Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-17

Aquestive Therapeutics (AQST)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$3,493,559
Daniel Barber total, FY2025
CEO pay percentile vs peers
CEO-to-median pay ratio
92.21%
Say-on-pay support, latest vote
Companies that benchmark against AQST
1 company names AQST as a compensation peer

Each company listed discloses AQST in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named AQST in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Daniel Barber$659,885$0$1,547,342$877,200$409,132$0$0$3,493,559
President and Chief Executive Officer
Lori Braender457,9620524,150129,000237,126001,348,238
Corporate Secretary, Former Chief Legal Officer and Chief Compliance Officer
A. Ernest Toth, Jr.442,5990524,150129,000227,798001,323,547
Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Daniel Barber$3,493,559
Lori Braender1,348,238
A. Ernest Toth, Jr.1,323,547

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Cassie JungChief Operating Officer2026-05-05D72,734$4$304,028CommonForm 4 ↗
Daniel BarberPresident and CEO2026-05-05D335,92241,404,154CommonForm 4 ↗
A. Ernest Toth, Jr.Chief Financial Officer2026-05-05D92,6524387,285CommonForm 4 ↗
Peter E. BoydChief People Officer2026-05-05D56,7784237,332CommonForm 4 ↗
Lori BraenderCorporate Secretary2026-05-05D76,1474318,294CommonForm 4 ↗
Lori BraenderCorporate Secretary2026-05-07D135,6904573,969CommonForm 4 ↗
Melina CioffiSVP, Regulatory Affairs2026-05-15D1,66746,951CommonForm 4 ↗
Daniel BarberPresident and CEO2026-05-15D8,257435,413CommonForm 4 ↗
Thomas A. ZalewskiChief Legal Officer2026-05-18A100,00000CommonForm 4 ↗
Thomas A. ZalewskiChief Legal Officer2026-05-18A75,00000Derivative, Class A CommonForm 4 ↗
Sherry KorczynskiChief Commercial Officer2026-06-08D2,71400CommonForm 4 ↗
Julie KropDirector2026-06-10A50,50000Derivative, Class A CommonForm 4 ↗
Gregory B. BrownDirector2026-06-10A50,50000Derivative, Class A CommonForm 4 ↗
Timothy E. MorrisDirector2026-06-10A50,50000Derivative, Class A CommonForm 4 ↗
Abigail L. JenkinsDirector2026-06-10D50,50000Derivative, Class A CommonForm 4 ↗
John S. CochranDirector2026-06-10A50,50000Derivative, Class A CommonForm 4 ↗
Marco TagliettiDirector2026-06-10A50,50000Derivative, Class A CommonForm 4 ↗
Daniel BarberPresident and CEO2026-06-15D25,0004104,010CommonForm 4 ↗
Julie KropDirector2026-06-23D25,00000Derivative, Class A CommonForm 4 ↗
Julie KropDirector2026-06-23D25,0005125,393CommonForm 4 ↗
Julie KropDirector2026-06-23A25,000117,830CommonForm 4 ↗
Daniel BarberPresident and CEO2026-07-15D4,631418,683CommonForm 4 ↗
Daniel BarberPresident and CEO2026-07-15D20,369481,509CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Lori BraenderOPTION$129,000
Daniel BarberOPTION877,200
Lori BraenderPSU524,150
A. Ernest Toth, Jr.PSU524,150
A. Ernest Toth, Jr.OPTION129,000
Daniel BarberPSU1,547,342
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Lori Braender$0$524,150$129,00080.2%
Daniel Barber01,547,342877,20063.8%
A. Ernest Toth, Jr.0524,150129,00080.2%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Lori BraenderPSU75,000$183,000
Lori BraenderOption60,0002.65
Lori BraenderRSU101,250575,100
Daniel BarberPSU293,100826,542
Lori BraenderPSU82,500232,650
Daniel BarberPSU223,500545,340
Daniel BarberRSU293,100826,542
A. Ernest Toth, Jr.Option60,0002.65
Lori BraenderOption40,0000.88
A. Ernest Toth, Jr.PSU70,000170,800
A. Ernest Toth, Jr.RSU90,000511,200
A. Ernest Toth, Jr.RSU291,500
A. Ernest Toth, Jr.PSU232,650
A. Ernest Toth, Jr.Option70,0002.55
Lori BraenderOption160,0002.55
Daniel BarberOption96,50715
Daniel BarberOption25,9976.54
Lori BraenderOption85,00018.67
Daniel BarberRSU181,9501,033,476
Daniel BarberOption50,0004.83
Daniel BarberOption100,0000.88
Lori BraenderRSU110,000291,500
Daniel BarberOption408,0002.65
Daniel BarberOption225,0002.55
Daniel BarberOption110,0001.54
A. Ernest Toth, Jr.Option40,0000.88
Lori BraenderOption60,0001.54
Daniel BarberOption272,9255.68
Lori BraenderOption75,0005.3
Daniel BarberOption70,0008.05
Lori BraenderOption100,0008.05
Daniel BarberOption100,0005.3
A. Ernest Toth, Jr.Option120,0004.04
Lori BraenderOption50,6255.68
A. Ernest Toth, Jr.Option2,5005.3
A. Ernest Toth, Jr.Option45,0005.68
05

