SUPN stock within 5 years; adopted in 2020 (individual compliance status not disclosed)

Governance Assessment

Strengths:
- Independent Chairman with deep sector/network experience; separation of CEO/Chair roles aligns with governance best practice .
- Clear independence; no related‑party transactions disclosed for Newhall; Audit Committee reviews/approves any related‑party transactions .
- Share ownership guidelines enhance alignment; anti‑hedging/anti‑pledging policies support shareholder alignment .
- Strong shareholder support for executive pay (95% Say‑on‑Pay in 2024), indicating overall governance credibility with investors .
Watch items / potential red flags:
- Governance & Nominating Committee held zero meetings in 2024; as Chair, Newhall should ensure robust cadence on board composition, evaluations, and governance updates (engagement optics) .
- Long tenure (since 2005) may raise investor questions on refreshment/independence over time despite formal independence status; continued focus on Board evaluations and refresh cycles advised .
Attendance and engagement:
- Met at least 75% attendance threshold (aggregate statement; individual detail not disclosed), with Compensation Committee active (7 meetings) and Board meeting six times in 2024 .
Section 16 compliance:
- Late Forms 4 were noted for Khattar and Bhatt; no late filings mentioned for Newhall in 2024 .

Overall, Newhall’s independent Chair role, extensive industry/board experience, and equity‑aligned director pay are positive signals. The zero Governance & Nominating Committee meetings in 2024 warrants closer monitoring for board refreshment and governance process rigor .

## Insider Trades
No Form 4 filing issues noted for Charles W. Newhall III in 2024 in the proxy’s Section 16(a) disclosure; late filings were identified for Mr. Khattar and Dr. Bhatt only **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:55]**.

## Committee Assignments
- Compensation Committee: Member **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:6]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:16]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]**
- Governance & Nominating Committee: Chair **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:6]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:17]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]**
- Audit Committee: Not a member **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:15]**
- Science Committee: Not a member **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:17]**

## Director Compensation (2024) – Detail for Newhall
| Category | Amount ($) |
|---|---:|
| Board retainer | 50,000 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |
| Chairman of the Board retainer | 35,000 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |
| Governance & Nominating Chair | 12,000 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |
| Compensation Committee member | 10,000 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |
| Cash total | 107,000 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |
| RSUs grant fair value | 150,010 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:53]** |
| Options grant fair value | 142,678 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:53]** |
| Total compensation | 399,688 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** |

## Equity Award Terms (Directors, 2024)
| Award Type | Grant Date | Exercise Price ($) | Vesting | Term |
|---|---|---:|---|---|
| Stock Options | 02/22/2024 | 27.94 | 1‑year cliff (full vest) | 10 years **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:53]** |
| RSUs | 02/22/2024 | — | 1‑year cliff (full vest) | — **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:53]** |

## Board & Committee Activity (2024)
| Body | Meetings |
|---|---:|
| Board of Directors | 6 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:18]** |
| Audit Committee | 5 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:15]** |
| Compensation Committee | 7 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:16]** |
| Governance & Nominating Committee | 0 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:17]** |
| Science Committee | 4 **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:17]** |

## Policies & Safeguards
- Insider Trading Policy: Pre‑clearance; quarterly blackouts; cooling‑off for 10b5‑1; hedging/monetization prohibited; pledging/margin prohibited **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:19]**.
- Share Ownership & Retention Guidelines: Directors must hold $150,000 in stock within 5 years; CEO must hold 3x salary **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:33]**.
- Clawback: Incentive Compensation Recoupment Policy aligned with SEC/Nasdaq rules **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:32]**.
- Majority Vote/Resignation Policy for directors in uncontested elections **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:12]**.
- Related‑party transactions: Audit Committee approval required; only related‑party item disclosed pertains to CEO’s adult daughter’s employment, reviewed and deemed commensurate **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:16]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:18]**.

## Shareholder Signals
- Say‑on‑Pay approval: >95% support at 2024 Annual Meeting **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:23]**.

## Summary Assessment
Newhall’s role as independent Chairman, combined with deep healthcare VC experience and clear independence, supports board effectiveness and investor confidence **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:9]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:13]**. Director pay is equity‑heavy, with strong alignment mechanisms and robust trading/ownership policies **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:52]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:53]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:19]** **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:33]**. The absence of Governance & Nominating Committee meetings in 2024 is a governance process risk to watch, given his chair responsibilities; enhancing cadence and disclosures on board evaluation and refreshment would further strengthen governance optics **[1356576_0001104659-25-042531_tm252405-2_def14a.htm:17]**.