Aziz Mottiwala
About Aziz Mottiwala
Aziz Mottiwala is Chief Commercial Officer at Tarsus since August 2020, leading commercialization and go-to-market strategy following prior senior commercial roles at Opiant, Avanir, and Allergan; he holds a B.S. in Biochemistry (UC San Diego) and an MBA (USC Marshall) . Company pay-versus-performance data show Tarsus delivered Total Shareholder Return of 246.09 in 2024 vs 93.47 for the NASDAQ Biotechnology Index, with net product sales rising to $180 million and net loss of $(116) million in 2024 . His 2024 cash incentive was driven by overachievement on corporate launch goals (e.g., XDEMVY net revenue target of $116 million achieved at 140%, overall corporate score 130%) .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Opiant Pharmaceuticals | Chief Commercial Officer | Sep 2019–Aug 2020 | Led commercial strategy for addiction and overdose medicines |
| Avanir Pharmaceuticals | SVP Sales & Marketing; Head of Commercial | Jul 2017–Sep 2019 | Ran commercial operations for nervous system disorder portfolio |
| Allergan | Various roles; VP Marketing, Eye Care | Dec 2006–Jul 2017; VP Jan 2014–Jul 2017 | Led marketing for Allergan’s eye care portfolio |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| OneOC (non-profit) | Director | Since Mar 2018 | Orange County-based nonprofit service organization |
| OCTANe | Director | Since Jul 2021 | Southern California tech/medtech ecosystem convening organization |
Fixed Compensation
| Metric | 2023 Base Salary | 2024 Base Salary |
|---|---|---|
| Base salary (effective March 1) | $455,800 | $500,000 |
| Year | Base Salary ($) | Bonus Target (%) | Amount Awarded ($) | All Other Compensation ($) |
|---|---|---|---|---|
| 2024 | 492,633 | 45% | 292,500 | 51,372 (incl. $13,800 401k match) |
- 2024 Summary Compensation Total: $3,138,862 (Stock awards $1,168,959; Option awards $1,133,398; Non-equity incentive $292,500) .
Performance Compensation
| Metric | Weighting | Target | Actual/Achievement | Score/Impact |
|---|---|---|---|---|
| XDEMVY net revenue | 30% | $116 million | 140% achievement | 42.0% |
| Commercial/Part D coverage | 20% | 80% lives covered | 114% achievement | 22.8% |
| ECP engagement ATU awareness | 7.5% | 10,000 ECPs | 120% achievement | 9.0% |
| Phase 4 data dissemination | 7.5% | Publish/disseminate | 88% achievement | 6.6% |
| Cash resources | 10% | Maintain sufficient cash | 100% achievement | 10.5% |
| Ex-US TP-03 strategy | 5% | Formalize strategy | 100% achievement | 5.0% |
| Management/culture/compliance | 10% | Advance management capability | 100% achievement | 10.0% |
| Pipeline strategy | 10% | Formalize strategy | 100% achievement | 10.0% |
| Stretch: Phase 2b Rosacea enrollment | 5% | Initiate enrollment | 0% achievement | 0% |
| Stretch: Additional program enrollment | 5% | Complete enrollment | 0% achievement | 0% |
| BD efforts | 5% | Proceed | 100% achievement | 5.0% |
| Opportunistically raise ≥$100M | 10% | Net proceeds ≥$100M | 100% achievement | 10.0% |
| Total Corporate Score | 100% | — | 130% achievement | 130% |
| Executive | 2024 Year-End Base ($) | Incentive Target (%) | Target ($) | Performance Modifier (%) | Payout ($) |
|---|---|---|---|---|---|
| Aziz Mottiwala | 500,000 | 45% | 225,000 | 130% | 292,500 |
Equity awards (granted March 7, 2024):
| Grant Date | Award Type | Shares/Options (#) | Strike ($) | Grant Date Fair Value ($) | Vesting |
|---|---|---|---|---|---|
| 3/7/2024 | Options | 47,500 | 35.50 | 1,133,398 | 25% on 3/7/2025; remaining monthly over 36 months |
| 3/7/2024 | RSUs | 32,079 | — | 1,168,959 | Four equal annual installments on 3/15/2025–2028 |
Equity Ownership & Alignment
| Ownership measure | Amount | Notes |
|---|---|---|
| Beneficial ownership (shares) | 267,951 | <1% of outstanding (41,995,537 shares) |
| Direct shares | 65,057 | Held directly |
| Options exercisable within 60 days | 202,894 | Included for beneficial ownership calculation |
| RSUs vested in 2024 | 12,938; $408,582 value | No options exercised in 2024 |
Outstanding equity at 12/31/2024:
- Unvested RSUs: 9,580 ($530,445), 24,444 ($1,353,464), 32,079 ($1,776,214); market value based on $55.37 close on 12/31/2024 .
- Recent option grant: 47,500 unexercisable at $35.50 (vests 25% on 3/7/2025, then monthly over 36 months) .
- Hedging and pledging are prohibited for NEOs and directors under company policy .
Employment Terms
| Term | Key provision | Specific Aziz Mottiwala economics |
|---|---|---|
| Role start date | Chief Commercial Officer since Aug 2020 | — |
| Employment status | At-will; offer letter established initial terms | — |
| Severance (no change-in-control) | 12 months base salary; company-paid COBRA during severance term | Cash severance $500,000; COBRA $33,179; Total $533,179 |
| Change-in-control (double trigger) | If terminated within 3 months before or 12 months after CIC: 100% of target bonus plus pro-rated current-year target bonus; accelerated vesting of all outstanding equity; 12 months base salary; COBRA during severance term | Cash severance $950,000; COBRA $33,179; Equity acceleration value $6,433,815; Total $7,416,994 (values as of 12/31/2024 at $55.37/share) |
| CIC definition | >50% voting power acquired; sale of substantially all assets; certain mergers; or Board composition change over 12 months | — |
| Clawback policy | Recoup incentive compensation upon required financial restatement for last 3 completed fiscal years | Applies to cash/equity incentive awards |
| Other governance | No hedging/pledging; no excise tax gross-ups; no option repricing without shareholder approval | — |
Investment Implications
- Pay-for-performance alignment: Annual cash incentives tied to commercial and strategic KPIs with 130% corporate achievement; equity mix split evenly between options and RSUs, with four-year vesting schedules supporting retention .
- Potential selling pressure windows: RSUs vest annually on March 15 through 2028; 2024 option grant begins vesting 25% on March 7, 2025 then monthly—common windows for 10b5‑1 sales plans subject to company policy; none of the NEOs exercised options in 2024 .
- Alignment and risk controls: Beneficial ownership includes 202,894 options exercisable within 60 days, with total beneficial holding of 267,951 shares; hedging/pledging prohibited; clawback compliant with SEC/Nasdaq enhances downside governance protection .
- Retention and change-in-control: Double-trigger CIC economics (cash, bonus, equity acceleration) are market-standard; for Aziz, total CIC package valued at ~$7.4 million as of YE 2024, balancing retention with potential M&A execution flexibility .
- Execution track record: 2024 TSR of 246.09 and net product sales of $180 million reflect strong launch outcomes (e.g., XDEMVY goals exceeded), but accompanied by $(116) million net loss—commercial momentum with continuing profitability execution risk .