Incentive-plan design — the Compensation Discussion & Analysis

Our goal is to provide compensation that emphasizes pay-for-performance, rewarding those who achieve or exceed their goals, and seeking to drive long-term value for our stockholders through the use of both short-term and long-term incentive programs.

CEO STI target (% of salary)60%
CEO LTI target (% of salary)
Independent consultantAon
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-06-1037,798,6093,192,3811,604,75492.21%Passed
20252025-06-1132,454,2786,694,084459,18882.9%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-06-1092.21%a
20252025-06-1182.9%b

a. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be treated as votes cast for this purpose and, therefore, will not affect the outcome of this vote.”.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will not be treated as votes cast for this purpose and, therefore, will not affect the outcome of this vote.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gregory B. Brown, M.DIndependent · Board Chair · Nominating/Governance · Compensation · Audit$127,500$0$143,220$0$3,921$274,641
John S. CochranIndependent · Nominating/Governance (Chair) · Compensation (Chair)91,2500143,22006,449240,919
Timothy E. MorrisIndependent · Compensation · Audit (Chair)88,7500143,22005,642237,612
Julie Krop, M.DIndependent · Compensation · Audit · Science & Technology (Chair)90,0000143,22000233,220
Marco Taglietti, M.DIndependent · Audit · Science & Technology68,7500143,22001,442213,412
Abigail L. JenkinsIndependent · Nominating/Governance55,0000143,22002,697200,917
Daniel BarberEmployee director00000
09

Board fee structure and ownership guideline

Annual cash retainer$50,000
Annual equity retainer$143,220
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)20,000 / 17,500 / 10,000
Stock ownership guideline
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$521,250
Equity awards (grant-date value)$0
All other compensation$20,151
Total cost of the board$541,401

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Aquestive Therapeutics2025Daniel Barber$659,885$1,547,342$877,200$409,132$3,493,559

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Daniel BarberDEF 14A2026-04-240001140361-26-016757Section “Summary Compensation Table” · page 25. As printed: 3,493,559. Filing ↗machine: r2 · c21 · span 397882–397891
2Section 01, Lori BraenderDEF 14A2026-04-240001140361-26-016757Section “Summary Compensation Table” · page 25. As printed: 1,348,238. Filing ↗machine: r4 · c21 · span 405751–405760
3Section 01, A. Ernest Toth, Jr.DEF 14A2026-04-240001140361-26-016757Section “Summary Compensation Table” · page 25. As printed: 1,323,547. Filing ↗machine: t62 · r6 · c21 · span 413315–413324
4Section 03, Lori Braender OPTIONDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r4 · c12 · span 404253–404260
5Section 03, Daniel Barber OPTIONDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r2 · c12 · span 396150–396157
6Section 03, Lori Braender PSUDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r4 · c9 · span 403730–403737
7Section 03, A. Ernest Toth, Jr. PSUDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r6 · c9 · span 411134–411141
8Section 03, A. Ernest Toth, Jr. OPTIONDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r6 · c12 · span 411697–411704
9Section 03, Daniel Barber PSUDEF 14A2026-04-240001140361-26-016757Section “TABLE OF CONTENTS EXECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t62 · r2 · c9 · span 395554–395563
10Section 07, pay ratio10-K2026-03-040001398733-26-000018Section “CEO Pay Ratio”. As printed: —. Filing ↗
11Section 08, Gregory B. Brown, M.DDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 274,641. Filing ↗machine: t23 · r2 · c12 · span 206630–206638
12Section 08, John S. CochranDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 240,919. Filing ↗machine: t23 · r3 · c12 · span 208948–208955
13Section 08, Timothy E. MorrisDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 237,612. Filing ↗machine: t23 · r6 · c12 · span 216633–216640
14Section 08, Julie Krop, M.DDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 233,220. Filing ↗machine: t23 · r5 · c12 · span 213955–213962
15Section 08, Marco Taglietti, M.DDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 213,412. Filing ↗machine: t23 · r7 · c12 · span 218844–218851
16Section 08, Abigail L. JenkinsDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 200,917. Filing ↗machine: t23 · r4 · c12 · span 211626–211633
17Section 08, Daniel BarberDEF 14A2026-04-240001140361-26-016757Section “Director Compensation”. As printed: 0. Filing ↗
18Section 02, Cassie Jung 2026-05-05Form 42026-05-070001214659-26-005748Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Daniel Barber 2026-05-05Form 42026-05-070001214659-26-005750Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, A. Ernest Toth, Jr. 2026-05-05Form 42026-05-070001214659-26-005749Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Peter E. Boyd 2026-05-05Form 42026-05-070001214659-26-005751Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Lori Braender 2026-05-05Form 42026-05-070001214659-26-005747Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Lori Braender 2026-05-07Form 42026-05-110001214659-26-005932Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Melina Cioffi 2026-05-15Form 42026-05-180001214659-26-006527Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Daniel Barber 2026-05-15Form 42026-05-180001214659-26-006532Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Thomas A. Zalewski 2026-05-18Form 42026-05-190001214659-26-006554Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, Thomas A. Zalewski 2026-05-18Form 42026-05-190001214659-26-006554Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Sherry Korczynski 2026-06-08Form 42026-06-090001214659-26-007262Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Julie Krop 2026-06-10Form 42026-06-120001214659-26-007398Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Gregory B. Brown 2026-06-10Form 42026-06-120001214659-26-007395Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Timothy E. Morris 2026-06-10Form 42026-06-120001214659-26-007399Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Abigail L. Jenkins 2026-06-10Form 42026-06-120001214659-26-007397Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, John S. Cochran 2026-06-10Form 42026-06-120001214659-26-007396Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Marco Taglietti 2026-06-10Form 42026-06-120001214659-26-007394Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Daniel Barber 2026-06-15Form 42026-06-160001214659-26-007511Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Julie Krop 2026-06-23Form 42026-06-240001214659-26-007677Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Julie Krop 2026-06-23Form 42026-06-240001214659-26-007677Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Julie Krop 2026-06-23Form 42026-06-240001214659-26-007677Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Daniel Barber 2026-07-15Form 42026-07-170001214659-26-008663Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Daniel Barber 2026-07-15Form 42026-07-170001214659-26-008663Insider equity transaction reported since the proxy statement. Filing ↗
41Section 06, 2026 voteForm 8-K2026-06-100001398733-26-000033Item 5.07 · say-on-pay result. As reported: 92.21% (votes for as printed: 37,798,609). Filing ↗
42Section 06, 2025 voteForm 8-K2025-06-110001628280-25-030804Item 5.07 · say-on-pay result. As reported: 82.9% (votes for as printed: 32,454,278). Filing ↗
43Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
44Section 09b board cost (computed)ComputedcomputedCash 521,250 + equity 0 + all other 20,151 = 541,401, summed across the director compensation table rows.machine: formula: Σ = 541,401
45Aquestive Therapeutics (subject), Section 10b CEO totalDEF 14A2026-04-240001140361-26-016757CEO total compensation as printed in Aquestive Therapeutics's own proxy. As printed: 3,493,559. Filing ↗machine: r2 · c21 · span 397882–397891